Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control Over Financial Reporting (SOC 1) (AICPA) - Softcover

AICPA

Softcover

ISBN 10: 1943546649 ISBN 13: 9781943546640

Publisher: Wiley, 2017

Synopsis

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.

About this title

About the Author

Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting professional nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups, and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards.
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.

Edition details

• Publisher: Wiley
• Publication date: 2017
• Language: English
• ISBN 10: 1943546649
• ISBN 13: 9781943546640
• Binding: Paperback
• Edition number: 1
• Number of pages: 368