SOC 2 Type II audits should be performed annually, however, there are times you may choose to perform them twice a year. Additionally, if recently completing a SOC 2 Type I, performing a SOC 2 Type II a few months later is also very common.
The Service and Organization Controls 2 Report, formally known as a Service Organization Controls Report as of the most recent update to the SSAE 18 audit standard. A SOC 2 report
At a high-level, SOC1 is about financial controls, while SOC2 focuses on information security controls. They serve different end-user customers and stakeholders.
Organizations that handle financial transactions, especially those impacting external financial statements, are good examples of those who need SOC1 audits.
SSAE-18 is effective for all reports issued after May 1, 2017.
Previously in SSAE-16 a Management Representation Letter was highly recommended and common practice, however, they were not explicitly required to be obtained except in certain existing subject matter sections. This
A SOC 1 Type 1 report typically costs on average anywhere between $10,000 and $20,000 USD, without the readiness assessment project which most Organizations benefit from and can be an
SOC Reporting Guide