A SOC 1 report focuses on outsourced services that could impact a company’s financial reporting. It provides information about the risk management and controls framework to multiple stakeholders.

This course will explain how SOC 1 reports address internal controls of service organizations and their impact on user entities’ financial statements. Also included are some common scenarios and industries where SOC 1 reports are used along with an overview of the contents and structure of a typical SOC 1 report. Join this webinar for instruction on how to classify and evaluate critical vendors that support the services provided by an organization, which is crucial for the SOC 1 audit process.

This presentation is part two of a three-part series.

Part 1: Introduction to SOC Reporting

Part 3: SOC 2 Reporting

Learning Objectives:

• Recall the control objectives commonly assessed in a SOC 1 report, such as logical access restrictions and regular access control reviews related to financial reporting


• Identify the structure and contents of a typical SOC 1 report, including sections such as the service auditor's opinion, description of controls, and testing of controls


• Recognize the audit timeline, expectations, and potential pitfalls organizations may encounter when preparing for and undergoing their first SOC 1 Type II audit, as well as the implications of any audit findings identified