All You Need to Know about SOC Reports
What is SOC compliance? The SOC Report, developed by the American Institute of Certified Public Accountants (AICPA), is a verifiable auditing report produced by a Certified Public Accountant (CPA) detailing the systemic controls in place at a service provider, including Data security, Cybersecurity, Confidentiality, processing, reliability, Regulatory measures for financial reporting. SOC reports provide you with greater credibility, giving you a competitive edge that is both time and money well spent. There are three different SOC report types: SOC 1, SOC 2, and SOC 3. SOC 1 and SOC 2 are the two that are most often utilized. Insights on SOC 1, SOC 2 and SOC 3 SOC 1 The primary emphasis of SOC 1 is financial reporting. The objective is to establish internal controls and be able to demonstrate them for how you manage the financial information of your clients. Naturally, it is very important to your customers because they must provide this information to their auditors. SOC 1 compl...