Keys of Service Organization Control (SOC) Reports - Following SSAE 18 Requirements (Completed)

Today's businesses have seen a dramatic increase in the use of outsourced providers to assist with executing processes from payroll, accounts payable, information technology, benefit plan administration and many other core processes. These processes ultimately have an impact on an organization's internal control over financial reporting but also could impact compliance and operational issues.

In 2011, the Statement for Auditing Standards Attest Engagements (SSAE 16) replaced the former SAS70 Standard. In May 2017, a new standard SSAE 18 has superseded SSAE 16. The concepts covered is referred to as a Service Organization Control Report (SOC). Organizations who utilize outsourced providers should understand of the various types of SOC reports, their intended use and their implication on a company's financial reporting process, regardless of your status as a publicly traded or privately held organization. The process can be complicated to understand as a user organization. Currently, several types of SOC Reports exist including: • SOC 1 - Type 1 • SOC 1 - Type 2 • SOC 2 - Type 1 • SOC 2 - Type 2 • SOC 2 • SOC 3 • Cybersecurity SOC

Learning Objectives

• Understand the transition of the accounting standards
• Identify and evaluate the various types of service and subservice organizations
• Explore and examine procedures to conduct a SOC 1 engagement, SOC 2 and SOC 3 engagement
• Explore the SOC cybersecurity requirements
• Discover and evaluate the proper use of control objectives
• Explore the various reporting methods for SOC reports
• Recognize and evaluate requirements for user entities

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None