
You Have a SOC 1(R) Report. Now What?
Identify pertinent information in a SOC 1 report and recognize its implications on risk assessment and audit procedures in accordance with GAAS when your client outsources services related to financial reporting to a service organization.
Format
Webcast
NASBA Field of Study
Auditing
Level
Basic
CPE Credits
4
Instructor
Renee Rampulla
Availability
3 months
Product Number
VCL4SOC121070
Recognize the information that impacts your audit
Information is becoming more digitized, and electronic audit evidence is on the rise. Use of SOC 1® reports in financial statement audits will get more prevalent.
User auditors, user entities and service auditor — don’t miss this
As a financial statement auditor (user auditor), you must understand the essential information contained in SOC 1® reports to comply with GAAS in a financial statement audit. User entities such as management, or those charged with governance and internal auditors responsible for considering SOC 1® reports when assessing risks and systems of internal control will find this webcast beneficial. It will also be helpful for service auditors when considering what would be of interest to user entities.
Real-world examples build understanding
Each section of a SOC1® report is covered using real-world examples in the webcast and highlights key items, focus areas, and high-risk areas.
Be better informed as a user entity or user auditor on identifying pertinent information that affects your entity or your audit. And as a service auditor, you will be better able to recognize what users are looking for.
Attend this webcast to ensure you are considering the implications for the financial statement audit of pertinent information in the SOC 1® report, including the implications for risk assessment and tests of controls, to comply with applicable standards.
Key Topics
- Common deficiencies in the use of SOC 1® reports in financial statement audits
- The importance of a SOC 1® report in a financial statement audit
- Sections of a SOC 1® report, roles and responsibilities for each, and key information within each section
- Implications of complementary subservice organization controls and user entity controls for the financial statement audit
Learning Outcomes
- Apply your understanding of SOC 1® reports to effectively perform financial statement audits in compliance with applicable standards.
- Identify pertinent information in a SOC 1® report and recognize its implications for risk assessment and tests of controls.
Who Will Benefit
- Financial statement auditors with experience in performing a risk assessment and tests of controls
- Those charged with governance such as management and audit committee members, and internal auditors of entities that outsource services to service organizations
- Service auditors wanting to see the end-result of work performed in a SOC 1® examination
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