Which of the following is true concerning the differences between a SOC $1$ and SOC $2$

engagement?

$1.$ A SOC Type $1$ engagement is designed to express an opinion on whether management controls

are suitably designed.

$2.$ A SOC Type $2$ engagement is designed to express an opinion on the fair presentation of the

financial statements.

$3.$ A SOC Type $1$ engagement is designed to express an opinion on whether management controls

are suitably designed and operating effectively.

$4.$ None of the answer choices are correct.