SOC 1 audit reports will be prepared in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 18. SOC 1 reports primarily focus on business process and IT general computer controls which may impact internal control over financial reporting. SOC 1 reports are restricted use reports, which mean use of the reports is restricted to:
- Management of the service organization (the company who has the SOC 1 audit performed),
- User entities of the service organization (service organization’s clients), and
- The user entities’ financial auditors (user auditor).
For more detailed information regarding SOC 1 audits, please download our free overviews through the below links:
For reports that are not specifically focused internal controls over financial reporting, SOC 2 audits are more appropriate. SOC 2 audits and focus on controls at a service organization relevant to security, availability, processing integrity confidentiality, or privacy.
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As your trusted service partner, we are your one-stop shop for all your IT compliance and cybersecurity needs. Our tailored compliance solutions and efficient auditing methods allow your company to not only save on audit and compliance costs, but more importantly, reduces your internal level of effort and time your key personnel spend on annual compliance projects. Contact us today to speak to one of our team members and experience the CyberGuard Compliance difference.
To learn about the SOC 1 audit and the benefits it provides, please watch our videos: