What is a SOC report?
SOC is a verifiable audit report written by a Certified Public Accountant (CPA). The American Institute of Certified Public Accountants (AICPA) developed it, and it discusses the systemic controls of the service provider.
Among these controls are:
- Data privacy
- Cybersecurity
- Confidentiality
- Processing integrity
- Controls related to financial reporting
The time and money you invest in SOC reports will pay off as they give you a competitive edge by helping you establish credibility. There are three types of SOC reports: SOC 1, SOC 2, and SOC 3. The most popular ones are SOC 1 and SOC 2.
SOC 1 and SOC 2 differ primarily in that SOC 1 concentrates on financial reporting, whereas SOC 2 concentrates on operations and compliance. SOC 3, on the other hand, is a less popular variant of SOC 2 tailored to the needs of the company's customers.
Difference between SOC 1 vs SOC 2 vs SOC 3 |
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SOC 1 |
SOC 2 |
SOC 3 |
What it reports on |
Internal controls over financial reporting |
Security, processing, integrity, availability, privacy controls |
Same as SOC 2 but a watered-down version |
Who uses it |
User auditor and users' controller's office |
Shared under NDA by management, regulators, and others |
Publicly available to anyone (e.g., general consumers) |
Evaluation timeline |
SOC 1 Type I financial audit happens at a point in time
SOC 1 Type II financial audit happens over a per1od of time |
SOC 2 Type I compliance audit happens at a point in time
SOC 2 Type II compliance audit happens over a period of time |
SOC3report ls always a Type II - the audit takes place over a period of time |
When to get |
Pursue SOC 1 if your services impact your clients' financial reporting |
PursueSOC2 when you do not process financial data but process or host other types of data |
Pursue SOC 3 when customers seek details as to how you are performing in maintaining controls to protect their interests |
Reporting |
Provides a standard, widely applicable report attesting to your compliance |
Provides a standard, widely applicable report attesting to your compliance |
A great marketing tool that proves you have SOC 2 compliance |
SOC CONSULTING, AUDITING & REPORTING SERVICES IN DUBAI
Gabriel Registrar is a leading firm providing comprehensive business advisory, training, process consultation, and certification services in Dubai. With accredited locations in more than 120+ countries and successfully completing numerous projects across various standards, we are a one-stop solution provider for all your certification needs. Our SOC Certification Services in Dubai include Gap Analysis, Documentation, Training, Internal and External Audits, and other essential services.
Gabriel Registrar can assist you in preparing for a SOC audit, constructing the required controls, advising on the right report type to meet your objectives, and working with your auditor to finish the audit process. Our specialists have developed and managed many SOC security programs, guiding those companies through their initial and subsequent audits. Hence, Gabriel Registrar is considered one of the best SOC Consultants in Dubai.
Here are some of the different SOC Certification Services in Dubai that we offer:
SOC 1, SOC 2, and SOC 3 readiness assessment:
Conduct a SOC readiness assessment to evaluate an organization's current controls and identify any gaps or deficiencies that must be addressed to achieve compliance.
SOC 1, SOC 2, and SOC 3 gap analysis:
Perform a SOC gap analysis to compare an organization's current controls against the SOC Trust Services Criteria requirements and identify any areas where the organization falls short of the requirements.
SOC 1, SOC 2, and SOC 3 implementation:
Help an organization design and implement effective controls to achieve SOC compliance. This may include providing guidance on the development of policies and procedures, as well as providing support for the implementation of technical controls.
SOC 1, SOC 2, and SOC 3 audit preparation:
Assist an organization in preparing for a SOC audit, including helping to gather and organize documentation, providing guidance on the audit process, and conducting mock audits to ensure the organization is prepared for the actual audit.
SOC 1, SOC 2, and SOC 3 audit support:
Provide support to an organization during the SOC 1 audit process, including working with the auditor to answer any questions and address any issues that arise during the audit.