Service Organization Control (SOC) reports are a type of independent assessment that assesses the controls and processes of a service organization and provides assurance to its customers and other stakeholders regarding the security, availability, and confidentiality of the service organization’s systems and data.
There are three types of SOC reports: SOC 1, SOC 2, and SOC 3.
SOC 1 report focuses on controls at a service organization that are relevant to the user entities’ internal control over financial reporting.
SOC 2 report focuses on controls related to security, availability, processing integrity, confidentiality, and privacy of a service organization’s system.
SOC 3 report is the public version of SOC 2 report, it provides a summary of the SOC 2 report and the service organization’s system and the suitability of the design of controls.
SOC services help organizations prepare for and conduct SOC assessments, including reviewing and testing controls, documenting processes, and addressing any deficiencies identified during the assessment. They also provide support for ongoing compliance and reporting requirements.
SOC services providers are independent third-party assessors, which are authorized by the American Institute of Certified Public Accountants (AICPA) to conduct SOC audits.