SOC 1 Examinations – Atlanta (GA)
SOC 1 Audits – Atlanta (GA)
SOC 1 Examinations
Atlanta and Georgia business owners need to ensure sensitive data is protected, especially when it comes to financial and identification information (i.e. social security numbers) of customers. Ensuring there are robust internal controls and cybersecurity policies and practices in place to protect against a breach is essential. In fact, many customers may expect to see a Service Organization Control (SOC) Audit report before doing business with a service provider. This audit verifies that the tools, processes, and procedures have been tested and are effective. Some may desire a SOC 1 audit, while others will obtain more value from a SOC 2 audit or SOC 3 audit. Whatever the desired level of assurance, it’s important to work with an experienced provider to drive the process.
Atlanta SOC Audits
McKonly & Asbury provides SOC audits to companies in Atlanta and Georgia. Typically, we work with those that use or store sensitive financial and other data that cybercriminals may want. Some examples include data center companies, loan servicing companies, medical claims processors, and payroll companies. Broadly, any service organization that provides services to customers that directly impact the customer’s financial statements would be a candidate for such a report. Service organizations should evaluate their needs along with their customers’ reporting needs prior to determining the type of SOC report that is applicable to their needs. There are two types of SOC 1 audit, including:
- SOC 1 Type I – These reports are defined as a report on the fairness of the presentation of management’s description of a service organization’s system and the suitability of the design of controls to meet the related control objectives. SOC 1 Type I examinations focus on the service organization’s system narrative, as well as the design effectiveness of the controls within the system, and are focused on the system and controls in place at a specific point in time.
- SOC 1 Type II – These reports are defined as a report on the fairness of the presentation of management’s description of a service organization’s system and the suitability of the design and operating effectiveness of controls to achieve the related control objectives. SOC 1 Type II examinations differ from the Type I examination since the reports include an opinion on the operating effectiveness of the controls, in addition to the design effectiveness covered in Type I.
SOC 1 FAQs
SOC 1 audits evaluate a service organization’s internal controls over financial reporting (ICFR). These audits ensure that your systems are secure and capable of producing accurate financial reporting for the services which your customers use in their financial statements.
Any service organization that affects its clients’ financial reporting should consider a SOC 1 audit. This includes third-party service providers, payroll processors, insurance companies, and trust departments. These audits help build trust with clients and instill confidence in the financial information provided to them
A SOC 1 Type 1 audit evaluates the design of your internal controls at a specific point in time (as of a specific date), while a SOC 1 Type 2 audit reviews the operational effectiveness of these controls over a defined period (usually 6-12 months). Since a Type 1 report only looks at control design, the Type 2 report provides your customers more confidence in your systems and processes as it looks at design and operations of controls over an extended period of time.
SOC 1 audits provide documented proof that your financial controls meet the control objectives important to your clients. A SOC 1 report may be required as part of certain contractual requirements.
Preparing for a SOC 1 audit typically begins with a readiness assessment to identify control objectives and controls that will be of value to your company and your customers, identifying any control weaknesses. This proactive step ensures your organization is fully prepared for a successful audit, addressing control gaps early in the process to guarantee the effectiveness of your internal controls over financial reporting.
Contact Us
McKonly & Asbury provides SOC 1 Audit services remotely to businesses in Charlotte from our Pennsylvania office locations. Interested in learning more about the SOC 1 audit services offered to companies in Atlanta and Georgia? Complete the form below and we will follow up with you shortly.
About the Atlanta (GA) Business Community
The business community in Atlanta, Georgia, is diverse, dynamic, and a major economic force in the southeastern United States. Known as a hub for industries like logistics, media, technology, and finance, Atlanta is home to a number of major corporate headquarters, particularly in the transportation, telecommunications, and energy sectors. The city’s status as a transportation hub, with one of the busiest airports in the world and extensive rail and road networks, makes it a critical player in logistics and distribution, drawing global companies to set up operations. The tech scene in Atlanta has been growing steadily, with an increasing number of startups and tech companies taking root, supported by local incubators and innovation hubs. Additionally, Atlanta has a strong presence in financial services, with institutions like Coca-Cola, Delta, and Home Depot headquartered there. The city’s diverse workforce, lower cost of living compared to other major metros, and favorable business climate attract both established businesses and newcomers. Atlanta is also known for its vibrant entrepreneurial ecosystem, with a wide range of resources for small businesses and startups, including networking events and mentorship opportunities. Despite challenges such as income inequality and transportation infrastructure, Atlanta’s business community remains resilient and continues to thrive, positioning the city as a key player in the global economy.
National Reach
McKonly & Asbury also provides SOC 1 Examinations for businesses and organizations at the following locations: Baltimore (MD), Boise (ID), Boston (MA), Chicago (IL), Dallas (TX), Denver (CO), Indianapolis (IN), Las Vegas (NV), Los Angeles (CA), Memphis (TN), Miami (FL), New Orleans (LA), New York City (NY), Portland (OR), Richmond (VA), Salt Lake City (UT), San Francisco (CA), St. Louis (MO), Seattle (WA), and Tampa (FL).