Service Organization Control: Difference between revisions

Revision as of 20:39, 3 February 2019

Information technology - standards.

(SOC).

A Service Organization Controls refer to internal controls that are likely to be relevant to an audit of financial statements.

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 A Service Organization Controls refer to internal controls that are likely to be relevant to an audit of financial statements.
-or Soc 1 (pronounced "sock one") report is written documentation of the internal controls that are likely to be relevant to an audit of a customer’s financial statements.
-Soc 1 is divided into Type 1 and Type 2 reports. A Type 1 reports on a service organization’s suitability of design of controls on a specific date, while a Type 2 reports on the effectiveness of the control design over a period of time. Soc 1 reports are performed by a service auditor