This course provides auditors with the basic knowledge necessary to effectively read and understand the components of a SOC 1 report. Topics addressed include: identifying common SOC 1 reports used in EBP engagements, professional standards auditors must satisfy when incorporating the use of SOC 1 reports into EBP audits and tips on recognizing issues commonly encountered.
*Attendees should consider attending the Advanced SOC 1 Matters for more advanced discussion on issues related to SOC 1's and how to address them.
At the end of this session attendees will be able to: • Identify differences between Type 1 and 2 SOC 1 reports and how they impact EBP engagements
• Recognize the basic elements of the SOC 1 report
• Distinguish how SOC 1 reports impact risk assessment and planned nature, timing and extent of substantive audit procedures
• Recognize common issues auditors deal with in evaluating SOC 1 reports