The SOC Type 2 Reports Are Divided into Five Principles

question 326

Multiple Choice

The SOC Type 2 reports are divided into five principles. Which of the five principles must also be included when auditing any of the other four principles?

• A) Confidentiality
• B) Privacy
• C) Security
• D) Availability

Comprehend the role of conditions in contract enforcement and performance.

Understand the legal remedies available for breach of contract, including specific performance and damages.

Appreciate the concept of tender in fulfilling contractual obligations.

Distinguish between express, implied, and conditional contracts and their enforcement.

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Definitions:

Priced

Determination of the value or amount that must be paid to acquire a good, service, or asset.

Perpetual Bonds

Bonds that do not have a maturity date, allowing them to potentially pay interest forever, making them a form of permanent debt capital for the issuer.

Corporate Bonds

Fixed income securities issued by corporations to raise capital, promising to pay the bondholder a specified amount of interest over a specified period and to repay the principal upon maturity.

Real Return Bonds

Bonds that offer returns adjusted for inflation, ensuring that the investor's purchasing power is maintained regardless of inflation rate changes.