Yes, failure to meet the relevant Trust Service Criteria may result in a failed SOC 2 audit, requiring remediation. This is known as a Qualified Opinion when this happens.
Previously in SSAE-16 a Management Representation Letter was highly recommended and common practice, however, they were not explicitly required to be obtained except in certain existing subject matter sections. This
The availability criteria addresses how you go about ensuring the in-scope data and systems stay online and recoverability should go awry.
Yes, they can complement each other. SOC 2 may cover specific areas relevant to service organizations, while ISO 27001 provides a broader approach to information security management.
The SOC 1 has a completely different purpose than HITRUST. Typically a company would perform both if they are a TPA processing medical claims and other claims, where, there is
Organizations that handle financial transactions, especially those impacting external financial statements, are good examples of those who need SOC1 audits.
As of the latest SSAE 18 and SOC 2 updates, vendor management and review of any relevant compliance / audit reports (SOC 1, SOC 2, HITRUST, ISO 27001/2, PCI, etc.)
SOC Reporting Guide