Question: Describe the key difference between a type 1 and type 2 SOC 1 report.

Describe the key difference between a type 1 and type 2 SOC 1 report.

Step by Step Solution

★★★★★

3.41 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Ina Type 1 SOC 1 report the accountant provides an opinion about the fairnes... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

1010-B-A-A-A-N (4579).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Q:

John is about to start on the audit of Bourdain Restaurants, a local restaurant chain. In reviewing last years work papers, John discovers that Bourdain Restaurants uses an outside service provider...

Q:

What is the difference between a Type 1 and Type II report? What conditions might cause the auditor to decide that more evidence is needed beyond a Type II report?

Q:

What is the key difference between a static budget and a flexible budget?

Q:

The difference between a type 1 and type 2 SOC engagement is a. Type 1 engagements are for public entities and type 2 engagements are for private entities b. Type 1 focus on a full reporting period...

Q:

The difference between a type 1 and type 2 SOC engagement is a. Type 1 engagements are for public entities and type 2 engagements are for private entities b. Type 1 focus on a full reporting period...

Q:

IT Security Home Work Week's Word/Excel topics : Excel pie/bar-chart 2D graphs, Excel Count, CountIF, IF-then; excel/word row repeat at top; Visio; PowerPoint and Outlook. Week 7: 1.What is the full...

Q:

VMware or virtual machine is used in penetration testing to enable the running of tools that may be running on operating systems other than the one that our primary system (laptop or host system)...

Q:

To investigate whether there is a relationship between smoking and catching COVID, a health economist arranges to have a random sample of 691 university students tested. The results appear in the...

Q:

What is the difference between general ve. application IT controls? What typical IT controls are classified as "general" and what typical IT controls are classified as "application" controls?...

Q:

What is the difference between a type 1 and type 2 subsequent event and how are they reported differently in the financial statements? Also, be prepared to give an example of each. Financial...

Q:

Name the main elements of the GSM system architecture and describe their functions. What are the advantages of specifying not only the radio interface but also all internal interfaces of the GSM...

Q:

(1 point) Which of the following subsets of P2 are subspaces of P2? p(t)dt | = 0} B. {p(t) | p' (t) is constant} C. {p(t) | p(-1) = p(t) for all D. {p(t) | p(4) = 8} E. {p(t) | p' (2) = p(6)} OF...

Q:

Show all workings. Classic Windows. Lad is considering to invest in twe ( Z ) machines that are matually exclusive. Both machines are expecied to have a useful life of four ( 4 ) years. Additional...

Q:

In the United States, to receive a medical license, a doctor must complete a residency program at a hospital. Hospitals are not free to expand their residency programs in a particular medical...

Q:

Lucia Johnson, of Johnson and Lecy, CPAs, has completed the first-year audit of Tidwell Publishing Co., a publicly held company, for the year ended December 31, 2011. She is now working on a review...

Q:

Each of the following represents different client requests for engagements related to WebTrust and SysTrust assurance services. a. Ware Hospital Systems, Inc. is in the process of developing a new...

Q:

Carl Monson, the owner of Major Products Manufacturing Company, a small, successful, longtime audit client of your firm, has requested you to work with his company in preparing 3-year forecasted...

Q:

Suppose rRF = 8%, rM = 12%, and bi = 1.8. a. What is ri , the required rate of return on Stock i? Round your answer to two decimal places. % b. Now suppose rRF (1) increases to 9%. The slope of the...

Q:

What would the missing values be and if you could explain that would be great $ (a) 0 110,000 2 Equity, December 31, 2015 3 Owner investments for stock during the year 4 Dividends during the year 5...

Q:

Biotech Corporation stock had its last dividend paid at 0.80 per share and the managers of the company expect the growth rate of the firm to be 4 percent. The market portfolio return has an annual...