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SOC 1 reports will be requested if your services as a private company impact a public company's financial data. Private companies may choose to audit for SOC 2 reports, but not SOC 1. These companies are not required to provide SOC 1 reports to their financial auditors, so there is no need to go through the process.

The process for a SOC 1 Type 1 report is rather straightforward. An auditor reviews the organization's system description to ensure that it is fairly presented and evaluates whether controls are suitably designed as of a specified date. Testing is minimal, typically an example of one for each control.

What is SOC 1 (System and Organization Controls 1)? System and Organization Controls 1, or SOC 1 (pronounced "sock one"), aims to control objectives within a SOC 1 process area and documents internal controls relevant to an audit of a user entity's financial statements.

A SOC 1 attestation report focuses on the financial controls of the service organization, while a SOC 2 attestation report assesses a broader range of controls related to the Trust Services Criteria: security, availability, processing integrity, confidentiality, and privacy.

Example SOC 1 Control Objectives New Customer Account Setup: Controls provide reasonable assurance that the new customer accounts set up on the XYZ Application are authorized by the customer administrators, completely and accurately processed, and recorded in a timely manner.

SOC in 5 Simple Steps Determining the Scope. The first step in obtaining a SOC report for your company (the service organization) is to define the scope. ... Choosing a Report. ... Preparing for the Assessment. ... It's SOC time! ... Next Steps.

How to ask for a Report. The most effective method is to ask for or demand it during contracting and vendor selection. A SOC report should be a requirement for all critical vendors. If the vendor is already in place, simply ask your account executives/sales representative.