WHAT IS A SOC 1 REPORT, AND WHY DO I NEED ONE?
By obtaining a SOC 1 attestation report that is performed by a third-party CPA firm, not only are you providing an increased level of confidence to your clients but also adding significant value to your service organization. A successful SOC 1 audit will differentiate your organization from your competitors by demonstrating the establishment of an effective control environment and a commitment to the security of your client’s data and confidential information.
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THERE ARE TWO TYPES OF SOC 1 REPORTS
Type 2 – The Type 2 report, in addition to providing the same information as the Type 1 report, verifies that the controls are operating as intended, describes the tests your auditors performed to make that determination, and provides the results of those tests. This type of report reflects your organization’s controls over the course of a specific review period.
WHAT IS THE KEY DIFFERENCE BETWEEN A SOC 1 AND A SOC 2 REPORT?
Organizations that typically need a SOC 1 report include:
- Payroll / PEO Services
- Financial Services
- Collection Agencies
- Bulk Mail and Printing Services
- Loan Servicing
- Third-Party Administrators
- Cloud Computing Providers
- Managed IT Services
- Data Centers and Colocation Facilities
FOR ASSISTANCE WITH A SOC 1 REPORT, PLEASE COMPLETE THE CONTACT FORM BELOW OR SEND US AN EMAIL AND ONE OF OUR SUBJECT MATTER EXPERTS WILL RESPOND TO YOU SHORTLY.
WHICH SOC REPORT DO I NEED?
The audience of a SOC 1 report is typically the user organization’s CFO, CIO, Compliance Officer, Internal Audit Director and Financial Statement Auditors whereas a SOC 2 report’s audience is typically the user organization’s CFO, CIO, Compliance Officer, vendor management executives, regulators and certain business partners.
HOW CONTROL LOGICS CAN HELP
Our team of experienced certified information security auditors understand the complexities and key differences between each framework and what they mean to your organization. Our goal is to help you achieve compliance quickly and with minimal disruption to your daily business. Our service delivery model is designed to provide an unparalleled client service experience and our friendly audit team takes a collaborative approach towards helping our clients maximize the long-term business value of their audit and compliance activities.
In addition to a streamlined approach, Control Logics offers:
- Competitive, fixed-fee pricing
- Discounts for multi-year contracts
- Reduced on-site fieldwork by using our secure online client portal
- Director-level support and involvement in each phase of the engagement
To see how we can help your organization, contact us today!