Understanding SOC 1: The International Standard for Outsourcing
SOC 1 stands as the recognized international benchmark for outsourcing, ensuring compliance with globally accepted standards that resonate with both domestic and international clients. Meeting the SOC 1 standard is often a prerequisite for participating in various tender processes. Additionally, adherence to SOC 1 reduces the need for clients to dispatch their own auditors to your premises. Furthermore, SOC 1 serves as a valuable tool for streamlining and enhancing organizational processes.
Service Organizations and SOC 1
Service organizations are tasked with proactively fulfilling the requirements specified by service auditors (accountants) under the SOC 1 standard. This presents an opportunity for service organizations to benefit significantly from conducting an ISAE Readiness Assessment. This assessment aids in comprehending the reporting criteria, which encompass creating a description of the service organization’s system and preparing a formal management statement (assertion) to be integrated into the final SOC 1 report. Moreover, service organizations may involve an internal audit function in the entire assurance engagement process, subject to the accountant’s judgment of objectivity and professionalism. Conducting a SOC 1 Readiness Assessment is essential for service organizations as it clarifies the project’s scope and ensures a grasp of the reporting prerequisites inherent in the SOC 1 standard.
Securance specializes in services related to information security, risk management, and governance. In addition to advisory and risk sourcing services, Securance provides software solutions empowering organizations to independently implement intricate standards. This positions Securance as a pioneering market leader in the Netherlands. Securance delivers tailored solutions for risk management and the implementation of standards including ISAE 3402 (SOC 1), ISAE 3000 (SOC 2), GDPR/AVG, ISO 27001, ISO 9001, and COSO.