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4 REASONS FIRMS SHOULD CONSIDER RECEIVING A SOC 1

  1. Differentiate your Firm from your Peers. Receiving a SOC 1 report shows that your firm values internal controls and has taken necessary steps in developing controls that are adequately designed and operating effectively.

 

  1. Grow and maintain business. With increasing awareness of internal controls, many investors are asking firms if they receive a SOC 1 report as the report provides an added level of assurance that proper internal controls are in place.

 

  1. Allows for more information. The SOC 1 report allows firms to include more information about their company and the control environment and to better articulate the processes that have been implemented.

 

  1. Auditor-to-auditor communication. Other auditors will use the SOC 1 report to gain an understanding of your firm’s internal control structure and in their risk assessment process while planning their financial statement audit, which may eliminate further requests.