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SOC 1 SSAE 18 Type 2 Audits – Denver, Colorado, Boulder, Fort Collins
NDB offers SOC 1 SSAE 18 Type 2 reporting for service organizations all throughout the state of Colorado, including Denver, Boulder, Fort Collins, and other surrounding areas. As leaders in today’s complex compliance world we all live in, NDB provides competitively priced, fixed fee assessments for all services offered, which includes SOC 1 and SOC 2 reporting, and more. With technology companies littered throughout the state of Colorado, the high-tech boom is back – and here to stay – but with that also comes massive regulatory compliance mandates, such as SOC 1 SSAE 18, SOC 2, and more.
Important SOC 1 Considerations for Colorado Businesses
While most technology companies in the Denver areas “should” be opting for the more technically correct SOC 2 compliance, you’ll still find the likes of data centers and other tech-driven companies undergoing annual SOC 1 SSAE 18 assessments – which is still somewhat acceptable – though the shift to SOC 2 assessments is gaining tremendous momentum for technology businesses. With that said, here’s what Colorado services organizations need to know about SOC 1 SSAE 18 Type 2 compliance:
SOC 1 and SOC 2: As just briefly discussed, work with your auditor, communicate with your clients – and also have discussions internally as to what’s the best audit, then move forward accordingly. The more you discuss your needs with all relevant parties and stakeholders, the more clarity you’ll have as to which report – SOC 1 or SOC 2 – is the better fit.
Test Period: A SOC 1 SSAE 18 Type 2 assessment encompasses testing procedures over a defined test period – usually six (6) months – but there are circumstances where it can be a shorter test period, and even a longer one also. This ultimately depends on your reporting needs and client expectations.
Assess Scope and ICFR: What’s the business process to be covered for the SOC 1 audit? Do you perform activities that could impact your client’s financial reporting – a concept known as Internal Controls over Financial Reporting (ICFR)? What personnel and locations are going to be included within the scope of the audit? These are just a few of the questions you’ll get answers to when conducting a SOC 1 SSAE 18 readiness assessment with NDB. Finding answers to important audit questions is a must for ensuring the overall success of the engagement, and it’s why a readiness assessment is a must for Colorado service organizations.
Colorado’s Leading Provider of SOC 1 Experts – Fixed Fees
We are one of Colorado’s leading providers of regulatory compliance services, so please contact us today to learn more.