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What Is a Vendor SOC 1 Type II Report? What You Need to Know

2 min read
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SOC reports are critical to the overall success of our third-party risk management. They’re one of the most accurate tools available for gauging how well a vendor’s internal control environment is operating. Additionally, as you likely may be aware, a SOC 1 report is an essential request when a vendor could have an impact on your organization’s financial reporting. But, there are also two variants of SOC 1 reports: Type I and Type II.

Let’s take a closer look at the SOC 1 Type II report

SOC 1 Overview

As we briefly mentioned, a SOC 1 report is designed to review a vendor’s internal controls which relate specifically to financial reporting. Typically, the SOC 1 report will include:

  • A description of the controls
  • The tests performed to assess them
  • Test results
  • An expert opinion on the design/operational effectiveness on all of the above.

So, what can you expect when you request a SOC 1 Type II Report?

The SOC 1 Type II report will include:

  • Evidence around specific controls that were in place and operating for a period of time (6-12 months)
  • Documentation of control design (i.e., information technology, computer operation and data processing controls)
  • A description of any significant changes (such as change management)
  • Details tests performed and test results around operational effectiveness
  • An overall auditor opinion on control effectiveness

SOC 1 Type II reports are typically more comprehensive than a Type I report as they evaluate operational processes and control effectiveness over a specified time (the reporting period) through testing, versus a Type I report that generally verifies controls are in place on a specific date, but doesn’t necessarily test that they are operating effectively.

It’s a due diligence best practice to request comprehensive SOC reports from your third parties: especially your critical and high-risk vendors. If you have any concerns around your vendor’s financial health, your SOC 1 Type II is a great place to start.

Dive deeper into reviewing and understanding your vendor's SOC report. View the interactive guide here.

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