You have a SOC 1r report - now what?

Overview

Unlock SOC 1 report essentials

Discover essential information contained in SOC 1 reports that affects the financial statement audit.
Understand how this information can be used to identify and assess risks related to internal control over financial reporting, when relevant services are outsourced.

Comply with GAAS

Ensure compliance with AU-C section 420 in a financial statement audit focusing on risk assessment and internal control.

Highlights

Key Topics

• Audit considerations when your client outsources services and applicable guidance.
• Sections of a SOC 1r report, roles and responsibilities for each, and key information within each.
• Type 1 versus type 2 reports.
• Implications of complementary subservice organization controls and user entity controls on audit procedures.
• Implications of results of tests on controls on the financial statement audit.

Designed For

Who Will Benefit

• 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.

Objectives

Learning Outcomes

• Recognize the importance of a SOC 1 report in a financial statement audit in compliance with applicable standards.
• Identify pertinent information in a SOC 1 report.
• Recognize how information in a SOC 1 report affects a financial statement audit.