SOC 1 compliance ensures the interaction, transmission, and storage of users ‘ financial statements by a service organization. A SOC 1 report assists management, investors, auditors, and customers in evaluating internal controls over financial reporting in accordance with AICPA guidelines. SOC 1 addresses financial reporting internal controls. Statement on Standards for Attestation Engagements is adhered to by SOC 1, 2, and 3. (SSAE 18). Although less applicable than its second and third counterparts, SOC 1 applies to businesses that interact directly with customers or partners ‘ financial data.