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.
At a high-level, SOC1 is about financial controls, while SOC2 focuses on information security controls. They serve different end-user customers and stakeholders.
The availability criteria addresses how you go about ensuring the in-scope data and systems stay online and recoverability should go awry.
Organizations that handle financial transactions, especially those impacting external financial statements, are good examples of those who need SOC1 audits.
The SSAE 18 audit standard is a framework for reporting on an examination of controls at a service organization relevant to user entities’ internal control over financial reporting.
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.
This depends on how prepared and how many resources an Organization has to dedicate to the project. The first time through, usually a readiness assessment would be performed, and then
SOC Reporting Guide