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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. 

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. 


Learning Objectives: 

-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. 


Designed For: (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 service organizations Service auditors wanting to see the end result of work performed in a SOC 1 examination.

This virtual seminar is being offered through our partnership with Midwest State CPA Societies. You will launch from your MyOSCPA learning center day of and be prompted to enter in name and state society at time of entering.

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