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SOC Internal Audit checklist

Pre-Audit Preparation

Review previous audit findings and recommendations

Review previous audit reports
Document key findings and recommendations

Verify scope and objectives of audit

Review audit scope document
Ensure objectives are clearly defined

Identify key stakeholders and their roles

List all stakeholders involved
Define roles and responsibilities

Schedule interviews with relevant personnel

Identify key personnel to interview
Set up interview schedule

Review relevant documentation and processes

Collect necessary documents
Review existing processes

Conduct a risk assessment to identify potential areas of concern

Identify potential risks
Assess likelihood and impact

Review any changes in policies or procedures since the last audit

Review updated policies and procedures
Document any changes

Determine the timeline and resources needed for the audit

Set audit timeline
Allocate necessary resources

Confirm access to necessary systems and data for the audit

Ensure access to relevant systems
Verify data availability

Coordinate with external auditors, if applicable

Contact external auditors
Coordinate audit activities

Scope and Objectives

Ensure alignment with SOC reporting requirements

Define audit boundaries and limitations

Identify key controls to be tested

Determine testing methods and procedures

Establish audit timeline and milestones

Review previous audit findings and recommendations

Evaluate current regulatory requirements and industry standards

Assess potential risks and vulnerabilities within the SOC environment

Collaborate with key stakeholders to gather input on scope and objectives

Document any changes or updates to the SOC since the last audit

Control Assessment

Evaluate design effectiveness of key controls

Review implementation and operating effectiveness

Identify control deficiencies and gaps

Document testing results and evidence

Validate findings with process owners

Perform walkthroughs of key controls to understand how they are designed and implemented

Test key controls to ensure they are operating effectively

Review any exceptions or deviations from control procedures

Assess the overall control environment and culture within the organization

Evaluate the monitoring and oversight of key controls

Consider any changes in the control environment since the last audit

Remediation and Follow-up

Develop action plans to address control deficiencies

Assign responsibility for remediation tasks

Monitor progress and completion of action items

Verify effectiveness of remediation efforts

Prepare final audit report and recommendations

Conduct a root cause analysis to determine the underlying issues causing control deficiencies

Prioritize remediation tasks based on potential impact and likelihood of occurrence

Implement a tracking system to monitor the status of remediation tasks

Provide regular updates to senior management on the progress of remediation efforts

Conduct a follow-up audit to ensure that control deficiencies have been adequately addressed

Reporting and Communication

Document audit observations and conclusions

Present findings to management and stakeholders

Obtain management responses and action plans

Distribute final audit report to relevant parties

Follow up on implementation of recommendations

Schedule a meeting with management to discuss audit findings in detail

Provide recommendations for improvements or corrective actions

Ensure that all relevant parties receive the final audit report

Follow up with management to track progress on implementation of recommendations

Maintain open communication with stakeholders throughout the remediation process

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