Type 1 and Type 2 (sometimes known as “Type ii”) reports are available from SOC 1. A Type 1 report shows that your company’s internal financial controls are appropriately implemented, and a Type 2 report shows that your controls continue to work as intended over time.
What is SOC 2
SOC 2 is a framework that aids service firms in showcasing their data centre and cloud security measures. The SOC 2 was created as a report that exclusively addressed security after businesses began utilizing the SAS 70 to gauge the efficiency of their security systems. The Trust Services Principles, which were renamed to the Trust Services Criteria in 2018 and are the foundation of the SOC 2, are as follows, according to the American Institute of CPAs (AICPA):
● Security: Systems and data must be shielded from intrusion and anything that could jeopardize their integrity, confidentiality, availability, and privacy.
● Availability: System accessibility is important for use and operation.
● Processing integrity: Processing integrity calls for quick, accurate, and approved system processing.
● Confidentiality: Information designated as confidential must be given the necessary safeguards.
● Privacy: Any personal data gathered must be used, stored, disclosed, and disposed of responsibly.
SOC 2 provides a Type 1 and Type 2 report, similar to SOC 1. The Type 1 report is a snapshot of your organization’s controls at a particular time that has been tested to see if they are properly designed. The Type 2 report examines the performance of the same rules over a longer time frame, often 12 months.
SOC 1 vs SOC 2: What should you choose?
They are determining which SOC audit and what type a customer requires might be difficult for service businesses unfamiliar with the standards for SOC audits. Yet, service providers gain from assuring existing and potential clients that their data is secure; therefore, if you have never undertaken a SOC audit, this is the perfect opportunity.
CUNIX has a year of expertise conducting SOC audits for service organizations and will assist you in selecting the exam choice that best suits your requirements. To discover more about our SOC auditor services, click here, or continue reading to learn more about SOC audits.
