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.
SOC 1 Reports can be extremely important to you in fulfilling your fiduciary duty to monitor controls at service organizations. Obtaining a SOC 1 report also is important for the plan auditors to use in understanding and assessing controls at the service organization that are relevant to the plan financial statements.