Neutral Partners is a leading information security readiness consulting firm, specializing in helping organizations achieve and maintain compliance with standards such as SOC 1. Our team of experts is committed to providing exceptional support, ensuring your organization successfully implements and maintains a strong control environment in line with SOC 1 requirements.

What is SOC 1?

SOC 1 (System and Organization Controls 1) is an auditing standard developed by the American Institute of Certified Public Accountants (AICPA). It focuses on the internal controls of service organizations that impact their clients’ financial reporting. The primary purpose of SOC 1 is to provide assurance to user organizations and their auditors that the service organization has implemented effective controls to ensure the accuracy and reliability of their financial reporting processes.

The standard follows the AICPA’s SSAE 18 (Statement on Standards for Attestation Engagements No. 18) guidelines and is structured around the COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework, which focuses on five components: control environment, risk assessment, control activities, information and communication, and monitoring activities.

Who should consider aligning to SOC 1?

Service organizations that handle financial transactions or processes on behalf of their clients should consider aligning with SOC 1. This includes businesses in industries such as finance, payroll processing, software-as-a-service providers, and data centers. Compliance with SOC 1 helps these organizations demonstrate to their clients and auditors that they have implemented effective controls to ensure the integrity of their clients’ financial data and reporting.

Benefits of SOC 1

Enhanced control environment

Compliance with SOC 1 demonstrates that an organization has implemented a robust control environment, ensuring the accuracy and reliability of financial data and processes.

Increased trust and credibility

Aligning with SOC 1 helps build trust with clients and their auditors, as it assures that the service organization has adequate controls to protect the integrity of their client’s financial reporting.

Competitive advantage

Organizations that achieve SOC 1 compliance can differentiate themselves from competitors, offering a competitive advantage in the marketplace.

How Neutral Partners can help.

Managed Compliance

Our end-to-end management of your SOC 1 compliance program ensures that your organization always maintains a strong control environment. We assist you in implementing the necessary policies, processes, and controls, monitor your ongoing compliance, and provide guidance on continuous improvement. Our expert team takes the burden off your shoulders, allowing you to focus on your core business operations.

Readiness Assessment

Our Readiness Assessment service identifies and remediates gaps in your control environment, ensuring complete alignment with SOC 1 requirements. Our experienced consultants comprehensively analyze your existing controls, compare them to the standard, and provide actionable recommendations for addressing any identified gaps. This service is essential for organizations seeking to achieve SOC 1 compliance or maintain their existing certification.

Internal Audit

Our Internal Audit service evaluates the effectiveness of your control environment, ensuring that your organization complies with SOC 1. Our skilled auditors thoroughly examine your organization’s control activities, identifying any areas of non-conformance and providing recommendations for improvement. This service helps you maintain a strong control environment and prepare for external certification audits.

Risk Assessment

Our Risk Assessment service identifies and prioritizes risks to your organization’s financial processes and data, ensuring that you implement appropriate controls in line with SOC 1 requirements. We evaluate your organization’s unique risk landscape, considering potential threats, vulnerabilities, and the potential impact on your business. Based on this analysis, we help you develop a risk treatment plan that addresses the most significant risks, ensuring your control environment remains effective and resilient.

Policy Development

Our Policy Development service creates tailored policies and procedures that align with the SOC 1 standard, ensuring that your organization meets the requirements. We work closely with your team to develop customized documentation, considering your specific business needs, goals, and operational processes. This service ensures that your organization has a solid foundation for compliance with SOC 1.

Tabletop Exercise

Our Tabletop Exercise service designs and facilitates custom tabletop exercises to test your organization’s incident response capabilities in SOC 1. These exercises simulate realistic incidents that may impact your clients’ financial reporting processes, allowing your team to practice their response strategies and identify areas for improvement. Participating in our expert-led tabletop exercises can strengthen your organization’s incident response capabilities and ensure preparedness for real-world events.

Get Started

Achieving and maintaining SOC 1 compliance is essential for your organization’s success and the integrity of your client’s financial reporting processes. Partner with Neutral Partners to benefit from our expertise and dedicated support in navigating the complexities of the standard. Contact us today to begin your journey towards a robust control environment.