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A key aspect of a SOC 1 report is the concept of control objectives. Control objectives are a series of statements that address how risk is going to be effectively mitigated. According to the PCAOB, “A control objective provides a specific target against which to evaluate the effectiveness of controls. A control objective for internal control over financial reporting generally relates to a relevant assertion and states a criterion for evaluating whether the company's control procedures in a specific area provide reasonable assurance that a misstatement or omission in that relevant assertion is prevented or detected by controls on a timely basis.”
So, how do you determine what your control objectives should be? There are typically 10-30 control objectives in a SOC 1 report, which an auditor will help you design When scoping a SOC 1 engagement, you can create and organize a complete set of control objectives. One exercise to try is asking management to list all of the key services or activities that you, the service organization, provides to user organizations. This can help you tailor control objectives to exactly what activities you perform.
Let’s say you control objective is, “Our controls provide reasonable assurance that we restrict unauthorized access to our critical systems.” In order to achieve this control objective, your organization should implement controls in place such as locked doors, badges, monitoring systems, and logical access controls, which all restrict unauthorized access to critical systems.
If it’s your first time having a SOC 1 audit performed, we strongly recommend starting with a gap analysis of your organization’s internal controls in order to identify operational, reporting, and compliance gaps and to provide advice on strategies to manage control objectives going forward. If you have questions about SOC 1 audits or want help demonstrating to your clients your commitment to security and compliance, contact us today.
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KirkpatrickPrice is a licensed CPA firm, PCI QSA, and a HITRUST CSF Assessor, registered with the PCAOB, providing assurance services to over 600 clients in more than 48 states, Canada, Asia, and Europe. The firm has over 12 years of experience in information security and compliance assurance by performing assessments, audits, and tests that strengthen information security and internal controls. KirkpatrickPrice most commonly provides advice on SOC 1, SOC 2, HIPAA, HITRUST CSF, PCI DSS, ISO 27001, FISMA, and CFPB frameworks.
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