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A SOC 1 report focuses on outsourced services that could impact a company's financial reporting. By providing a SOC 1 report from the third-party, companies can effectively communicate information about their risk management and controls framework to multiple stakeholders.

System and Organization Controls 1, or SOC 1 (pronounced "sock one"), aims to control objectives within a SOC 1 process area and documents internal controls relevant to an audit of a user entity's financial statements.

The SOC 1 report was previously called the SAS 70 (Statement on Auditing Standards 70) and was eventually replaced by the Statement on Standards for Attestation Engagements no. 16 (SSAE 16).

SOC 1 evaluates an organization's internal controls over financial reporting, whereas SOC 2 and SOC 3 examine the organization's control over one or more of the Trust Services Criteria. SOC 3, unlike SOC 2, isn't a private report and is used to showcase publicly how effective an organization's internal controls are.

What is SOC 1 vs 2 vs 3? SOC 1, 2, and 3 all have different purposes. SOC 1 focuses on financial reporting, SOC 2 focuses on a broader range of data management practices, and SOC 3 provides a summary of the SOC 2 attestation report that's suitable for the general public.

SOC 1: Focuses on service organizations' controls over financial reporting. SOC 2: Examines a service organization's controls based on AICPA's trust principles (security, availability, processing integrity, confidentiality, and privacy)