Preparing for a SOC Audit: A Project Manager's Guide to Success

Published on 31 March 2025 at 15:59

As project managers, we often find ourselves in the middle of audits, compliance initiatives, and security reviews. One of the most critical and time-consuming of these is the SOC (System and Organization Controls) audit. Whether your organization is undergoing a SOC 1, SOC 2, or SOC 3 audit, project managers play a crucial role in driving the process, ensuring collaboration across teams, and keeping everyone on track.

Here’s a practical guide to help you prepare, lead, and execute a SOC audit project with confidence.

🎯 Understand the SOC Audit Scope

The first step is to clearly understand which SOC audit your organization is pursuing:

  • SOC 1 – Financial Reporting Controls
  • SOC 2 – Security, Availability, Confidentiality, Processing Integrity, Privacy
  • SOC 3 – Same as SOC 2 but for general public use

Action Tip:
Meet with your Compliance, Risk, or Security teams to understand the Trust Service Criteria that will be audited, and document the scope, boundaries, and systems in play.

📄 Build a Project Plan

Treat the audit like any other project:

  1. Define Objectives: Ensure all stakeholders understand the audit’s purpose and what "success" looks like.
  2. Identify Stakeholders: Include IT, Security, HR, Finance, Legal, and any third-party vendors.
  3. Develop a Timeline: Work backward from the audit date and include key milestones like evidence collection, internal reviews, and auditor walkthroughs.
  4. Create a RACI Matrix: Clarify who is Responsible, Accountable, Consulted, and Informed for each deliverable.

Checklists

SOC 1 audit 

 
  1. Define your company’s organizational structure.
  2. Ensure authorized employees implement secure policies.
  3. Implement a background screening procedure.
  4. Establish workplace conduct standards.
  5. Confirm that clients and employees understand their unique roles when using your systems or services.

SOC 2 audit 

The five TSCs of a SOC 2 audit are security, availability, processing integrity, confidentiality, and privacy. Since December 2018, all SOC 2 audits must comply with these five criteria outlined in TSP Section 100. Each criterion focuses on a different aspect of information security.

  1. Select your report type.
  2. Determine your SOC 2 audit scope and objectives.
  3. Select your trust services criteria.
  4. Conduct a risk assessment.
  5. Run an initial readiness assessment.
  6. Perform a gap analysis and remediation.
  7. Implement a process for continuous monitoring.
  8. Find a SOC 2 auditor.

SOC 3 audit

    • Choose the right report: SOC 3 reports are intended for a general audience. To demonstrate compliance to a corporate customer or auditor or if your organization deals with financial data in any way, choose an SOC 1 or SOC 2 audit instead.
    • Select TSCs: SOC 3 compliance only requires an assessment against the Security TSC. However, other TSCs may also be relevant for your organization.
    • Identify regulatory crossovers: many SOC 3 compliance requirements are shared with other regulations. Take advantage of the AICPA’s cross-regulatory mappings to simplify the compliance process.
    • Perform a gap analysis: the compliance requirements for each TSC are published by the AICPA. While these do not mandate specific controls, you should be able to demonstrate to an auditor that you have controls in place to meet each requirement.
    • Close the gaps: before undergoing an audit, implement any missing policies, procedures or controls identified during the gap assessment.
    • Engage an auditor: CPA firms perform SOC 3 audits. Ideally, look for one with experience in SOC audits within your particular industry.

    SOC 3 encompasses five controls or trust services criteria (TSC):

    • Security — The systems and information are protected against any damage, unauthorized access, and unauthorized disclosure of information.
    • Availability — The systems and data are available for use.
    • Integrity — The data is processed completely and accurately.
    • Confidentiality — All information classified as confidential is protected accordingly.
    • Privacy — Any personal information is collected, archived, utilized, kept, disclosed, and removed accordingly.

    🗂️ Organize Evidence Collection

    SOC audits rely heavily on documentation and evidence. You’ll need to gather policies, procedures, screenshots, logs, and other proof points. Common evidence areas include:

    • Access Control & User Provisioning
    • Incident Response Procedures
    • Change Management Processes
    • Vendor Management
    • Data Encryption Practices
    • Business Continuity Plans

    Pro Tip:
    Use a centralized repository (SharePoint, Confluence, Teams, etc.) with clear folder structures and naming conventions.

