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 audit will result in a Service Organization Control (SOC) 1 report. This report focuses on internal controls over financial reporting. A SOC 1, Type 1 report focuses on the auditorsâ opinion of the accuracy and completeness of the data center managementâs design of controls, system and/or service. A SOC 1, Type 2 report includes Type 1 and an audit on the effectiveness of controls over a certain time period, normally between six months and a year.