SOC 1 Report – Who needs it?
Organizations that handle financial transactions, especially those impacting external financial statements, are good examples of those who need SOC1 audits.
Organizations that handle financial transactions, especially those impacting external financial statements, are good examples of those who need SOC1 audits.
As of the latest SSAE 18 and SOC 2 updates, vendor management and review of any relevant compliance / audit reports (SOC 1, SOC 2, HITRUST, ISO 27001/2, PCI, etc.) has become a key component of monitoring for potential security and compliance risks when outsourcing functions that use a third party’s data.
A SOC 1 Type 1 report typically costs on average anywhere between $10,000 and $20,000 USD, without the readiness assessment project which most Organizations benefit from and can be an additional $5,000 to $10,000 USD depending on the level of assistance required and project scope.
The SOC 1 has a completely different purpose than HITRUST. Typically a company would perform both if they are a TPA processing medical claims and other claims, where, there is responsibility for financial reporting and maintaining security over the information being handled.
This depends on how prepared and how many resources an Organization has to dedicate to the project. The first time through, usually a readiness assessment would be performed, and then a SOC 1 Type 1, and take anywhere from 2 to 3 months. However, there are situations where it may take 6 to 12 months should an Organization not have the resources or sufficient priority assigned. A Type 2 report takes about 2 months to complete, but, it may take a little longer during the first audit and become more efficient every year thereafter.
At a high-level, SOC1 is about financial controls, while SOC2 focuses on information security controls. They serve different end-user customers and stakeholders.
SOC 2 – CC6.3 The entity authorizes, modifies, or removes access to data, software, functions, and other protected information assets based on roles, responsibilities, or the system design and changes,
With the issues surrounding HealthCare.gov and the various contractors who played a role in the development, one question that comes to mind is: How many of the over 50 companies
Another series we will have periodic posts about will be related to potential controls that would be expected to be in place, almost regardless of the entity in question. This
User access reviews are a critical control in almost any IT control framework because they help ensure that users have the appropriate level of access to sensitive data and systems.
Criteria, as defined by the SSAE 18 (formerly SSAE 16) guidance are: The standards or benchmarks used to measure and present the subject matter and against which the service auditor
A SSAE 18 / SOC 1 Type I Report shows Company’s that your Organization has appropriate controls designed and in place as of the date the report is issued. It