they research and offer financial advice for companies lend money and provide underwriting services insurance companies require payments for certain aspects of life such as homeowner ship and automobiles they offer packages based on activity and risk pooling the risks of groups with similar risks
The SOC1 (SSAE16 Type II) audit is widely recognized for the intensive scrutiny it puts service organizations through, in terms of their control activities related to information technology and related processes.
The SSAE 16 Reporting Standard â SOC 1 â SOC 2 â SOC 3 Support and Guidance for SSAE16, SOC 1, SOC 2, and SOC 3 reporting standards. SOC 1 Report. A SOC 1 Report (Service Organization Controls Report) is a report on Controls at a Service Organization which are relevant to user entitiesâ internal control over financial reporting.