SOC 1 definition

SOC 1 has the meaning set forth in clause 5.2 of this Agreement.

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SOC 1 means the AICPA System and Organizational Controls for Service Organizations – SOC 1: Report on Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting audit, as amended or superseded or replaced from time to time, or other modified or replacement or successor report

SOC 1 means an audit that provides an opinion regarding the controls as the service organization that are likely to be relevant to user entities’ internal control over financial reporting.

Examples of SOC 1 in a sentence

FIS shall engage a certified third party to conduct a SOC 1 compliance audit or equivalent service organization controlled audit recognized by leading standards organizations as being equivalent to a SOC 1 audit to conduct annual reviews that covers the controls for the Services each year during the term of the Order.
FIS’ SOC 1 reports are available to Client on the FIS Client Portal ( Client Portal ) .
When requested by Client, FIS shall confirm in writing that there have been no material changes in the policies, procedures, or internal controls since the issuance of the most recent SOC 1 report.
The Custodian shall allow the Client’s officers and the Client’s independent public accountants, agents or regulators reasonable access for inspection of the records of the Custodian relating to Securities or Cash (including the Custodian’s SOC 1) as is required by the Client, on behalf of a Portfolio, in connection with an examination of the books and records pertaining to the affairs of the Client and will seek to obtain such access from each Subcustodian and Clearance System.
In addition, from time to time as requested, but such requests shall not exceed one request within any given twelve month period, the Service Provider will furnish the Client a "gap" or "bridge" letter that will address any material changes that might have occurred in the Service Provider’s controls covered in the SOC 1 from the end of the SOC 1 report period through a specified requested date.

More Definitions of SOC 1

SOC 1 means any routine Service Organization Control 1 reports.

SOC 1 has the meaning set forth in Section 3.13 of the Master Servicing Agreement.

SOC 1 means a report on the controls at a service organization pursuant to AICPA Statement on Standard for Attestation Engagements (SSAE) 16.

SOC 1 has the meaning set forth in Section 8.7(a).

SOC 1 has the meaning set forth in clause 5.2 of this Agreement. “Software” has the meaning set forth in clause 5.6.2 of this Agreement. “SSAE 18” has the meaning set forth in clause 5.2 of this Agreement. “Standard of Care” has the meaning set forth in clause 6.1 of this Agreement.

SOC 1 has the meaning set forth in clause 5.2 of this Agreement. Schedule 1

SOC 1 is defined in Section 18.4.3(a) herein. “SOC 2” is defined in Section 18.4.3(a).