SOC 1 Examinations

Primary Contact: Eric M. Wright CPA, CITP

SOC 1 - Report on Controls at a Service Organization Relevant to User Entities' Internal Control over Financial Reporting (ICFR).  

SOC 1 examinations focus on an organization’s business processes and IT controls and are specifically designed to meet the needs of entities that use service organizations and their external auditors as they evaluate the effect of the controls at the service organization on user entities’ financial statements. Use of these reports is restricted to the management of the service organization, user entities and user auditors.

Types of SOC 1 Engagements

Readiness Assessment - these reviews are designed to assist service organizations in assessing their preparedness for a SOC 1 examination. Readiness Assessments are non-attest consulting engagements designed to identify gaps in controls and advise the service organization of necessary corrective actions in preparation for the SOC examination. Schneider Downs works closely with the service organization to ensure mutual agreement on the control objectives and risks significant to user organizations.

Type 1 - reports on fairness of the presentation of management’s description of the service organization’s system and the suitability of the design of the controls to achieve the related control objectives included in the description as of a specified date. The SOC 1 Type 1 may be beneficial for organizations that have never completed an examination, since it assesses the design of controls at a specified date.

Type 2 - reports on fairness of the presentation of management’s description of the service organization’s system and the suitability of the design and operating effectiveness of the controls to achieve the related control objectives included in the description throughout the specified period. The SOC 1 Type 2 examination is typically suggested for organizations that have been through a readiness assessment or previously completed a Type 1 examination, since it assesses both the design and operating effectiveness of controls over a period of time.

Additional SOC Services

SOC Resources

About Schneider Downs SOC Services

Schneider Downs employs a unique approach to SOC reports, integrating the expertise of information technology, internal audit and external audit professionals. By combining cross-disciplinary knowledge and project management expertise, we are able to effectively deliver on our clients' expectations. If you are interested in learning how we can assist your organization, please contact us to get started or learn more about our practice at www.schneiderdowns.com/soc.

Does your organization need a system and organization controls (SOC) report?

case studies
 
                                    Company impacted by ransomware.
big problem:
Company impacted by ransomware.
big thinking:
Restore system on-site and avoid six-figure ransom.
 
                                    Inefficient tax credit realization.
big problem:
Inefficient tax credit realization.
big thinking:
Identified a $900,000 tax credit, nearly twice as much as prior years.
our thoughts on

Six Common Lease Accounting Adoption Mistakes... and How to Avoid Them

Learn about six common mistakes organizations make when adopting the ASC 842 lease accounting standard.

read more >

SDWMA Thoughts on Silicon Valley Bank

Learn more about the Silicon Valley Bank collapse and why SDWMA embraces diversification.

read more >

Digital Transformation and The Construction Industry: Digital Workflows

Learn about the benefits that digital workflows present to the construction industry.

read more >

SECURE 2.0 Act of 2022: Key Highlights

Learn more about key highlights and provisions of the SECURE 2.0 Act.

read more >

Resolve to Prevent or Detect Financial Statement Fraud in the New Year

Recognize these red flags to prevent financial statement fraud in the new year!

read more >
contact us

contact us

Pittsburgh
Columbus
Metropolitan Washington