SOC 1

Service Level organization (SOC) Type of audit reports that evaluates the internal controls over financial reporting of a service organization. These reports are conducted in accordance with the SSAE-Statement on Standards for Attestation Engagements no 18, issued by the American Institute of Certified Public Accountants (AICPA). There are two type of reports: Type 1- Assesses the design and implementation of controls at a specific point in time and describes the system suitability of the design. Type 2: Assess the design, implementation and control effectiveness over a period of time i.e. 6, 9 or 12 monhts. It provides a more comprehensive evaluation by testing the controls effectiveness over time.