June 20, 2022 8:00am – 11:30am Map & Directions 602-252-4144

Webcast: You Have a SOC 1 Report - Now What? (8-11:30)

Online registrations are currently closed, please call (602) 324-6847 for additional registration options

Description

Information is becoming more digitized, and electronic audit evidence is on the rise. With this trend, the use of SOC 1r 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 1r 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 1r 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 1r 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 1r report, including the implications for risk assessment and tests of controls, to comply with applicable standards.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

7:30am

Fees

Member:
$160
Non-CPA Staff:
$210
Non-CPA Staff (100% club):
$160
Non-CPA Staff (sole proprietor):
$160
Non-Member:
$210
Webcast
Accounting & Auditing
4

Objectives

  • Apply your understanding of SOC 1r reports to effectively perform financial statement audits in compliance with applicable standards.
  • Identify pertinent information in a SOC 1r report and recognize its implications for risk assessment and tests of controls.

Course Level

Beginning

Vendor

AICPA More With This Vendor

Designed For

Financial statement auditors (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 1r examination.

Prerequisites

None.

Event Leaders

Shepard, Bruce

Rating: 4.67


Bruce Shepard was most recently an assistant professor of accounting at George Fox University and an adjunct professor of accounting at the University of Oregon, prior to becoming an instructor for the AICPA in 2012. From 2006-2010, Mr. