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These reports are not public documents but are instead shared exclusively among the organization's clients and the CPAs that audit the clients' financial statements (user auditors). The necessity of such reports becomes evident when organizations rely on external entities for pivotal financial report controls.

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SOC audits can only be performed and conclusively reported by an independent Certified Public Accountant (CPA).

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A SOC 1 report is an audit report that's scope includes both business process and information technology control objectives and testing. A SOC 1 must be issued by a CPA firm that specializes in auditing IT security and business process controls. SOC 1 reports are considered attestation reports.

SOC 1 compliance through achieving control objectives The framework outlines five categories of objectives for internal controls that a service organization must address: control environment, risk assessment, control activities, information and communication, and monitoring.

Here's a range of what to expect at a baseline: Component ExaminationPrice Range*SOC 1 Type 1$23,000 - $35,000SOC 1 Type 2$29,000 - $44,000SOC 2 Readiness$18,000 - $25,000SOC 2 Type 1$25,000 - $39,0006 more rows