BMF Akron Office Closure Beginning May 1

Beginning May 1, our Akron Office will be closed to the public for renovations but will remain available to assist you. Contact your BMF Advisor or call 330.762.9785 to speak with someone who can help. We anticipate renovations taking several weeks, so stay tuned for updates!

SOC Reporting for Service Organizations

SOC Reporting options are valuable tools for organizations and can be issued to present control activities and processes at a service organization in a cohesive format to users of your services or users’ auditors.
Some of the benefits include:

  • Reducing or potentially eliminating questions and costly site visits
  • Differentiating the service organization from its peers and building trust
  • Additional assurance to management and governance bodies
Check out our article on Monitoring Service Providers:
The Role of Type II SOC I Reports
SOC 1 Reports
Reporting on Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting
  • Covers controls relevant to financial reporting
  • Meets the needs of auditors in evaluating the effectiveness of controls at a service organization
  • Reports are restricted to the management of the service organization, user entities, and user auditor
SOC 2 Reports
Reporting on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy
  • Intended for a broader range of users
  • Reports are generally restricted
SOC 3 Reports
Trust Services Report for Service Organizations
  • A simplified version of a SOC 2 report covering the same subject matter
  • General-use report
  • Can be freely distributed and posted on a website​​
Report Types
The SOC 1 and SOC 2 reports can be further broken down into two types:
  • Type I: Reports on management’s description of a service organization’s system and the suitability of the design of controls.
  • Type II: Covers everything that a Type I report includes, plus reports on the operating effectiveness of controls.

SOC 2 Reports cover controls at a service organization relevant to 5 Trust Principles:

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