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.
NASBA Field of Study
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.
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.
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.
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