A type II SOC 1 (f. SSAE 16) or SOC 2 report (versus a Type I) is the most useful for a service organization to provide to a client. Most reports cover a 12 month period, but can be as short as six months
There is a letter that the service organization can provide that cover the “gap” between the report date and another date (eg, October 15, 2015 through December 31, 2016). This letter is called either a “gap” or “bridge” letter.
Every year as summer draws to a close, one of the most sought-after topics for discussion that clients, business associates, and others reach out to our firm about is regarding Gap Letters— sometimes called Bridge Letters.
It is easy to feel overwhelmed by all of the terminology surrounding an audit. Here is a list of frequently used terms and their meanings: