In a Type 1 audit, all the auditors look for is whether the company has policies/procedures/controls in effect to obtain the objectives of the company (whatever those may be)
In a Type 2 audit, the auditors will attempt to determine whether the policies and procedures in place are being followed. Whether the controls are effective in achieving the objectives that have been stated.
I work for a software company that recently went through a Type 2 audit. In our case most of what was looked at was our SDLC (software development life cycle) process, version control, etc. They went through our work ticket system & spent a week following more than a few tickets through the entire process: code check out, work produced, QA testing, user testing, peer review, code check in. They spent several weeks over a three month period driving our internal audit & software staff nuts.
Does it mean anything? From our point of view, yes. But, not only does the audit depend on the quality of the auditors, but on the quality & detail of those process & procedure documents that they are auditing.