This session will address advanced topics related to SOC 1 reports and their utilization within an employee benefit plan audit. At the end of this session attendees will be able to:
Evaluate risk assessment considerations from current guidance with a focus on SOC 1 reliance considerations and requirements and assess SOC 1 report adequacy of presentation, testing and control coverage.
Evaluate user entity controls relevancy and level of testing the user entity should consider and the effect on the EBP audit.
Analyze carve-outs and their relevancy for the user entity and the effect on the EBP audit.
Identify and analyze qualifications, exceptions, missing control coverage, inadequate control testing (such as inquiry only) and the effect on the EBP audit and apply session takeaways to develop/enhance best practices within their respective firms.