    🤝 Foster Cross-Functional Collaboration

    SOC audits aren’t just an IT project—they involve everyone from HR to Legal. As a PM, you’ll need to:

    • Facilitate regular meetings
    • Address roadblocks quickly
    • Encourage accountability
    • Ensure audit fatigue doesn’t derail progress

    🛡️ Prepare for Control Testing

    If this is a Type 2 SOC audit, your controls will be tested over a period of time (e.g., 6-12 months). Ensure teams:

    • Follow documented procedures consistently
    • Retain artifacts for periodic audits
    • Notify you of any control failures immediately

    Helpful Exercise:
    Schedule mock audits or dry runs to spot gaps before the auditor’s arrival.

    📝 Communicate & Manage Expectations

    SOC audits can feel stressful, especially when teams are juggling their day jobs. It’s essential to:

    • Keep leadership informed of progress and risks
    • Be transparent about findings and areas of concern
    • Celebrate milestones and recognize contributors

     

    🚀 Wrap-Up & Lessons Learned

    After the audit, conduct a retrospective. Capture:

    • What worked well
    • Areas for improvement
    • Recommendations for the next audit cycle

    This will help you continuously improve your audit readiness year over year.

    Final Thoughts

    A successful SOC audit is more than just a security badge—it demonstrates your organization’s commitment to protecting customer data and building trust. As a project manager, you’re the glue that keeps this complex process moving.

    Plan ahead, engage your teams, and treat the audit like any other critical project—and you’ll set your organization up for success.

     

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    SOC 1 Audit Questions

    Common Questions you can use to prepare your team for a SOC 1 audit, along with possible answers you can customize based on your organization's environment. These will help ensure your team is aligned, audit-ready, and confident.

    1. What is the purpose of a SOC 1 audit?

    A SOC 1 audit evaluates the internal controls over financial reporting (ICFR) of a service organization. It ensures that the systems and processes supporting financial transactions are designed and operated effectively to protect clients’ financial data.

    2. What is the difference between SOC 1 Type 1 and Type 2?
    • Type 1: Evaluates the design of controls at a specific point in time.
    • Type 2: Evaluates both the design and operating effectiveness of controls over a period of time (usually 6-12 months).

    3. What areas of the organization will be reviewed during a SOC 1 audit?

    Typically, the auditor will review:

    • Access Controls & User Provisioning
    • Change Management Processes
    • Data Backup & Recovery
    • Incident Response Procedures
    • System & Network Security
    • Vendor Management
    • Segregation of Duties
    • Business Continuity Plans

    4. What documentation and evidence should we prepare?

    You will need:

    • Policies and Procedures documents
    • User access logs and provisioning records
    • Change management records (requests, approvals, implementation)
    • Incident logs and resolution details
    • Backup logs and test results
    • Vendor agreements and third-party risk assessments
    • Organization charts and role descriptions

    5. What happens if a control is not operating effectively?

    If a control failure is identified, it will be documented in the audit report as an exception or finding. This could impact client confidence and may require a remediation plan and follow-up testing. It’s essential to detect issues early and correct them before the audit period closes.

    6. How should we prepare our teams for interviews or walkthroughs with the auditor?
    • Ensure team members understand their roles and responsibilities.
    • Review documented procedures and recent activities.
    • Practice answering auditor questions factually without over-sharing.
    • Be honest—if you don’t know the answer, say so and follow up.

    7. What are the key risks if we are not prepared for the SOC 1 audit?
    • Findings and exceptions in the audit report
    • Loss of client trust or contracts
    • Additional remediation costs and re-audit efforts
    • Reputational damage

    8. How do we manage and track audit deliverables?

    We will use a centralized tracker (e.g., Excel, SharePoint, Jira) listing:

    • Evidence requests
    • Owners responsible
    • Deadlines
    • Status updates Regular project meetings will ensure visibility and accountability.

    9. What is the timeline and key milestones for this audit?

    Key milestones typically include:

    • Kickoff Meeting
    • Evidence Collection
    • Internal Review & Remediation
    • Auditor Fieldwork (Walkthroughs & Testing)
    • Draft Report Review
    • Final Audit Report Delivery

    10. What are the roles and responsibilities during this audit?
    • Compliance/Risk Team: Facilitate auditor communications and clarify requirements.
    • Process Owners: Provide evidence and walkthroughs.
    • IT & Security Teams: Supply access logs, change records, system information.
    • Project Manager: Track progress, coordinate meetings, remove roadblocks.

