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  • 1.What exactly is SOC 1/SOC 2?
    According to the American Institute of Certified Public Accountants (AICPA), a SOC 1/SOC 2 Report attests to a service organization's capacity to manage client data in a safe and trustworthy way. The report was developed in response to the ongoing shift to cloud computing. This impartial report, provided by a CPA company, attests to the results of a comprehensive audit that focuses on system-level controls that are used to process the information of customers. In contrast to a SOC 1 report, which focuses on financial reporting controls, a SOC 2 report focuses on information security measures.
    The SOC 1/SOC 2 Type 2 Service Auditors report, which includes the Security and Availability Trust Services Criteria, is typically referred to when someone inquires about your "SOC 1/SOC 2" certification. This type of report covers the design and documenting of controls as well as the operation of the documented controls over some time. It is also known as a Type 2 report (usually a year)
    Please keep in mind that the scope of controls provided in a SOC 1/SOC 2 Type 1 and SOC 1/SOC 2 Type 2 report may be the same in some cases. Thus, a Type 2 report is not necessarily more severe than a Type 1 report in terms of content. There is a significant difference between controls being studied "on paper" at a single moment in time and controls being reviewed while in operation over an extended period of time.
  • 2.What are the SOC 1/SOC 2 Trust Services Criteria, and how do they work?
    In a SOC 1/SOC 2 assessment, the SOC 1/SOC 2 Trust Services Criteria (previously known as the SOC 1/SOC 2 Trust Services Principles) provide the whole range of criteria that can be considered. For every SOC 1/SOC 2 report published on or after December 15, 2018, it is mandatory to apply the most recent Trust Services Criteria.
    Security, Availability, Confidentiality, Privacy, and Processing Integrity are the current Trust Services Criteria, which are listed below. Only Security is required to be addressed in every SOC 1/SOC 2 assessment. The other four are optional. The others can be covered or not depending on whether or not they apply to the service being provided. Each of these five criteria has a large number of additional criteria, and there is a great deal of overlap between them
  • 3.What exactly are the standards for SOC 1/SOC 2 compliance?
    Because SOC 1/SOC 2 is not a standard, but rather a report, there is no such thing as SOC 1/SOC 2 "compliance." A technical audit is required instead, which assesses if your business has developed, documented and is following a wide variety of policies and procedures that include the Security Trust Services Criteria as well as any other criteria that may be included in the scope of your audit.
    Many service firms' clients and other stakeholders are most concerned with the security criterion than with any other aspect of their operations. The scope of a SOC 1/SOC 2 investigation, and hence the requirements for SOC 1/SOC 2 "compliance," may therefore be limited to solely the Security criterion
  • 4.AWhat is the difference between SOC 1/SOC 2 and SOC 1?
    When a service organization's internal controls for safeguarding and maintaining client data are examined, the results are reported in an independent SOC 1/SOC 2 Report, which is provided by a certified public accounting (CPA) company. A SOC 1 report, as opposed to a SOC 1/SOC 2 report, is concerned with financial reporting controls rather than security measures.
  • 5.What does a SOC 1/SOC 2 Report look like and what information does it contain?
    The American Institute of CPAs (AICPA) outlines the components of a SOC 1/SOC 2 report, as well as the information that must be included in each of those components. A format for SOC 1/SOC 2 reports, on the other hand, is not specified. This gives auditors the flexibility to structure their reports however they see proper.
    Here is an example SOC 1/SOC 2 report generated by the American Institute of Certified Public Accountants (AICPA) for demonstration purposes. A true SOC 1/SOC 2 Type 2 report would address various criteria and include different controls and tests of controls that were particular to the business that was being audited, as well as other information
  • 6.What are the prerequisites for SOC 1/SOC 2 certification?
    When compared to certain other information security standards, such as the Payment Card Industry Data Security Standard (PCI DSS), the policies, processes, and technical controls that must be put in place to comply with SOC 1/SOC 2 are customized to each firm.
  • 7.What is the SOC 1/SOC 2 control list and how does it work?
    A corporation designs its controls as per its business processes to comply with the appropriate SOC 1/SOC 2 Trust Service Criteria, which are outlined below.
  • 8.Where can I obtain an XLS version of the SOC 1/SOC 2 audit checklist?
    SOC 1/SOC 2 is not a one-size-fits-all framework in the traditional sense. As per your specific business practices, it analyzes the controls that your organization must implement to safeguard and manage client data in the cloud. The American Institute of Certified Public Accountants (AICPA) does not provide an "official," "approved," or "formal" checklist for SOC 1/SOC 2 compliance.
    Because of this, while it is unlikely that you will discover an "audit checklist" that contains control-level information, examining the Trust Service Criteria listed above is an excellent substitute
  • 9.So, how much does a SOC 1/SOC 2 audit cost you?
    The best response to this issue is "it depends," because SOC 1/SOC 2 price varies depending on the size of the business, the Trust Services Criteria used, the number of locations, and the CPA firm used. A typical audit is done by a reputable nationally known company for a small to midsized technology service provider against the Security and Availability criteria costs around $40–$45K per year for a small to midsized technology service provider.

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