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    Comparision of SOC 1-3 For SOX

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    great_indian
    The document compares SOC 1, SOC 2, and SOC 3 reports. SOC 1 reports address controls relevant to financial reporting, including the description of the service organization's system, design and operating effectiveness of controls, and a service auditor's opinion. SOC 2 reports address controls relevant to security, availability, processing integrity, confidentiality, or privacy, also including a description, design and operating effectiveness of controls, and service auditor's opinion. SOC 3 reports focus only on a service auditor's opinion on controls related to security, availability, processing integrity, confidentiality, or privacy based on trust services criteria. The intended users of SOC 1 and SOC 2 reports are knowledgeable parties, while SOC 3 reports can be used by anyone.

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    Comparision of SOC 1-3 For SOX

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    great_indian
    147 views3 pages
    The document compares SOC 1, SOC 2, and SOC 3 reports. SOC 1 reports address controls relevant to financial reporting, including the description of the service organization's system, design and operating effectiveness of controls, and a service auditor's opinion. SOC 2 reports address controls relevant to security, availability, processing integrity, confidentiality, or privacy, also including a description, design and operating effectiveness of controls, and service auditor's opinion. SOC 3 reports focus only on a service auditor's opinion on controls related to security, availability, processing integrity, confidentiality, or privacy based on trust services criteria. The intended users of SOC 1 and SOC 2 reports are knowledgeable parties, while SOC 3 reports can be used by anyone.

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    Comparision of SOC 1-3 for SOX

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    The document compares SOC 1, SOC 2, and SOC 3 reports. SOC 1 reports address controls relevant to financial reporting, including the description of the service organization's system, design and operating effectiveness of controls, and a service auditor's opinion. SOC 2 reports address controls relevant to security, availability, processing integrity, confidentiality, or privacy, also including a description, design and operating effectiveness of controls, and service auditor's opinion. SOC 3 reports focus only on a service auditor's opinion on controls related to security, availability, processing integrity, confidentiality, or privacy based on trust services criteria. The intended users of SOC 1 and SOC 2 reports are knowledgeable parties, while SOC 3 reports can be used by anyone.

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    147 views3 pages

    Comparision of SOC 1-3 For SOX

    Uploaded by

    great_indian
    The document compares SOC 1, SOC 2, and SOC 3 reports. SOC 1 reports address controls relevant to financial reporting, including the description of the service organization's system, design and operating effectiveness of controls, and a service auditor's opinion. SOC 2 reports address controls relevant to security, availability, processing integrity, confidentiality, or privacy, also including a description, design and operating effectiveness of controls, and service auditor's opinion. SOC 3 reports focus only on a service auditor's opinion on controls related to security, availability, processing integrity, confidentiality, or privacy based on trust services criteria. The intended users of SOC 1 and SOC 2 reports are knowledgeable parties, while SOC 3 reports can be used by anyone.

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    At a glance
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    The key takeaways are that SOC 1, SOC 2 and SOC 3 reports provide assurance over controls at service organizations and their compliance with privacy commitments. SOC 1 reports address controls over financial reporting, SOC 2 reports address security, availability, processing integrity, confidentiality or privacy, and SOC 3 reports address any of those principles for broad use.

    SOC 1 reports address controls over financial reporting, SOC 2 reports address security, availability, processing integrity, confidentiality or privacy, and SOC 3 reports address any of those principles for broad use. SOC 1 is for auditors, SOC 2 is for management and other parties, and SOC 3 can be used by anyone.

    SOC 1 reports provide information to auditors about controls relevant to financial reporting. SOC 2 reports provide information to management and other parties about controls relevant to security, availability etc. SOC 3 reports provide a CPA's opinion about controls relevant to security, availability etc.

    Comparison of SOC 1, SOC 2 and SOC 3 Reports

    Under what
    professional
    standard is the
    engagement
    performed?

    What is the
    subject matter of
    the engagement?

    What is the
    purpose of the
    report?

