SOC for Service Organizations: ICFR
Reports, prepared in accordance with AT-C section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting, are specifically intended to meet the needs of entities that use service organizations (user entities) and the CPAs that audit the user entities’ financial statements (user auditors), in evaluating the effect of the controls at the service organization on the user entities’ financial statements.
SOC 1 examinations are limited in scope and best suited for organizations that must instill confidence in their controls over their customer’s financial data. Typically, clients’ external auditors use this report to assist in the audit of their own financial statements and for compliance with the Sarbanes-Oxley Act or similar regulations. Use of this report is restricted to the management of the service organization, user entities, and user auditors.
Financial Controls:
- Addresses a company’s control over its financial reporting.
- Audit of financial and accounting controls
- Show compliance with Sarbanes-Oxley Act or similar regulations
- Action ideal for collections agencies, payroll administrators and fulfillment companies
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