A SOC 1 Report (System and Organization Controls Report) is a report on Controls at a Service Organization which are relevant to user entities’ internal control over financial reporting. The SOC1 Report is what you would have previously considered to be the standard SAS70, complete with a Type I and Type II reports, but falls under the SSAE 16 guidance (and soon to be SSAE 18).
Please see the following articles discussing the SSAE 16 guidance and additional information related to the SOC 1 (Type I and Type II) Reports:
In addition to the SOC 1 report which is restricted to controls relevant to an audit of a user entity’s financial statements, the SOC 2 and SOC 3 reports have been created to address controls relevant to operations and compliance and will be discussed in further detail in the future.
Please see the SOC 1 Reporting Guide page for additional information.
13 Responses
Good start to learner, please go through it.
So the SOC1 isn’t complete? I neek SOC2 and SOC3??
They are different reports depending upon your business' needs
I'm guessing the majority of the posters above are using phony names, judging by the grammer and some exact copies of other posts under different names. In that case, what is the point of the comment?
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So my financial reporting requires more than just the SOC 1 reporting guide requirements?
Excellent & service organization controls report post. I found this much informative, as to what I was exactly searching for. Thanks for such post and keep it up.
The difference between an effective person and others is not a deficiency of durability, not a deficiency of know-how, but rather a deficiency of will. Hopefully our employees can keep up their tasks so we don’t have any issues in our reports or their may be a deficiency in employment instead!
Wow! What a fascinating line of work! What a great opportunity. Do most of the graduates with business major go on to do further research or do they shift to work right away?
Great info!! I really don’t know properly all the information regarding SSAE but through reading this allocation I’ve learned a bit about SSAE 16. Thanks.
Very interesting I also don not really know all the information regarding SSAE but this post is a good help 🙂
Yes, I have already had to deal with a service organization control reports. The fact that the SOC 1 report is a report on the management service organization that are relevant to internal control I have known for a long time, in that the author has not made me America. Usually, I give reports of type I.