SOC 1
SERVICES

“Sarbey, Lexow & Kaufman's experience has been invaluable to us; enabling us to develop an internal audit oversight function that allows us to monitor internal controls at our hotels.”

- Omar Palocios, Former Executive VP & CFO, Playa Hotel & Resorts

WHAT ARE SOC 1 REPORTS?

SOC 1 SERVICES

“For over a decade, I have called upon Sarbey, Lexow & Kaufman to assist us with a wide variety of projects including assisting with acquisitions, conducting internal audits of our various locations and performing financial statement audits of our subsidiaries.  In each case, their team has delivered with professionalism and technical expertise on par with that of the national firms, along with the personal attention of a smaller organization.”  

- Robert H. Lazar, Chief Financial Officer, EVI Industries, Inc.

WHAT ARE SOC 1 REPORTS?

DOES MY ORGANIZATION NEED A SOC 1 REPORT?

If your organization provides a service that could impact your customer’s internal controls over financial reporting (“ICFR”), there is value in obtaining a SOC 1 report – in fact, it may be required to secure or retain business with customers who use the services.

Even if not explicitly required by user entities, a SOC 1 Report can provide you a competitive edge in the market, help you satisfy compliance requirements, and provide you with an effective tool for communicating your control commitments to your internal and external stakeholders.

A successfully completed SOC 1 examination can provide assurance and confidence that your internal control environment, activities, and monitoring are adequately designed and operating effectively to safeguard your customer’s financial transactions and data.

WHAT ARE THE DIFFERENT TYPES OF SOC 1 REPORTS?

Type 1 reports on the fairness of the presentation of management’s description of the service organization’s system and the suitability of the design of the controls to achieve the related control objectives included in the description as of a specified date.

Type 2 reports on the fairness of the presentation of management’s description of the service organization’s system and the suitability of the design and operating effectiveness of the controls to achieve the related control objectives included in the description throughout a specified period.