SOC 1 Report – Who needs it?
SOC 1 is relevant when a provider’s controls affect customers’ financial reporting. Handling transactions alone does not mean every organization needs the report.
- November 9, 2026
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FAQ Category: FAQs • SOC 1
Straightforward answers on who needs a SOC 1 report, how long the work can take, and how SOC 1 differs from other assurance options.
What is SSAE 18 (formerly SSAE 16)?
SSAE 18 clarified and recodified AICPA attestation standards. It superseded SSAE 16 but covered more than SOC 1.
SOC 1 or HITRUST?
SOC 1 addresses financial-reporting controls; HITRUST addresses information protection through its assessments. Confirm the assurance requested rather than assuming one replaces the other.
How long does a SOC 1 take to complete?
Allow for readiness, the Type 2 reporting period where applicable, and examination work. Agree on separate milestones for controls ready, period end and report delivery.
SOC1 vs SOC2: Differences?
SOC 1 concerns controls affecting customers’ financial reporting. SOC 2 concerns the service system within the categories examined; customer needs determine whether both are useful.
Are Third Party Vendor reviews required for SOC 1 and SOC 2?
Review vendors that affect in-scope systems or controls. Assess their evidence, document conclusions, and follow up on issues.
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