SOC2 question

Can someone explain a bit about SOC2 certification? I work for a mid sized firm that receives US federal funding. Our IS security requirements are stricter than HIPAA. We are working with a third party provider that will be housing PII for us and they are HIPAA compliant and indicated they can get Soc2 for us as well.

Is this an audit report that they do and then send to us for verification? I've tried to find details regarding what standards are considered Soc2 compliant and I can't find a ton of info.