SOC 1 and SOC 2 are both types of audit
reports that provide assurance to customers and stakeholders regarding an
organization's internal controls related to financial reporting (SOC 1) and
information security and data privacy (SOC 2). The certification process for
each is different. Here are the high-level steps for each soc
certification process:
SOC 1:
Define the scope of the audit: The
organization and auditor agree on the scope of the audit, which typically
includes the systems and processes that are relevant to financial reporting.
Conduct a risk assessment: The organization
identifies and assesses the risks that could impact financial reporting.
Develop controls: The organization develops
controls to mitigate identified risks.
Implement controls: The organization
implements the controls.
Engage an independent auditor: The
organization engages an independent auditor to perform the SOC
1 audit.
Auditor's examination: The auditor examines
the controls to ensure that they are suitably designed and operating
effectively.
Report issuance: The auditor issues a SOC 1
report that includes an opinion on the effectiveness of the organization's
controls related to financial reporting.
SOC 2:
Define the scope of the audit: The
organization and auditor agree on the scope of the audit, which typically
includes the systems and processes that are relevant to information security
and data privacy.
Conduct a risk assessment: The organization
identifies and assesses the risks that could impact information security and
data privacy.
Develop controls: The organization develops
controls to mitigate identified risks.
Implement controls: The organization
implements the controls.
Engage an independent auditor: The
organization engages an independent auditor to perform the SOC 2 audit.
Auditor's examination: The auditor examines
the controls to ensure that they are suitably designed and operating
effectively.
Report issuance: The auditor issues a SOC 2
report that includes an opinion on the effectiveness of the organization's
controls related to information security and data privacy.
It is important to note that both SOC 1 and
SOC 2 certifications require ongoing monitoring and testing of controls to
maintain certification. Additionally, the certification process can vary
depending on the organization's size, complexity, and industry.