The SOC 1 Review Toolkit from AuditMiner provides information identified in a service organization’s Type 2, System and Organization Controls (SOC) Report. It’s an Excel workbook that comes pre-loaded with information identified by the service auditor and is designed to meet audit standards for review of the Type 2, SOC 1 report.
Automation is a key component in the development of an optimally efficient audit approach. Our SOC 1 Toolkit takes a SOC 1 report and inputs all relevant controls into an easy-to-use Excel workbook that includes corresponding complementary user entity controls and walkthrough procedures. Say goodbye to hours spent manually copying, pasting, and re-typing data into your audit programs.
With AuditMiner’s Toolkit, the SOC 1 report is already analyzed by experienced auditors and contains the following¹:
- General information relating to the SOC 1 report such as period covered, type of report, familiarity with the service auditor, etc.
- Subservice providers that have been carved out of the SOC 1 report, including the functions performed by the subservice provider, if those functions are relevant to the user entity’s controls, and if further procedures over the subservice provider are recommended.
- Control objectives are pre-loaded, including the page number, an analysis of deviations (if any), and a determination if the control objective is relevant to the audit of the plan.
- Complementary user entity controls are preloaded, including the page number, the applicable control objective each pertains to, and an example walkthrough procedure the auditor could perform for those controls that are considered relevant to the audit.
- Conclusion tab which indicates if a sufficient understanding of controls has been obtained, along with an assessment of where testing could be reduced (but not eliminated) in the audit.
¹ This tool is intended to assist auditors in documenting procedures and findings related controls at a service organization that is relevant to the user entity’s internal control over financial reporting. This tool is completed under the assumption that the user entity is an employee benefit plan (EBP) and has received a certification of assets and related income. If used for a non-EBP audit, certain content may need to be adjusted by the auditor. All decisions regarding additional procedures, reliance on controls, walkthroughs, and conclusions must be reviewed by the auditor using judgment and experience in determining whether the information is sufficient for their audit.
What do you get for $250? Simple. You get the best (and only?) SOC 1 Review Toolkit on the market. Not only that, but we are so confident in our toolkits that we offer a 100% money-back guarantee! So, what are you waiting for?
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AuditMiner can process SOC 1s from any service organization, even if not related to employee benefit plan audits. Don’t see your service organization? Send us an email to email@example.com to REQUEST a SOC 1 toolkit and we will connect with you as soon as possible.
Processing toolkits takes 7-10 business days upon receipt of the report.