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You Have a SOC 1(R) Report. Now What?
Audit & Assurance
Webcast

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.

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

Format

Webcast

NASBA Field of Study

Auditing

Level

Basic

CPE Credits

4

Instructor

Renee Rampulla

Availability

3 months

Product Number

VCL4SOC121070

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 Business & partner 
Product Details

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
More Details
NASBA Field of Study
Auditing
Level
Basic
Prerequisites
None
Access
This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.
Duration
4hr
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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Speakers
Renee Rampulla
CPA
Renee Rampulla CPA CGMA is the managing member and founder of Rampulla Advisory Services, LLC, with over 30 years of experience in accounting, auditing, and professional ethics. She is a national standard-setter serving on the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board. She is a frequently requested and nationally recognized speaker, a five-time recipient of the AICPA’s Outstanding Instructor Award, a recipient of the 2016 New Jersey Society of CPAs “Women of Note” and received the “Samuel A. Dyckman, Excellence in Education Award” from the National Conference of CPA Practitioners. Renee has taught over 1,200 continuing professional education (CPE) courses. She is the author of several accounting and auditing publications and continuing professional education courses for the AICPA, various State Societies, numerous accounting firms, and organizations. Renee writes and lectures on technical accounting, auditing, and professional ethical issues. She has experience in the auditing of public and privately held entities ranging from the manufacturing and service sectors to financial services. Renee was a partner in a regional accounting firm in the northeast in charge of the firm’s accounting and auditing practice and their quality control group. By devoting several years of her career to both regional and Big Four accounting firms Renee accumulated a wealth of technical and practical knowledge. In addition, while working for the AICPA, she performed professional ethics investigations; collaborated closely with senior technical committees; presented technical guidance before standard setters; and authored and updated several AICPA publications. Renee has served as a member of the AICPA council and the AICPA’s Ethics Enforcement Committee. She is a past Vice President of Professional Issues for the New York State Society of CPAs (NYCPA), a past member of the NYCPA Executive Committee and former NYCPA Director at Large board member. She has also chaired the NYCPA’s Professional Ethics and Nominating Committees and is the Past President of the NYCPA’s Staten Island Chapter. She has served in several other leadership positions for the NYCPA and continues to serve on many NYCPA committees. Renee has also served in leadership roles with the New Jersey Society of CPA (NJCPA) such as Chair and Vice-chair of the NJCPA Accounting and Auditing Standards Interest Group; Co-Chair of the NJCPA Accounting Standards and IFRS sub-committees and as a member of the NJCPA Audit and Professional Conduct committees. For several years Renee was an adjunct lecturer at Hunter College, a City University of New York City, teaching various undergraduate accounting, auditing, and research courses.
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