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.
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The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public trust.
