SOC Type 123 Audit
Service Organization Control or SOC 1/2/3 audit & compliance reports are required for increased assurance over outsourced controls regarding security, availability, processing integrity, confidentiality, and privacy. For organizations that are managing critical systems, storing and processing private or confidential client information, and/or processing transactions for multiple clients, such reports and audit processes are the key parts.
SOC 1 Report
SOC 1 Report, also called as ISAE 3402 Report, is developed to meet the requirement of financial statement audits, along with operations and compliance related to the same domain.
SOC 2 Report
A SOC 2 Report focuses on one or more of the trust service principles that include security, availability, and processing along with integrity, confidentiality, and privacy. The type of report has some similarities to the SOC 1 report that provides your clients with sufficient information like – Management Assertion, system description, tests performed by the service auditor, and test results to satisfy their assurance requirement.
SOC 3 Report
SOC3 Report is generally distributed with the option of displaying a website record.
Benefits like Competitive advantage or necessity, increased internal assurance regarding security and related controls, reduced effort supporting client-specific security, questionnaires or audits, and above all proactive response to customer oversight of security, privacy, and data risks.