Identify the Services Within the Scope of the SOC 1 Audit
2
Identify the Controls Related to Those Services
3
Document the Description of Controls
4
Perform a Risk Assessment on Each Identified Control
5
Plan the SOC 1 Audit
6
Gather Evidence Supporting the Operating Effectiveness of Each Control
7
Test the Design Efficiency of Each Control
8
Test the Operational Efficiency of Each Control
9
Review and Document the Results of Testing
10
Evaluate any Identified Exceptions or Deficiencies
11
Compile the SOC 1 Report
12
Approval: Audit Lead on Final SOC 1 Report
13
Present the SOC 1 Report to Management
14
Discuss Corrective Actions for Identified Deficiencies
15
Monitor Corrective Actions Implementation
16
Retest Failed Controls
17
Approval: Management on Corrective Actions
18
Revise the SOC 1 Report Based on Retesting and Management's Response
19
Issue the Final SOC 1 Report
20
Maintain all Documentation for at Least Five Years
Identify the Services Within the Scope of the SOC 1 Audit
This task involves identifying the services that will be included in the SOC 1 audit. It is important to clearly define the scope of the audit to ensure all relevant services are included. The results of this task will determine the focus of the audit and the controls that need to be evaluated.
Identify the Controls Related to Those Services
In this task, we will identify the controls that are related to the services within the scope of the SOC 1 audit. It is crucial to have a comprehensive understanding of the controls in order to assess their effectiveness and make recommendations for improvements.
Document the Description of Controls
This task involves documenting a detailed description of each control that has been identified. This description should include information about the purpose of the control, how it is implemented, and any specific requirements or guidelines for its operation.
Perform a Risk Assessment on Each Identified Control
In this task, we will perform a risk assessment on each control that has been identified. This assessment will help us determine the potential risks associated with each control and prioritize our efforts in evaluating and improving their effectiveness.
1
Low
2
Medium
3
High
1
Low
2
Medium
3
High
1
Low
2
Medium
3
High
Plan the SOC 1 Audit
This task involves planning the SOC 1 audit, including determining the timeline, identifying the resources needed, and coordinating with relevant stakeholders. It is important to have a well-defined plan to ensure a smooth and efficient audit process.
Gather Evidence Supporting the Operating Effectiveness of Each Control
In this task, we will gather evidence to support the operating effectiveness of each control. This may involve reviewing documentation, conducting interviews, or performing tests. The evidence collected will be used to evaluate the control's effectiveness and compliance with SOC 1 requirements.
Test the Design Efficiency of Each Control
In this task, we will test the design efficiency of each control to ensure it is designed to achieve its intended objectives. This may involve reviewing documentation, conducting interviews, or performing tests. The results of this task will help identify any design deficiencies that need to be addressed.
1
Review documentation
2
Conduct interviews
3
Perform tests
Test the Operational Efficiency of Each Control
This task involves testing the operational efficiency of each control to ensure it is operating effectively. This may involve reviewing documentation, conducting interviews, or performing tests. The results of this task will help identify any operational deficiencies that need to be addressed.
1
Review documentation
2
Conduct interviews
3
Perform tests
Review and Document the Results of Testing
In this task, we will review and document the results of testing for each control. This includes evaluating the effectiveness of each control, identifying any exceptions or deficiencies, and documenting the findings. The results of this task will be used to determine the overall compliance status and to develop the SOC 1 report.
Evaluate any Identified Exceptions or Deficiencies
This task involves evaluating any exceptions or deficiencies that have been identified during the testing process. It is important to understand the impact of these exceptions or deficiencies on SOC 1 compliance and to determine appropriate corrective actions.
1
Design deficiency
2
Operational deficiency
1
Implement system update
2
Provide additional training
3
Revise control process
Compile the SOC 1 Report
In this task, we will compile the SOC 1 report based on the information gathered and the results of testing and evaluations. The report should include a summary of the audit scope and objectives, the controls evaluated, the findings and recommendations, and any exceptions or deficiencies identified.
1
Internal controls related to financial reporting
2
Internal controls related to IT systems
3
Internal controls related to data privacy
Approval: Audit Lead on Final SOC 1 Report
Will be submitted for approval:
Compile the SOC 1 Report
Will be submitted
Present the SOC 1 Report to Management
This task involves presenting the SOC 1 report to management. It is important to clearly communicate the findings and recommendations, as well as the overall compliance status. This presentation should provide management with a clear understanding of the results of the audit and any actions that need to be taken.
Discuss Corrective Actions for Identified Deficiencies
In this task, we will discuss the identified deficiencies and the proposed corrective actions with management. It is important to have a constructive and collaborative discussion to ensure that the proposed corrective actions are feasible and will effectively address the deficiencies.
Monitor Corrective Actions Implementation
In this task, we will monitor the implementation of the proposed corrective actions. This may involve tracking progress, conducting follow-up assessments, and providing guidance or support as needed. It is important to ensure that the corrective actions are being effectively implemented and that the deficiencies are being addressed.
Retest Failed Controls
This task involves retesting the controls that were previously identified as failed. The purpose of this retesting is to verify that the corrective actions have been effective in addressing the deficiencies and that the controls are now operating effectively. The results of this task will be used to update the SOC 1 report.
Approval: Management on Corrective Actions
Will be submitted for approval:
Discuss Corrective Actions for Identified Deficiencies
Will be submitted
Revise the SOC 1 Report Based on Retesting and Management's Response
In this task, we will revise the SOC 1 report based on the results of the retesting and management's response to the proposed corrective actions. It is important to accurately reflect the current compliance status and any changes or updates to the report based on these results and response.
1
Passed
2
Failed
3
Partially Passed
Issue the Final SOC 1 Report
This task involves issuing the final SOC 1 report to relevant stakeholders. The report should clearly communicate the results of the audit, any exceptions or deficiencies identified, and the actions taken to address them. It is important to ensure that the final report accurately reflects the compliance status and is distributed to the appropriate parties.
Maintain all Documentation for at Least Five Years
This task involves maintaining all documentation related to the SOC 1 audit for at least five years. This includes the SOC 1 report, supporting documents, testing results, and any other relevant information. It is important to have a well-organized and easily accessible system for storing and retrieving these documents during this time period.
