SOC Series: SOC Report Types Breakdown (part 2)

SOC Official Definition

SOC Report Breakdown

*chart adapted from YouTube video created and shared by licensed CPA firm KirkpatrickPrice
  • Internal Control Over Financial Reporting (ICFR) — assesses how effective an organization’s financial reporting controls are, specifically as pertaining to the effect on users
  • Trust Service Principles — designed to address information security, assesses an organization’s controls pertaining to: Security, Availability, Processing Integrity, Confidentiality, Privacy
  • Restricted Use — describes who the report’s intended audience is
  • Type 1 — think snapshot, or one-off; “report on the fairness of the presentation of management’s description of the service organization’s system and the suitability of the design of the controls to achieve the related control objectives included in the description as of a specified date.” [AICPA]
  • Type 2 — similar to Type 1, but over a specified period of time, as opposed to a snapshot

SOC 1

SOC 2

  • Oversight of the organization
  • Vendor management programs
  • Internal corporate governance and risk management processes
  • Regulatory oversight

SOC 3

Resources

  • AICPA’s SOC Homepage — overview of the SOC Suite of Services. Includes links to official descriptions for SOC 1, SOC 2 & SOC 3
  • 1-Minute Overview — quick video from licensed CPA firm KirkpatrickPrice describing basic differences between SOC 1 vs SOC 2 vs SOC 3 Reports
  • Does Your Block Need a SOC?“A casual, but informative read for technical and non-technical executives on the role of third-party assurance over blockchains and other things crypto.” Part 1 of 3-part series from Noah Buxton, Director, Blockchain, Risk Assurance & Advisory at AraminoLLP.
  • SOC Wikipedia Page — succinct overview of report levels and types as well as the 5 Trust Service Principles reports focus on

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Writing about DAOs mostly & crypto education

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