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How to Prepare for an SOC 1 Audit Define the Objectives. ... Map the Internal Controls. ... Review Policies and Procedures. ... Inform and Train Employees. ... Perform a Risk Assessment or Readiness Assessment. ... Define the Scope of Your SOC Audit. ... Outline Regulatory Obligations. ... Analyze Vendor Management Practices.

SOC in 5 Simple Steps Determining the Scope. The first step in obtaining a SOC report for your company (the service organization) is to define the scope. ... Choosing a Report. ... Preparing for the Assessment. ... It's SOC time! ... Next Steps.

SOC in 5 Simple Steps Determining the Scope. The first step in obtaining a SOC report for your company (the service organization) is to define the scope. ... Choosing a Report. ... Preparing for the Assessment. ... It's SOC time! ... Next Steps.

A SOC 1 examination normally takes one to three months for Type I reports and six to twelve months for Type II reports if a company has controls in place. The audit may take longer if there are no controls in place. For most businesses, a SOC 2 Report will take anything from six months to a year to complete.

A SOC 1 must be issued by a CPA firm that specializes in auditing IT security and business process controls. SOC 1 reports are considered attestation reports.

SOC stands for ?System and Organization Controls? (previously, it stood for ?Service Organization Controls?). The American Institute of Certified Public Accountants (AICPA) oversees the process. Only a CPA or an organization accredited by the AICPA can conduct a SOC audit.

Here's a range of what to expect at a baseline: Component ExaminationPrice Range*SOC 1 Type 1$23,000 - $35,000SOC 1 Type 2$29,000 - $44,000SOC 2 Readiness$18,000 - $25,000SOC 2 Type 1$25,000 - $39,0006 more rows