The concepts covered in this course are referred to as a Service Organization Control Report (SOC). Organizations who utilize outsourced providers should understand 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
What you will learn
- Explore the transition of the accounting standards from Statement on Auditing Standards (SAS) 70 to Statement on Standards for Attestation Engagements (SSAE) 16 and now SSAE 18.
- Recognize the various types of service and subservice organizations.
- Explore procedures to conduct a SOC (Service Organization Control) 1 engagement, develop proper control objectives and determine specific reporting methods.
- Explore procedures to conduct and report on a SOC 2 engagement
- Recognize the requirements for SOC 3 reports.
- Explore the SOC cybersecurity requirements.
- Recognize the requirements to prepare for a SOC engagement.
- Recognize the requirements for user entities