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The Difference Between SOC 1 Type I and SOC 1 Type II
When you begin thinking about pursuing SOC 1 compliance, you’ll have the option of choosing a Type I or Type II audit. While both of these audits assess a service organization’s controls and processes that may impact their clients’ internal control over financial reporting (ICFR), the biggest difference between the two types of audits is the audit period. For example, if you decide to undergo a SOC 1 Type I audit, an auditor will assess your controls and processes and their impact over user entities’ ICFR for a specific moment in time. On the other hand, if your organization pursues SOC 1 Type II compliance, an auditor will assess your controls and processes and their impact over user entities’ ICFR over a minimum of six-month period.
Learn more at kirkpatrickprice.com/video/difference-between-soc-1-type-...
The Difference Between SOC 1 Type I and SOC 1 Type II
When you begin thinking about pursuing SOC 1 compliance, you’ll have the option of choosing a Type I or Type II audit. While both of these audits assess a service organization’s controls and processes that may impact their clients’ internal control over financial reporting (ICFR), the biggest difference between the two types of audits is the audit period. For example, if you decide to undergo a SOC 1 Type I audit, an auditor will assess your controls and processes and their impact over user entities’ ICFR for a specific moment in time. On the other hand, if your organization pursues SOC 1 Type II compliance, an auditor will assess your controls and processes and their impact over user entities’ ICFR over a minimum of six-month period.
Learn more at kirkpatrickprice.com/video/difference-between-soc-1-type-...