    SOC 1 Reports
    SSAE No. 16, Reporting
    on Controls at a Service
    Organization

    SOC 2 Reports
    AT 101, Attestation
    Engagements

    SOC 3 Report
    AT 101, Attestation
    Engagements

    AICPA Guide, Applying


    SSAE No. 16, Reporting
    on Controls at a Service
    Organization

    AICPA Guide, Reporting on


    Controls at a Service
    Organization Relevant to
    Security, Availability,
    Processing Integrity,
    Confidentiality, or Privacy
    Controls at a service
    organization relevant to
    security, availability,
    processing integrity
    confidentiality, or privacy.

    AICPA Technical Practice Aid,


    Trust Services Principles,
    Criteria, and Illustrations

    If the report addresses the


    privacy principle, the service
    organizations compliance
    with the commitments in its
    statement of privacy practices

    If the report addresses the


    privacy principle, the service
    organizations compliance
    with the commitments in its
    statement of privacy practices

    To provide management of a
    service organization, user
    entities and other specified
    parties with information and a
    CPAs opinion about controls
    at the service organization
    that may affect user entities
    security, availability,
    processing integrity,
    confidentiality or privacy.

    To provide interested parties


    with a CPAs opinion about
    controls at the service
    organization that may affect
    user entities security,
    availability, processing
    integrity, confidentiality, or
    privacy.

    Controls at a service
    organization relevant to
    user entities internal
    control over financial
    reporting.

    To provide information to
    the auditor of a user
    entitys financial
    statements about controls
    at a service organization
    that may be relevant to a
    user entitys internal
    control over financial
    reporting. It enables the
    user auditor to perform risk
    assessment procedures,
    and if a type 2 report is
    provided, to assess the
    risk of material
    misstatement of financial
    statement assertions
    affected by the service
    organizations processing.

    A type 2 report that


    addresses the privacy
    principle, also provides a

    Controls at a service
    organization relevant to
    security, availability,
    processing integrity,
    confidentiality, or privacy

    A report that addresses the


    privacy principle, also
    provides a CPAs opinion
    about the service
    organizations compliance

    SOC 1 Reports

    What are the


    components of
    the report?

    A description of the service


    organizations system.
    A service auditors report
    that contains an opinion on
    the fairness of the
    presentation of the
    description of the service
    organizations system, the
    suitability of the design of
    the controls, and in a type
    2 report, the operating
    effectiveness of the
    controls.

    In a type 2 report, a
    description of the service
    auditors tests of the
    controls and the results of
    the tests.

    Who are the


    intended users of
    the report?

    Auditors of the user


    entitys financial
    statements, management
    of the user entities, and
    management of the service
    organization.

    SOC 2 Reports
    CPAs opinion about the
    service organizations
    compliance with the
    commitments in its statement
    of privacy practices
    A description of the service
    organizations system.

    SOC 3 Report
    with the commitments in its
    privacy notice.

    A service auditors report that


    contains an opinion on the
    fairness of the presentation of
    the description of the service
    organizations system, the
    suitability of the design of the
    controls, and in a type 2
    report, the operating
    effectiveness of the controls.

    A service auditors report on


    whether the entity maintained
    effective controls over its
    system as it relates to the
    principle being reported on
    i.e., security, availability,
    processing integrity,
    confidentiality, or privacy,
    based on the applicable trust
    services criteria.

    If the report addresses the


    privacy principle, the service
    auditors opinion on whether
    the service organization
    complied with the
    commitments in its statement
    of privacy practices

    If the report addresses the


    privacy principle the service
    auditors opinion on whether
    the service organization
    complied with the
    commitments in its statement
    of privacy practices

    In a type 2 report, a
    description of the service
    auditors tests of controls and
    the results of the tests.
    In a type 2 report that
    addresses the privacy
    principle, a description of the
    service auditors tests of the
    service organizations
    compliance with the
    commitments in its statement
    of privacy practices and the
    results of those tests
    Parties that are
    knowledgeable about
    the nature of the service
    provided by the service
    organization
    how the service
    organizations system
    interacts with user entities,

    Anyone

    SOC 1 Reports

    SOC 2 Reports
    subservice organizations, and
    other parties
    internal control and its
    limitations
    the criteria and how controls
    address those criteria

    SOC 3 Report

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