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 SOC 1 report contains the service organization's system description and an assertion from management. In addition, the independent service auditor (i.e., CPA firm) opinion or service auditor report is included. There are two types of SOC 1 reports: Type I and Type II. A Type I report is intended to cover the service organization's system description at a specific point in time (e.g. June 30, 2012).