SOC Reporting for Service Organizations

SOC Reporting options are valuable tools for organizations and can be issued to present control activities and processes at a service organization in a cohesive format to users of your services or users’ auditors.
Some of the benefits include:

  • Reducing or potentially eliminating questions and costly site visits
  • Differentiating the service organization from its peers and building trust
  • Additional assurance to management and governance bodies

 

READ OUR ARTICLE:

Monitoring Service Providers: The Role of Type II SOC I Reports

View Article

 

SOC 1 Reports

Reporting on Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting

  • Covers controls relevant to financial reporting
  • Meets the needs of auditors in evaluating the effectiveness of controls at a service organization
  • Reports are restricted to the management of the service organization, user entities, and user auditor

 

SOC 2 Reports

Reporting on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy

  • Intended for a broader range of users
  • Reports are generally restricted

The SOC 1 and SOC 2 reports can be further broken down into two types:

Type I: Reports on management’s description of a service organization’s system and the suitability of the design of controls.
Type II: Covers everything that a Type I report includes, plus reports on the operating effectiveness of controls.

SOC 2 Reports cover controls at a service organization relevant to 5 Trust Principles:

SOC 3 Reports

Trust Services Report for Service Organizations

  • Simplified version of a SOC 2 report covering the same subject matter
  • General-use report
  • Can be freely distributed and posted on a website

 

Practice Leaders

James E. Merklin

Partner-in-Charge

Danielle J. Kimmell

Partner

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