    11. How do we handle third-party vendors in the SOC 1 audit?

    You need to:

    • Identify all vendors impacting financial reporting.
    • Ensure contracts include control requirements.
    • Provide vendor SOC reports, risk assessments, or due diligence documentation.

    12. What should we do after the audit is complete?
    • Review the audit report and findings.
    • Address any exceptions with a remediation plan.
    • Conduct a lessons learned session.
    • Prepare for ongoing control monitoring and next year’s audit cycle.

    SOC 2 Audit Questions

    Here’s a detailed list of key questions and sample answers specifically for a SOC 2 audit to help your team prepare effectively:

    1. What is the purpose of a SOC 2 audit?

    A SOC 2 audit evaluates the internal controls related to Security, Availability, Processing Integrity, Confidentiality, and Privacy—known as the Trust Services Criteria. It is focused on how an organization safeguards customer data and ensures service reliability.

    2. What is the difference between SOC 2 Type 1 and Type 2?
    • Type 1: Examines the design of controls at a specific point in time.
    • Type 2: Evaluates both the design and operating effectiveness of controls over a period of time (typically 6-12 months).

    3. What areas of the organization will be reviewed during a SOC 2 audit?

    The audit may include:

    • Security policies and procedures
    • Access control and identity management
    • Change management
    • Incident response processes
    • Data encryption and protection
    • Backup and disaster recovery
    • Vendor management
    • Privacy policies and data handling practices

    4. What Trust Services Criteria are in scope for our audit?

    Our audit scope includes the following (example — update as needed):

    • Security (required)
    • Availability
    • Confidentiality We will validate controls related to these criteria.

    5. What documentation and evidence should we prepare?

    Common evidence includes:

    • Security policies and procedures
    • Access control logs and user provisioning records
    • Incident logs and resolution records
    • Change management documentation
    • Encryption key management procedures
    • Vendor due diligence and SOC reports
    • Disaster recovery test results
    • Privacy notices and consent management documentation

    6. What happens if we have an exception or control failure?

    The auditor will document the control failure in the report. Depending on severity, it may impact the opinion provided in the SOC 2 report and could require remediation efforts and follow-up testing.

    7. How should our teams prepare for interviews and walkthroughs?
    • Review policies, procedures, and your responsibilities.
    • Be prepared to demonstrate compliance during the audit period.
    • Be transparent—if you don’t know something, follow up after the session.
    • Avoid over-sharing; answer what is asked and provide supporting evidence.

    8. What are the key risks if we are not prepared for the SOC 2 audit?
    • Delays and additional costs
    • Findings and exceptions in the final report
    • Loss of client trust or business opportunities
    • Negative impact on organizational reputation

    9. How will we manage audit deliverables and communication?

    We will use a centralized tracker and repository (e.g., SharePoint, Confluence, or Jira) to:

    • Track evidence requests
    • Assign responsible owners
    • Monitor deadlines and status Regular meetings will be held to review progress and resolve roadblocks.

    10. What is the audit timeline and key milestones?

    Typical milestones include:

    • Kickoff Meeting
    • Scope & Criteria Confirmation
    • Evidence Collection
    • Control Walkthroughs
    • Remediation (if needed)
    • Fieldwork (Control Testing)
    • Draft Report Review
    • Final Report Delivery

    11. What are our roles and responsibilities during the audit?
    • Security/Compliance Team: Liaison with auditors, scope definition.
    • IT & Engineering Teams: Provide system information, logs, and control evidence.
    • HR & Legal: Provide background checks, training logs, privacy policy evidence.
    • Process Owners: Participate in walkthroughs and provide documentation.
    • Project Manager: Track progress, coordinate meetings, manage risks.

    12. How do we handle third-party vendors in a SOC 2 audit?
    • Maintain an up-to-date vendor inventory.
    • Obtain and review vendor SOC 2 reports.
    • Assess vendor risk and ensure they meet your security requirements.
    • Document third-party data sharing practices.

    13. What ongoing activities should we maintain post-audit?
    • Monitor and maintain controls continuously.
    • Review policies and procedures annually.
    • Conduct internal control reviews and spot checks.
    • Prepare for the next SOC 2 audit cycle (Type 2 requires year-round control operation).

    14. What should we do after the audit is complete?
    • Review the final audit report and findings.
    • Address any identified gaps or exceptions.
    • Conduct a lessons learned session with stakeholders.
    • Update documentation and prepare for ongoing control effectiveness.

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    Author: Kimberly Wiethoff

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