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.
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
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: