Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control over Financial Reporting (SOC 1) |
|
| Author:
| AICPA, |
| Series title: | Aicpa Ser. |
| ISBN: | 978-1-943546-64-0 |
| Publication Date: | May 2017 |
| Publisher: | John Wiley & Sons, Incorporated
|
| Book Format: | Paperback |
| List Price: | USD $89.00 |
Book Description:
|
This updated and improved guide is designed to help accountants effectively perform SOC 1® engagements under AT-C section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control Over Financial Reporting, of Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification. With the growth in business specialization, outsourcing tasks and...
More Description
This updated and improved guide is designed to help accountants effectively perform SOC 1® engagements under AT-C section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control Over Financial Reporting, of Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification. With the growth in business specialization, outsourcing tasks and functions to service organizations has become increasingly popular, increasing the demand for SOC 1 engagements.
This guide will help:
- Gain a deeper understanding of the requirements and guidance in AT-C section 320 for performing SOC 1 engagements.
- Obtain guidance from top CPAs on how to implement AT-C section 320 and address common and practice issues.
- Provide best in class services related to planning, performing, and reporting on a SOC 1 engagement.
- 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.
- Determine how to describe the matter giving rise to a modified opinion by providing over 20 illustrative paragraphs for different situations.
- Understand the kinds of information auditors of the financial statements of user entities need from a service auditor's report.
- Implement the requirement in SSAE No. 18 to obtain a written assertion from management of the service organization.
- 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.
- Develop management representation letters for SOC 1 engagements.