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What are the differences and similarities between SOC 1 and SOC 2 reports?
SOC 1 reports focus on an organization’s business processes and IT controls and are specifically designed to meet the needs of entities that use service organizations and their external auditors as they evaluate the effect of the controls at the service organization on user entities’ financial statements. Use of these reports is restricted to the management of the service organization, user entities and user auditors.
With SOC 2 reports, organizations decide which categories to include in the scope of the examination. This flexibility means reports are unique to each company while providing a consistent framework to evaluate whether organizations meet the criteria for the categories included in the examination. These examinations are designed for a broad range of users that need information and assurance about the controls at a service organization relevant to security, availability and processing integrity of the systems the service organization uses to process users’ data, and the confidentiality and privacy of the information processed by these systems. The use of this report is restricted. These reports can play an important role in oversight of the organization, vendor management programs, and internal corporate governance and risk management processes.
To decide which one you need, ask the following questions:
If you need a SOC 1 Report, you will also need a SOC 2. This is because the security controls in a SOC 1 will not be comprehensive enough to meet the SOC 2 criteria.
Schneider Downs employs a unique approach to SOC reports, integrating the expertise of information technology, internal audit and external audit professionals. By combining cross-disciplinary knowledge and project management expertise, we are able to effectively deliver on our clients' expectations. If you are interested in learning how we can assist your organization, please contact us to get started or learn more about our practice at www.schneiderdowns.com/soc.
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