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What is SOC 1

SOC 1- Service Organization Control Report 1

SOC 1 is an auditor’s report that evaluates financial reporting controls. It is also called the Service Organization Control 1 Report (SOC 1). Businesses that offer services that might have an impact on a client’s financial statements or internal controls over financial reporting are the focus of SOC 1.

While a SOC 1 Type 2 examines a company’s internal financial controls’ efficacy throughout time, a SOC 1 Type 1 just analyzes the internal financial controls’ design at one particular moment in time.