4 REASONS FIRMS SHOULD CONSIDER RECEIVING A SOC 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.
- 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.
- 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.
- 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.