Let’s start with a basic description of a SOC 1 report. A SOC 1 describes the system of internal controls in place at a service organization regarding internal controls over financial reporting.
If you are looking for a report that covers the service organizations systems and processes used to deliver the product/service you purchased from them, you have the wrong report. That is a SOC 2 report.
If you are looking for a report that is relevant to a vendor that processes financial transactions or you need assurance regarding the accuracy of finances (payment processors, payroll processors, etc.) then a SOC 1 would be appropriate.
Now that you have determined a SOC 1 is the right report for you, here are a few tips on how to read the report and draw conclusions.