A SOC 1 report is a report on controls at a service organization relevant to user entities’ internal control over financial reporting. We work with and help service organizations create reports on internal controls for the services they provide. System and Organization Controls (SOC) reports provide a consistent framework to report these controls and the design and operating effectiveness of these controls. As a CPA firm with deep experience performing SOC 1 examinations, we are prepared to assist with issuing a SOC 1 report.
We can assist service organizations by providing a Type 1 or Type 2 report to help satisfy business partners and customers. Typically, an organization looking to issue its initial SOC report will perform a readiness assessment, followed by issuance of a Type 1 report, and then a Type 2 report annually thereafter.
A Type 1 report provides independent, third-party verification by a licensed CPA firm as to whether internal controls described by a service organization are suitably designed to meet specified control objectives, and expresses an opinion by the CPA firm as to the design of the controls at a point in time. A Type 1 report does not give assurance over a period of time, and is typically utilized for first-time issuers, as a precursor to a Type 2 report.
A Type 2 report provides independent, third-party verification by a licensed CPA firm as to whether internal controls described by a service organization are suitably designed to meet specified control objectives, and expresses an opinion by the CPA firm as to the design and operating effectiveness of the controls over a period of time, typically twelve months in duration. After the Type 2 examination is performed, the corresponding report is issued. Auditors of user entities may utilize the SOC report to replace procedures they would otherwise have had to perform independently.
SOC Reporting Lead
CPA in California, Utah & New York
Priya is a senior manager at The Cadence Group, where she leads the SOC Reporting practice in the Bay Area. Priya is focused and experienced in providing accounting and auditing services to a wide range of clients and industries. Priya's expertise includes assessing and designing technology controls for internal audit and external audit support. Priya has been with Cadence since 2017, and was previously with PwC in its New York and San Francisco offices.