SOC 1 and SOC 2 Audit Services
We validate your organization’s cybersecurity efforts with SOC 1 and SOC 2 Audit Services
Build consumer trust with independent SOC reporting
System and Organization Controls (SOC) examinations were designed by the American Institute of Certified Public Accountants (AICPA) to assist organizations of any size, industry and scope in protecting the personal assets of their potential and existing customers. Learn about the different SOC report types and how you can use them to elevate your organization and build trust with your customer base.
SOC Report Types for Service Organizations
These internal controls reports provide valuable information that users of outsourced services need to assess and respond to the risks over services provided by service organizations. Key issues like security, availability, confidentiality, processing integrity and privacy are reported and documented.
SOC 1 vs SOC 2
The primary difference between a SOC 1 and a SOC 2 audit is that SOC 1 is an examination of controls at a service organization that are likely to be relevant to a user entity’s internal control over financial reporting, while a SOC 2 examines controls relevant to security, confidentiality, availability, processing integrity, and privacy. Having both a SOC 1 and SOC 2 attestation report goes a long way toward staying a step ahead of the competition.
What is SOC 1?
SOC 1 audits (SSAE No. 18) are designed to examine and validate internal control over financial reporting . A SOC 1 gives great insight into the accuracy and completeness of both financial transactions and monetary reporting to ensure that internal operations are running smoothly and customer and client data is being securely gathered and protected.
There are two main types of SOC 1 audits. Type 1 and Type 2 reports both provide information about service organization controls and processes related to financial reporting.
SOC 1 Type 1 vs SOC 1 Type 2
SOC 1 Type 1: operates like a snapshot in time, attests to the quality of the financial controls, design, and implementation at a specific point in time
SOC 1 Type 2: Insight into the historical effectiveness for a six-month or more period on the quality of the financial controls, design, and implementation.
What is SOC 2?
A SOC 2 audit involves non-financial information about a service organization’s reporting controls, related to the Trust Services Categories, security, availability, confidentiality, processing integrity and privacy. A SOC2 ensures that the controls at a service organization are operating effectively to protect customer and client data.
SOC 2 Type 1 vs SOC 2 Type 2
SOC 2 Type 1: Operates like a snapshot in time, attests to the quality of the information security controls, design, and implementation at a specific point in time
SOC 2 Type 2: An attestation for a six-month period or more on the quality of all the data controls (not just financial), design, and implementation
What is SOC 3?
A SOC 3 is typically a redacted form of a SOC 2 report, which removes any proprietary and/or confidential information so it can be made publicly available (for example, on a website or with contracts).
Choose Blair Carlisle
Related to our SOC service portfolio, we have extensive experience that includes:
- Pre-audit SOC gap analysis and readiness assessments.
- Coordination among executive leadership, user entities, and auditors.
- Coaching and review of client-prepared control objectives and support activities
- SOC 1, SOC 2 and SOC 3 examinations (both Type 1 and 2 audits).
- SOC 2 audits, including HIPAA, HITRUST, and the Gramm-Leach-Bliley Act. 'SOX'
- Aligning SOC 2 and SOC 3 audits to leverage the Cloud Security Alliance Cloud Control Matrix.
- Conversion from 2014 to 2016 Trust Services Principles and the 2017 Trust Services Criteria for SOC 2 and SOC 3 audits.
- Compliance management by converging SOC, HIPAA, PCI DSS, ISO 27001 and other regulatory requirements.
- Implementation of SSAE No. 18 requirements.
Talk to Blair Carlisle about a customized cyber risk assessment and information security framework for your organization.