SOC 1 Compliance Checklist: Are You Prepared for a SOC 1 Audit?

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SOC 1 Compliance Checklist SOC 1 Compliance Checklist Does your organization have a defined organizational structure? Has your organization designated authorized employees to develop and implement policies and procedures? What is your organization’s background screening procedure? Does your organization have established workforce conduct standards? Do clients and employees understand their role in using your system or service? Are system changes effectively communicated to the appropriate personnel in a timely manner? Has your organization performed a formal risk assessment? • Has your organization identified potential threats to the system? • Has your organization analyzed the significance of the risks associated with each threat? • What are your organization’s mitigation strategies for those risks? Does your organization perform regular vendor management assessments? Has your organization developed policies and procedures that address all controls? Does your organization perform an annual policy and procedure review? Does your organization have physical and logical access controls in place?

Is access to data, software, functions, and other IT resources limited to authorized personnel based on roles? Does your organization restrict physical access to sensitive locations to authorized personnel only? Has your organization implemented an access control system and implemented monitoring to identify intrusions? Has your organization developed and tested incident response procedures? Is software, hardware, and infrastructure updated regularly as necessary? Does your organization have a change management process to address deficiencies in controls? What is your organization’s data backup and recovery policies? How is your organization addressing environmental risks? Have your organization’s disaster recovery and business continuity plans been tested and documented? How is your organization ensuring data is being processed, stored, and maintained accurately and timely? How is your organization protecting confidential information (especially financial information) against unauthorized access, use, and disclosure? Does your organization have a fully documented data retention policy?

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SOC 1 Compliance Checklist: Are You Prepared for a SOC 1 Audit?

Published on Jul 31, 2020

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The SOC 1 audit is based on an attestation standard developed by the American Institute of Certified Public Accountants (AICPA) to be used in the auditing of third-party service organizations, whose services are relevant to their clients’ impact over financial reporting. A SOC 1 Type I report is an attestation of controls at a service organization at a specific point in time. It reports on the description of controls provided by management of the service organization and tests that the controls are suitably designed. A SOC 1 Type II report is an attestation of controls at a service organization over a specified period of time. It reports on the description of controls provided by management of the service organization and attests that the controls are suitably designed, implemented, and operating effectively.