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 additional $5,000 to $10,000 USD depending on the level of assistance required and project scope.
Organizations that handle financial transactions, especially those impacting external financial statements, are good examples of those who need SOC1 audits.
As of the latest SSAE 18 and SOC 2 updates, vendor management and review of any relevant compliance / audit reports (SOC 1, SOC 2, HITRUST, ISO 27001/2, PCI, etc.) has become
The SSAE 18 audit standard is a framework for reporting on an examination of controls at a service organization relevant to user entities’ internal control over financial reporting.
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
As of the latest SSAE 18 and SOC 2 updates, vendor management and review of any relevant compliance / audit reports (SOC 1, SOC 2, HITRUST, ISO 27001/2, PCI, etc.)
Assuming your Company is subject to GDPR, the level of effort depends a lot on the maturity of Organizational and Privacy controls. The Organizational will be mostly met by implementation
SOC Reporting Guide