SOC report

SOC report is a verifiable auditing report which is performed by a Certificated Public Accounting designed by the AICPA. A SOC report tells us if financial audit are performed or not.

If you are an organization which is regulated by the law, then you must be asking your vendors which you consider to be dealing with the high-risk operations of your business.

There are two types of SOC 1 report--SOC type 1 and type 2.

Type 1 confirm the internal control on particular point of time. On the other hand, Type 2 is more rigorous and is based on testing of control over a duration of time.

SOC 2 is the most sought-after report in this domain and a must if you are dealing with an IT vendor. This report confirms Privacy, Confidentiality, Processing Integrity, Availability, and Security.

SOC 3 is not same kind of upgrade over the SOC2 report. A SOC3 report is designed to be a less technical and  detailed auditing report with a serial approach.

SOC report ensures that your compliance  with regulatory expectations is up to the mark.

https://www.infosecurity-magazine.com/opinions/soc-audit-reports/