SOC reports provide independent validation of internal controls, helping build trust with clients and meet regulatory expectations. In our video series SOC Simplified, Richey May experts break down key topics, from the difference between SOC 1 and SOC 2 to how to review a report with confidence. Whether you're new to SOC or just need a refresher, this series will help you navigate the essentials with clarity.
New episodes will be added periodically, so check back for the latest insights.
Not sure whether your organization needs a SOC 1 or SOC 2 report? This short video explains the key differences and helps you determine which one is right for your business. If your services impact financial reporting, a SOC 1 is typically required, while handling sensitive customer data often calls for a SOC 2. In some cases, both may be necessary to demonstrate that your internal controls are effective and to support client compliance and trust.
If you work with third-party vendors that handle financial data or sensitive information, you’ve likely encountered a SOC report, but they’re not always easy to interpret. Richey May experts share five important things to understand before reviewing a SOC report, from choosing the right type to knowing what to look for in the auditor’s opinion and testing details. Knowing how to read the report can help you make more informed risk decisions.
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