If your organization is subject to a SOC 1 or SOC 2 audit, then you are likely familiar with the vendor management requirements under both reporting frameworks. The American Institute of Certified Public Accountants’ (AICPA) reporting standards for SOC 1 (Section AT-C 320 of SSAE #18) states that: “Management’s description […]
One of my favorite things about being a human being is that we are all a work in process. It is something that every person on the planet has in common – we are all learning, developing, adapting and changing from the day we are born until the day we die. […]
One of the best parts of working at KFi is our regular schedule of community service events throughout the year. These events are a great opportunity to get together as a team, while at the same time helping others who are in need. We have always strived to make these events […]
Control Self Assessments (CSAs) are a key control that we consistently recommend to our SOC and other audit clients. The purpose of this blog post is to elaborate on CSAs and provide a practical and effective approach to performing them. CSAs can take many different forms and can range from very […]
Background The 2020 audit cycle for organizations that receive SOC reports is going to include new challenges related to COVID-19. Remote workforces are now the norm throughout the world and there are many new risks associated with this. For example, the use of insecure personal computers (or those already infected with […]
Providing assurance and confidence is the foundation of any insurance organization. Whether it’s knowing you’ll be able to afford an extended stay at a hospital or knowing that the flood damage in your company’s office building won’t break the bank, insurance organizations exist to bring individuals and businesses peace of mind. […]
As outsourcing services becomes a more integral component of business operations across many industries, the need for SOC reporting grows. Data protection is of paramount importance in today’s connected landscape, especially when it comes to safeguarding financial statements and other sensitive information. However, the key to understanding and maintaining compliance is […]
As businesses increasingly outsource core functions to service organizations, managers at service organizations are more likely to receive requests for a SOC audit to examine their internal control environment. Choosing between a SOC 1, SOC 2, and SOC 3 report can be a little confusing but understanding the differences between these […]
When a company outsources elements of their operations to a third-party vendor, they take on some level of inherent risk. However, strategic managers want to know exactly how much risk their organization is about to incur. SOC reports exist as a way to differentiate service providers from their competitors by clearly […]
A topic of increasing importance for many companies has been the question of how to protect valuable data. For organizations that provide services to other businesses, such as Software as a Service (SaaS) providers, payroll processing, and medical claims processing, the protection of this data is essential to the continuation of […]