In this video, we cover SOC 1 type 1 report as covered in the Information Systems and Controls ISC CPA exam.
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A SOC 1 Type 1 report is a document produced in accordance with the Statement on Standards for Attestation Engagements (SSAE) No. 18, which outlines the standards for service organizations to report on controls relevant to user entities' internal control over financial reporting.
Here's a breakdown:
SOC 1: This stands for Service Organization Control 1. It's a report specifically focused on controls relevant to financial reporting.
Type 1: This indicates the type of report and the timing of the examination. In a Type 1 report, the auditor evaluates the fairness of the presentation of the service organization's system description and the suitability of the design of the controls as of a specified date (usually a point in time).
In summary, a SOC 1 Type 1 report provides assurance to users of a service organization's system that its controls are suitably designed to achieve specified control objectives relevant to financial reporting, as of a specific point in time.
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