Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting (SOC 1)

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ISBN: 9781943546640 Category:

<p>This updated and improved guide is designed to help accountants effectively perform SOC 1<sup>®</sup> engagements under AT-C section 320,<i> Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting</i>, of Statement on Standards for Attestation Engagements (SSAE) No. 18, <i>Attestation Standards: Clarification and Recodification. </i>With the growth in business specialization, outsourcing tasks and functions to service organizations has become increasingly popular, increasing the demand for SOC 1 engagements.</p> <p>This guide will help:</p> <ul> <li>Gain a deeper understanding of the requirements and guidance in AT-C section 320 for performing SOC 1 engagements.</li> <li>Obtain guidance from top CPAs on how to implement AT-C section 320 and address common and practice issues.</li> <li>Provide best in class services related to planning, performing, and reporting on a SOC 1 engagement.</li> <li>Successfully implement changes in AT-C section 320 arising from the issuance of SSAE 18, which is effective for reports dated on or after May 1, 2017.</li> <li>Determine how to describe the matter giving rise to a modified opinion by providing over 20 illustrative paragraphs for different situations.</li> <li>Understand the kinds of information auditors of the financial statements of user entities need from a service auditor’s report.</li> <li>Implement the requirement in SSAE No. 18 to obtain a written assertion from management of the service organization.</li> <li>Organize and draft relevant sections of a type 2 report by providing complete illustrative type 2 reports that include the service auditor’s report, management’s assertion, the description of the service organization’s system, and the service auditor’s description of tests of controls and results.</li> <li>Develop management representation letters for SOC 1 engagements.</li> </ul>