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A SOC 1 report is an audit report that's scope includes both business process and information technology control objectives and testing. A SOC 1 must be issued by a CPA firm that specializes in auditing IT security and business process controls. SOC 1 reports are considered attestation reports.

The American Institute of Certified Public Accountants does not mandate a minimum testing and reporting period for System and Organization Controls (SOC) reports. Instead, it suggests a reporting period of at least six months. Reports covering less than six months may not provide meaningful results to end users.

SOC audits can only be performed and conclusively reported by an independent Certified Public Accountant (CPA).

SOC 2 Type II audits should be performed annually, however, there are times you may choose to perform them twice a year. Additionally, if recently completing a SOC 2 Type I, performing a SOC 2 Type II a few months later is also very common.

A SOC 1 report focuses on outsourced services that could impact a company's financial reporting. By providing a SOC 1 report from the third-party, companies can effectively communicate information about their risk management and controls framework to multiple stakeholders.

A SOC 1 examination normally takes one to three months for Type I reports and six to twelve months for Type II reports if a company has controls in place. The audit may take longer if there are no controls in place. For most businesses, a SOC 2 Report will take anything from six months to a year to complete.

The SOC 2 (Type I or Type II) report is valid for one year following the date the report was issued. Any report that's older than one year becomes ?stale? and is of limited value to potential customers. As a result, the golden rule is to schedule a SOC audit every 12 months.

How long is a SOC 1 report valid? SOC 1 reports represent your controls from a period of time in the past. Typically, your clients will not accept a report issued more than 12 months ago because they want your testing to be relevant for their own audit period.