TaxBit Completes SOC 1, Type 1 Examination

A SOC1 examination is broadly recognized as a rigorous attestation of a company's controls around financial reporting.

By: Brian Nmezi

Director, Risk and Security

Published on:

TaxBit is proud to share that we’ve successfully completed a SOC 1, Type 1 examination and audit to cover our Corporate Accounting Suite. The audit was conducted by Armanino LLP and demonstrates our commitment to maintain the highest standard of controls for our industry-leading enterprise accounting solutions. 

What is the significance of a SOC 1, Type 1 examination and audit?

The SOC 1, Type 1 audit provides independent and objective validation of TaxBit’s financial operations and customer reporting. It ensures our systems are designed with controls to mitigate the risk of data error, omission, loss, or inaccuracies. SOC 1, Type 1 validates the design and implementation of operating controls and verifies the integrity of our best-in-class enterprise solutions. 

A SOC 1 examination is broadly recognized as a rigorous attestation of a company’s controls around financial reporting; TaxBit is proud to highlight this achievement in the digital assets space. 

As demonstrated by our SOC 2, Type 2 attestation and ISO 27001 certification, TaxBit has a proven track record of building a world-class security program. 

Our completion of a SOC 1, Type 1 examination is another proof point that exemplifies our continued commitment to financial operations compliance.

Next steps

We’re diligently preparing for, and will be completing, a SOC 1, Type 2 examination in the later half of 2022 to attest to the design and implementation of said controls and their effective operations over a specific period of time. 

The SOC 1, Type 2 audit will be conducted on an annual basis.

About TaxBit 

Due to the complexity, volume, and rapid growth of crypto transactions, you’ll want to seek out and leverage technology to help you.

Taxbit employs a team of world-class software engineers and CPAs who design and develop technology tools that are specifically tailored to help companies navigate the complexities of digital asset tax reporting and accounting. 

Taxbit’s Corporate Accounting Suite contains an impairment workflow to help businesses operationalize these complexities and streamline GAAP and tax reporting requirements. It combines the expertise of a specialized accounting firm and the efficiency of cutting-edge technology to automate your crypto reporting needs.

Our impairment workflow arms clients with detailed information and summarized reporting at the lot-level that enables smooth impairment tracking and booking. These tools also provide auditors and stakeholders a control framework and peace of mind because your digital assets program is built on a controlled and scalable solution.     

Contact us today to schedule a custom demonstration tailored for your business.

For additional resources on digital assets accounting, please see our articles: 

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