What is SOC 1 Certification Sri Lanka?
SOC 1 Certification Sri Lanka refers to compliance with standards set by the American Institute of Certified Public Accountants (AICPA). These standards ensure that service organizations implement proper controls to protect their clients’ financial data. This certification is essential for businesses that influence financial reporting.
SOC 1 reports assess the controls relevant to a user organization’s financial reporting processes. In Sri Lanka, more service providers are seeking SOC 1 to build trust and credibility with their clients.
A SOC 1 report evaluates service organization controls that are applicable to a user entity’s internal control over financial reporting.
Who Needs SOC 1 Certification in Sri Lanka?
Organizations that handle outsourced financial processes—such as payroll, transaction processing, and data hosting—should obtain SOC 1 Certification in Sri Lanka. This ensures that their internal controls meet international compliance standards.
There are two types of SOC 1 reports:
Type 1 evaluates controls at a specific point in time.
Type 2 reviews the effectiveness of those controls over a longer period.
Why Choose Quality Catalyst?
Quality Catalyst offers professional SOC 1 consulting and certification services in Sri Lanka. We help simplify compliance with expert guidance tailored to your business. With cloud-based threats and regulatory requirements growing, it’s crucial to partner with experts who understand the landscape.
Steps to Achieve SOC 1 Certification Sri Lanka
Here’s a simplified path to certification with Quality Catalyst:
- Define the Scope: Determine which systems and processes affect financial reporting.
- Readiness Assessment: Identify gaps in your current controls compared to SOC 1 requirements.
- Design and Implementation: Develop controls such as access management, monitoring, and reporting.
- Control Testing: Ensure your controls function as expected through thorough testing.
- Independent Audit: We help you connect with an auditor to evaluate your control systems.
- Issue Remediation: If any issues are found, we support prompt and effective resolution.
- Final SOC 1 Report: Upon successful completion, receive your SOC 1 report to share with stakeholders.
How to Get SOC 1 Consulting Services in Sri Lanka?
Getting started is simple. Contact Quality Catalyst for a free consultation and a custom proposal tailored to your business and budget. We offer SOC 1 certification services across Sri Lanka, including Colombo, Kandy, and Galle.
