Systems

SOC Reporting

SOC 1 Report – Types I and II

Choosing a SOC 1 Report

A SOC 1 Report (Service Organization Control Report) is the attestation standard designed for companies that process financial transactions for others, such as payroll companies, core application providers and student loan processors. There are two different types of SOC 1 reports: Type I and Type II. The main difference between the two attestation standards is that a Type I report is conducted as of a certain “point in time,” whereas a Type II report spans across a “period of time.” Most commonly, users will ask for a Type II report.

Most of our SOC consulting clients are required to exhibit compliance with strict IT frameworks and adhere to high due diligence standards. As such, many of these companies are under substantial scrutiny from their users as it relates to the transaction process. A SOC 1 Report is a document that instills customer confidence and helps our clients win and maintain more business.

Bringing you Depth and Breadth of SOC Consulting Expertise

For more than 20 years, PKM has been serving clients throughout the United States, particularly within the financial services sector. Through SOC reports and reports on other attestation standards, we aim to add value to your organization by providing your users with a complete picture of the internal control processes and procedures of your company.

We know first-hand that organizations with effective risk management systems reflected in their SOC Reports make more attractive business partners and ultimately experience higher levels of growth and success. Whether you are new to the SOC Reporting process and need training and guidance or you have been audited many times, our team at PKM of SOC consulting experts is equipped to serve you.

Getting ready?

Are you getting ready for an upcoming SOC or other third party attestation report? Learn about some of the most common pitfalls to avoid here.

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