SOC 1 vs. SOC 2 Audit Overview Now Available for Download from NDNB, North America’s Leading Provider of SOC Reports

Share Article

The SOC 1 vs. SOC 2 discussion is well under way, thanks in large part to the American Institute of Certified Public Accountants (AICPA) launch of their new System and Organization Controls (SOC) platform, known as the SOC framework.

4. SOC 2 audits are fast outpacing SOC 1 audits in terms of the number of reports being issued each year.

The SOC 1 vs. SOC 2 discussion is well under way, thanks in large part to the American Institute of Certified Public Accountants (AICPA) launch of their new System and Organization Controls (SOC) platform, known as the SOC framework. Officially, SOC used to stand for "Service Organization Control", which allows qualified practitioners (i.e., licensed and registered Certified Public Accountants) to issue SOC 1, SOC 2, and/or SOC 3 reports.

Here's some important things you need to know regarding SOC 1 vs SOC 2:

1. SOC 1 SSAE 18 audits are to be performed on service organizations exhibiting a true nexus to the ICFR Concept – Internal Controls Over Financial Reporting.
2. SOC 1 reports are generally issued on financial institutions, such as banks, actuarial, TPA’s, trust & benefits organizations, and others.
3. SOC 2 reports are generally issued on technology companies, such as SaaS vendors, data centers, managed security services (MSS) providers, and others.
4. SOC 2 audits are fast outpacing SOC 1 audits in terms of the number of reports being issued each year.
5. NDNB offers industry leading SOC Information Security Policy Templates for rapid compliance for both SOC 1 and SOC 2 audits.

NDNB. SSAE 18 SOC 1 and SOC 2 Experts for North American Businesses

Call and speak with Christopher Nickell, CPA, at 1-800-277-5415, ext. 706, or email him at cnickell@ndbcpa.com to learn more about NDNB’s SSAE 18 SOC 1 services, along with SOC 2 & SOC 3 compliance.

About NDNB

Founded in part by former Arthur Andersen and BDO Siedman auditors, NDNB is a nationally recognized firm specializing in a wide-range of regulatory compliance audits, I.T. audits, and other compliance & assurance needs for organizations in select markets. Our personnel have years of experience in our select chosen fields of work, possessing a sound working knowledge, interpretation and solid understanding of all relevant regulatory compliance issues and mandates currently affecting our clients.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Christopher Nickell
NDNB
8002775415-706
Email >
Visit website