Describe the Service Organization Controls (SOC) 1 report. Specifically:

• What is its purpose, and who is its intended audience?
• What AICPA standards does the service auditor use to conduct the SOC 1 engagement and render an opinion?
• What is the difference between a type 1 and type 2 report?
• Give an example of a service organization that might have a SOC 1 report done.