What type of audit is likely to provide both control and operational effectiveness details?

An SOC Type 2 audit is designed to assess not only the controls in place but also how effectively those controls operate over a specified period, typically ranging from six months to a year. This type of audit focuses on the operational effectiveness of the controls related to services provided by a service organization. It includes a detailed examination of how the controls are applied in practice and whether they are functioning as intended over time.

The results of an SOC Type 2 audit provide stakeholders with reasonable assurance regarding the reliability of the service organization’s systems and the effectiveness of its controls, which is crucial for maintaining trust and confidence among clients and partners. It encompasses a broader review of the operational aspects compared to a single point in time, allowing organizations to gauge ongoing performance and control efficiency.

In contrast, other types of audits, such as SOC Type 1, focus primarily on the design of controls at a specific point in time rather than their effectiveness over a period. Internal audits may vary in scope depending on the organization’s goals, which could include operational effectiveness, but they are not standardized and can be narrow in focus. Financial audits are primarily concerned with financial statements and compliance with accounting standards, not necessarily operational or control effectiveness.