SOC 1

SOC 1, or System and Organization Controls 1, is a type of audit report that focuses on the controls a service organization has in place relevant to financial reporting. It assesses how well these controls are designed and operating to ensure the accuracy and reliability of financial data. SOC 1 reports are often used by companies that outsource services impacting their financial statements, helping stakeholders understand how well these services protect their financial information. Essentially, it's a way to ensure trust and transparency in financial processes when third parties are involved.