You Have a SOC 1 Report - Now What?

Description

You Have a SOC 1r Report - Now What? Information is becoming more digitized, and electronic audit evidence is on the rise. With this trend, the use of SOC 1r reports in financial statement audits will become more prevalent. As a financial statement auditor (user auditor), you must obtain an understanding of the essential information contained in SOC 1r reports for the purpose of complying with GAAS in a financial statement audit. This course may also benefit user entities - management, those charged with governance, and internal auditors - as it is a user entity's responsibility to consider SOC 1r reports when assessing risks and systems of internal control. Service auditors may also find this course helpful when considering what would be of interest to user entities. This course presents, through real-world examples, the contents of each section of a SOC 1r report, highlighting key items and areas of focus, as well as high-risk areas. As a user entity or user auditor, you will be better able to identify 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. Take this course to ensure you are considering the implications for the financial statement audit of pertinent information in the SOC 1r report, including the implications for risk assessment and tests of controls, to comply with applicable standards.

Highlights

  • Common deficiencies in the use of SOC 1r reports in financial statement audits
  • The importance of a SOC 1r report in a financial statement audit
  • Sections of a SOC 1r 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

Objectives

  • Apply your understanding of SOC 1r reports to effectively perform financial statement audits in compliance with applicable standards.
  • Identify pertinent information in a SOC 1r report and recognize its implications for risk assessment and tests of controls.

Designed For

Financial statement auditors (user 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 1r examination



Leaders

Renee Rampulla

No Biography Available