SOC 1 Reports Used in Employee Benefit Plan Audits

Audit & Assurance

Webcast

SOC 1 Reports Used in Employee Benefit Plan Audits

This webcast will discuss how to maximize your firm's use of a SOC 1 report in your EBP audits by providing tips for effectively reviewing and understanding the SOC 1 report and other firm best practices.

Do you have an AICPA or CIMA membership? Log in to apply your member discount.

Format

Webcast

NASBA Field of Study

Auditing

Level

Intermediate

CPE Credits

Instructor

Patricia Ryan McCormick, Beth Garner, Lara Stanton, David Torillo

Availability

3 months

Product Number

WC4061397

View

Business & partner

Product Details

Maximizing use of a SOC 1 report in your EBP audits

This webcast will discuss how to maximize your firm's use of a SOC 1 report in your EBP audits. Join to hear about:

An overview of SOC 1 reports and what each section covers.
A discussion of the auditors responsibilities under AU-C section 402: Audit Considerations Relating to an Entity Using a Service Organization, when using a SOC 1 report as audit evidence.
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

What is a SOC 1 report?
The auditors responsibilities under AU-C section 402: Audit Considerations Relating to an Entity Using a Service Organization, when using a SOC 1 report as audit evidence.
Effectively reviewing and understanding the SOC 1 report and other firm best practices.

Learning Outcomes

Identify the unique control environment of employee benefit plans
Use SOC reports in risk assessment
Analyze SOC 1 reports and 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 webinar to real examples from SOC reports

Who Will Benefit

Auditors of employee benefit plans

More Details

NASBA Field of Study

Auditing

Level

Intermediate

Prerequisites

Prior experience in auditing employee benefit plans.

Access

This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.

Duration

2 hrs

Pricing

Do you have an AICPA or CIMA membership? Log in to apply your member discount.

Group ordering for your team

2 to 5 registrants

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6+ registrants

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US customers call 1-800-634-6780 (option 1)

Speakers

Patricia Ryan McCormick

Beth Garner

CPA

Beth Lee Garner assumed the National Practice Leader role for the Employee Benefit Plan Audit Practice as of July 1, 2016. She has 21 years of accounting experience, including significant experience serving employee benefit plans and the financial institution industry. She leads BDO’s National Employee Benefit Plan Audit Team and is the Partner on many large audits across the United States. Beth has significant experience auditing defined contribution, defined benefit and health and welfare plans. She has experience in consulting on plan improvements, mergers and acquisitions, plan terminations, frozen plans and correction of compliance failures. During her time at BDO, Beth has also been involved in several ERISA consulting projects. Beth previously was Vice President/Controller of a publicly traded bank and coupled with her benefit plan audit experience has dealt with many types of investments. Beth is a report or focused reviewer for complex employee benefit plan audits, including 403(b) and health and welfare plans. As a key member of the BDO National Employee Benefit Plan Team, Beth provides detailed training to the entire firm on benefit plan specific items, develops the audit programs used by engagement teams at BDO and the BDO Alliance network, and was involved in developing the auditing methodology tool to be used by the BDO engagement teams when auditing benefit plans. She is a frequent speaker on various technical issues for the industry and professional organizations. Beth is also a contributor to BDO’s employee benefit plan newsletter (the EBP Commentator) and regularly serves as a facilitator at BDO national training events. She also serves the Southeast Region as the Core Values champion and Women’s Inclusion leader working with national leadership to identify and develop opportunities to enhance our employees’ work lives and performance. Additionally, as a member of the M Team for the CLIMB initiative, Beth played a significant role in creating competencies by level for business development activities.

Lara Stanton

Lara has more than 20 years of experience. She is responsible for helping to provide training, materials, technical support and updates to all BDO offices that perform audits of employee beneifit plans. In addition, Lara is a part of the National and Regional SOC practices at BDO performing SOC Report evaluations for engagement teams, developing templates and preparing SOC reports for a variety of clients as well as co-leading the Chicago office SOC practice. Previously, Lara managed the BDO Atlanta and San Francisco offices’ employee benefit plan audit and Form 5500 preparation practices and was an original co-author of the BDO Seidman, LLP Employee Benefit Plan Audit Manual, which was published by Aspen Publishers as “The Miller Guide to Auditing Defined Contribution Plans” from 2003-2006.

David Torillo

David A. Torrillo is the managing member of Torrillo & Associates, LLC, and oversees the accounting, auditing, and valuation services for the firm. Formerly a senior manager at PricewaterhouseCoopers LLP, Dave has over thirty years of accounting, auditing, SEC and financial reporting experience, primarily in employee benefit plans. Dave also volunteers on several committees, boards and associations. He has instructed courses and authored papers on several accounting topics and also performs quality control reviews. Dave has served on the Pennsylvania Institute of Certified Public Accountants Employee Benefit Plan Committee since its inception in 2007 and has co-presented the Technical Update at the PICPA Employee Benefit Plan Conference numerous times. Dave has been a presenter for numerous topics for AICPA Employee Benefit Plans Conferences as well as for webinars of the AICPA EBPAQC. Dave has served as a member of AICPA Employee Benefit Plans Expert Panel and is currently serving on the AICPA Practice Monitoring Task Force for Employee Benefit Plans and as a member of the AICPA EBPAQC Executive Committee and PICPA Professional Ethics Committee. Dave received his Bachelor of Science degree in Accounting with highest distinction and honors from Pennsylvania State University. He has been a Certified Public Accountant since 1994 and is licensed in Pennsylvania, New Jersey, Delaware and New York. Dave has been a Certified Valuation Analyst (CVA) since 2004 and was awarded the Accredited in Business Valuation (ABV) credential by the AICPA in 2006. He is a member of both the American and Pennsylvania Institutes of Certified Public Accountants, as well as the National Association of Certified Valuators and Analysts. In 2016, Dave received the Advanced Defined Benefit Plans and the Advanced Defined Contribution Plans Audit Certificates from the AICPA.

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SOC 1 Reports Used in Employee Benefit Plan Audits

Maximizing use of a SOC 1 report in your EBP audits

Key Topics

Learning Outcomes

Who Will Benefit

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