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Trust Services Criteria, SOC 2

SOC 2 Compliance: Achieve Type 1 and Type 2 Reports With Confidence

SOC 2 is the standard enterprise buyers ask for first. Waaqi guides your team through readiness, control implementation, and audit coordination so you earn a clean SOC 2 report without disrupting engineering velocity.

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01Inside the workspace

Preloaded and ready on day one

Controls, evidence requests, and reporting views come configured, so your team starts on execution instead of setup.

  • Controls pre-mapped to Security, Availability, Confidentiality, Privacy, and Processing Integrity
  • Evidence collection automation with freshness tracking
  • Type 1 and Type 2 readiness dashboards
  • Auditor workspace with read-only evidence access
  • Policy and procedure templates aligned to SOC 2
  • Gap-to-target tracking per Trust Services Criteria

What Is SOC 2?

SOC 2, short for System and Organization Controls 2, is a compliance framework developed by the American Institute of Certified Public Accountants. It evaluates how well a service organization protects customer data using five Trust Services Criteria: security, availability, processing integrity, confidentiality, and privacy. Security is mandatory, while the other four are selected based on your business model.

Unlike ISO 27001, SOC 2 is not a certification issued by an accreditation body. Instead, an independent CPA firm audits your controls and issues a formal report that you share directly with customers and prospects.

SOC 2 Type 1 vs SOC 2 Type 2

Many companies start with a Type 1 report to demonstrate quick progress, then move to Type 2 once controls have matured, since Type 2 carries more weight with enterprise buyers.

Report TypeWhat It MeasuresTypical Timeline
Type 1Whether controls are designed correctly at a single point in time6 to 10 weeks after readiness
Type 2Whether controls operated effectively over a review period3 to 12 month observation window plus audit

Why SOC 2 Compliance Matters

  • Sales enablement: A current SOC 2 report shortens security review cycles and unblocks enterprise deals.
  • Customer assurance: Buyers get independent proof that you protect their data responsibly.
  • Stronger security posture: The process forces documented access control, monitoring, incident response, and vendor management practices.
  • Reduced due diligence friction: A report answers most vendor security questionnaires directly, saving time on both sides.

Our SOC 2 Compliance Process

PhaseWhat Happens
1. ScopingSelect applicable Trust Services Criteria and define system boundaries.
2. Readiness assessmentIdentify control gaps against SOC 2 requirements.
3. Control implementationDeploy policies, access controls, logging, and monitoring to close gaps.
4. Evidence collectionGather documentation and system evidence needed for the audit.
5. AuditAn independent CPA firm tests controls and issues the SOC 2 report.
6. Continuous monitoringMaintain controls year round to support annual renewal.
02FAQ

Questions we get asked

SOC 2 is an attestation report defined by the American Institute of Certified Public Accountants that evaluates a service organization's controls against the Trust Services Criteria: security, availability, processing integrity, confidentiality, and privacy.

A SOC 2 Type 1 report evaluates whether controls are designed appropriately at a single point in time. A SOC 2 Type 2 report evaluates whether those controls operated effectively over a review period, typically three to twelve months.

A SOC 2 Type 1 report can often be completed in six to ten weeks after readiness work is finished. A SOC 2 Type 2 report requires an observation period of three to twelve months before the audit can be completed.

SOC 2 is most common among SaaS providers, cloud hosting companies, and technology vendors that store or process customer data, since enterprise customers often require a current SOC 2 report before signing a contract.

SOC 2 is technically an attestation report issued by an independent CPA firm, not a certification. Organizations often describe themselves as SOC 2 compliant once they hold a current, unqualified report.

See the SOC 2 Compliance: Achieve Type 1 and Type 2 Reports With Confidence in action

Book a session with our team and we will provision a sandbox tenant for your organisation with this workspace enabled.

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