Difference between SOC 1, SOC 2 And SOC 3

SSAE 18 compliance standard governs the way organizations report on their various internal compliance controls for a service organization that may subcontract some of its services out to another provider.

SSAE 18 reports usually come in the form of a Service Organization Control (SOC) report, which provides the evaluation results of the risks associated with outsourced vendors.

Key difference between SOC 1, SOC 2 and SOC 3 Reports

SOC 1SOC 2SOC 3
SOC 1 audit report tells whether a service organization has effective internal controls in place pertaining to financial reporting.SOC 2 audit report comprises the assessment results related to internal controls around security, including data availability, confidentiality, privacy, and processing integrity.The SOC 3 is a public report of internal controls over security, availability, processing integrity, and confidentiality
This report is key consideration with respect to outsourced financial services such as payroll and taxation performed by a third-party providerThis report is required to gain assurance that the outsourced service provider has appropriate controls regarding information securityGeneral use reports, specifically used for advertising and promotional purposes
This can be of Type 1 or Type 2. Type I reports evaluating whether proper controls are in place at a specific point in time. Type II reports are done over a period of time, which is typically six months to verify operational efficiency and effectiveness of the controls.This can be of Type 1 or Type 2. Type I reports evaluating whether proper controls are in place at a specific point in time. Type II reports are done over a period of time, which is typically six months to verify operational efficiency and effectiveness of the controls.This is only of one type
Audience for this report is restrictedAudience for this report is restrictedAudience for this report is not restricted

Function Point Analysis (FPA)

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