A System and Organization Controls 1 (SOC 1) report can take your client relationships to the next level by providing them with the assurance that your organization has the proper controls in place to protect their financial reporting processes. Whether you’re looking for assistance in preparing for this important initiative or need a CPA firm to perform the examination, Focal Point Assurance has the certified experts you need.
SOC 1 examinations are split into two distinct report types: Type 1 and Type 2. A Type 1 report assesses the description of your system, as well as the suitability of your control design as of a specific point in time. A Type 2 report tests the operating effectiveness of your controls to determine if they are supporting your control objectives over a period of time. While the two are very similar, a Type 2 report also includes an opinion on the effectiveness of your controls and a detailed description of our testing procedures and results.
While stronger client relationships are a key outcome of many SOC 1 attestation initiatives, a SOC 1 examination is also an excellent opportunity to identify opportunities to improve your controls and activities around financial reporting. Focal Point’s specialists in accounting, internal audit, financial advisory, and regulatory compliance can help your organization prepare for its SOC 1 examination and enhance its controls around financial reporting.
If you’re ready for your 2019 examination, so are we. Our dedicated team of CPAs has performed dozens of SOC 1 examinations and is well-versed in financial reporting best practices, growing trends, and the shifting regulatory landscape. They will leverage this expertise to deliver a fair, timely report to your organization that will allow you to quickly evaluate the effectiveness of the financial controls in place.
Customer assurance is the primary benefit of a SOC 1 examination, but this report can also provide a number of other benefits to your organization, including reducing audit requests from your clients, strengthening your internal controls environment, and differentiating your organization from the competition.
Burke & Associates CPAs, LLP d/b/a Focal Point Data Risk Assurance (“Focal Point Assurance”) is a partner-owned, independent CPA firm licensed in Florida that performs audit, review and other attest services to clients in a variety of sectors. Focal Point Assurance operates in an alternative practice structure with Focal Point Data Risk, LLC, a professional services firm. Through separate and independent legal entities, Focal Point Assurance and Focal Point Data Risk, LLC work closely together to serve clients’ business needs. Focal Point Data Risk, LLC and its affiliated advisory companies are not licensed CPA firms. Focal Point Assurance and Focal Point Data Risk, LLC are member firms of Focal Point, an affiliation of separate and independent legal professional services firms. “Focal Point” is the brand name for the Focal Point network. Any services described herein are provided by Focal Point Assurance or Focal Point Data Risk, LLC (as the case may be) and not by any other member firm of Focal Point. No member firm of Focal Point has any liability for services provided by other member firms.