SOC 3 REPORT
The Purpose of the SOC 3 Report
The SOC 3 Report is a streamlined version of a SOC 1 or SOC 2 Report is generated by an independent auditor for public distribution, usually for marketing purposes.
While SOC 1 and SOC 2 reports are not for public distribution, there may be cases where an organization that already has secured one or both of these reports, wants a condensed, high level version that is suitable for public distribution.
That’s where the SOC 3 report comes in. This streamlined version of a SOC 1 or SOC 2 Report is generated by an independent auditor for public distribution, usually for marketing purposes.
SOC 3 reports describe the overall controls in place at service organizations as a way to demonstrate accuracy and protection of financial and sensitive data. However the information is limited to describing the overall controls in place and does not include audit findings or an unbiased opinion from a third-party auditor.
Usually considered unnecessary, some organizations may opt for a SOC 3 report or SOC 3 “seal of approval” that can be used for marketing purposes to demonstrate their commitment to ethical standards and practices.
SOC 3 reports generally contain only three sections: a statement by the independent auditor (without an opinion), management’s assertion of truthfulness in reporting, and a narrative describing the overall controls in place to manage risk when it comes to the accuracy of financial information and/or safeguards on data. Detailed audit results are not included in a SOC 3 report.
While customers may appreciate a service provider’s willingness to supply them with a SOC 3 report, in most cases these customers will prefer or require the detailed SOC 1 or SOC 2 reports with detailed audit results.
Most companies opting for this type of report include large cloud-based corporations like Amazon or Google, that want to make both service providers and consumers aware of the steps they’ve taken to protect accuracy and safeguard data.
Who Needs a SOC 3 Report
- Enterprise-level service providers such as Google, Amazon and YouTube
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