Effective Use of SOC 1® Reports in EBP Audits

Elevating your employee benefit plan audits

Improper use of a SOC 1® report is one of the most common deficiencies found in employee benefit plan audits by the Department of Labor (DOL) and AICPA Peer Review program.

This webcast will discuss how to maximize your firm's use of a SOC 1 report in your EBP audits, including:

• An overview of SOC 1 reports and what each section covers
• A discussion of the auditor's responsibilities related to the SOC 1 report, including consideration of CUECs and ITGCs
• Tips for effectively reviewing and understanding the SOC 1 report and other firm best practices
• A walkthrough of the EBPAQC SOC 1 tool and how to use it

Key Topics

• Reviewing and understanding the report
• Auditor responsibilities related to SOC 1 reports
• Use of EBPAQC SOC 1 tool

Learning Objectives

• Analyze the unique control environment of employee benefit plans.
• Use SOC reports in risk assessment.
• Analyze SOC 1 reports and apply the related standards.
• Use the EBP Audit Quality Center Tool to document your use of a SOC 1 report.
• Apply the concepts discussed in the webcast to real examples from SOC reports.

Key Topics

• Employee benefit plan auditors