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.
To tell if a company is profitable, you need a Profit and Loss statement. To tell how well an entity like us did over a period of time, you need a Type II version of the SSAE 16 (SOC 1) or SOC 2 report. When the entity (a data center or managed services provider) failed during the reporting period in following their own protocols, the SOC reports notes that as an âexceptionâ. Why SOC 2?