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21WI-0682: You Have a SOC 1 Report -- Now What? (Webinar)

Date Wednesday, December 22, 2021
Time 9:30am - 1:30pm
Central Time
Location Online
CPE credits CPE 4.0
Field(s)
of study
Auditing - Technical (4.0)
Instructor Renee Rampulla, CPA, CGMA
American Institute of Certified Public Accountants
Fees
Standard Member Fee $179.00
Standard Nonmember Fee $219.00
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Description

Information is becoming more digitized, and electronic audit evidence is on the rise. With this trend, the use of SOC 1® reports in financial statement audits will become more prevalent. As a financial statement auditor (user auditor), you must obtain an understanding of the essential information contained in SOC 1® reports for the purpose of complying with GAAS in a financial statement audit. This course may also benefit user entities -- management, those charged with governance, and internal auditors -- as it is a user entity's responsibility to consider SOC 1® reports when assessing risks and systems of internal control. Service auditors may also find this course helpful when considering what would be of interest to user entities. This course presents, through real-world examples, the contents of each section of a SOC 1® report, highlighting key items and areas of focus, as well as high-risk areas. As a user entity or user auditor, you will be better able to identify 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. Take this course 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.

Who should take this program?

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

Major subjects

  • Common deficiencies in the use of SOC 1® reports in financial statement audits
  • The importance of a SOC 1® report in a financial statement audit
  • Sections of a SOC 1® report, roles and responsibilities for each, and key information within each section
  • Implications of complementary subservice organization controls and user entity controls for the financial statement audit

Learning objective(s)

  • Apply your understanding of SOC 1® reports to effectively perform financial statement audits in compliance with applicable standards.
  • Identify pertinent information in a SOC 1® report and recognize its implications for risk assessment and tests of controls.

Notes:

Course code Code 21WI-0682
Sponsor AICPA
NASBA ID#: 112891
Level Basic
Format Group Internet Based
Prerequisites Prereq. None
Advance
prep
None
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