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Understanding SOC 1 Reports: Type 1 vs Type 2

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Understanding SOC 1 Reports: Type 1 vs Type 2

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Questions and Answers

Who is allowed to use a SOC 1 report?

Existing customers (correct)

Potential customers

The service organization

Regulatory authorities

What is the main focus of a Type 1 SOC 1 report?

Description of service organization system

Operating effectiveness of controls

Suitability of controls at a specified date (correct)

Design and operating effectiveness of controls

What is the key difference between Type 1 and Type 2 SOC 1 reports?

Type 1 includes management's description, Type 2 does not

Type 1 assesses controls throughout a period, Type 2 at a specified date (correct)

Type 1 assesses operating effectiveness, Type 2 assesses design suitability

Type 1 is for potential customers, Type 2 for existing customers

What does a Type 2 SOC 1 report focus on that Type 1 does not?

Design and operating effectiveness of controls throughout a period Signup and view all the answers

Why are potential customers restricted from using a SOC 1 report?

The report is not relevant to their needs Signup and view all the answers

During the design phase of a cloud compliance program, who are considered key stakeholders?

Relevant decision makers, risk owners, and executives Signup and view all the answers

What is the role of key actors in a cloud compliance program?

They determine strategy, budget, and risk appetite Signup and view all the answers

Why is it important to interview and consult key actors during the compliance program design phase?

To align organizational goals with cloud strategy Signup and view all the answers

Who is responsible for assessing, measuring, and reporting on cloud compliance program performance?

Service risk owners and managers Signup and view all the answers

What are some questions that should be answered during the compliance program design phase according to the text?

Relevant questions about key stakeholders Signup and view all the answers

In the context of a cloud compliance program, who determines how the organization approaches the cloud?

Key actors Signup and view all the answers

Who is responsible for building the compliance rules in a cloud compliance program?

Data owners Signup and view all the answers

Who is accountable for compliance in a cloud compliance program?

Service portfolio owners Signup and view all the answers

What is the role of a cloud broker in a cloud compliance program?

Managing the services Signup and view all the answers

Who should be consulted in a cloud compliance program according to the RACI matrix?

Chief privacy officers Signup and view all the answers

Which individuals are responsible for managing the services in a cloud compliance program?

Cloud service sponsors Signup and view all the answers

What guides decisions on what is allowed and what is desirable in a cloud compliance program?

Business structure, strategy, and approach Signup and view all the answers