SOC® 1

Strengthen your customer’s confidence in your service organization.

A report for those service organizations that have direct or indirect impact on a user entity’s financial reporting, a SOC (System and Organization Controls) examination reports on the controls at your company (the service provider/service organization) as they are relevant to your clients’ internal controls over financial reporting.

Organizations in need of a SOC 1 assessment include payroll companies, debt collectors, and even data centers.

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This overview is designed to help the service organization prepare for the examination by identifying deficiencies, gaps, and other potential red flags, along with coaching so management can understand their options to repair them.

A SOC 1 Type 1 report expresses an opinion on the design of the system of controls placed into operation as of a point in time. Simply put, this report tells your clients and their financial statement auditors that you have accurately described a system, that the described controls are in place, and that the controls as described should achieve your financial reporting control objectives.

A SOC 1 Type 2 report expresses an opinion on the design and operating effectiveness of controls over financial reporting over a specific (historical) period of time. This is most typically a twelve-month period. Thus, this report incorporates an additional step that 360 Advanced tests the controls and shares the results of those tests.

Learn more about SOC Reports with our free guide.

Controls typically assessed in a SOC 1 examination:

  • Control Environment
  • Physical Security
  • Environmental Security
  • Applications
  • Change Management
  • Information Security
  • Backups and Restoration Processes
  • Systems Availability
  • Data Communications
  • Job Scheduling
  • Transaction Processing

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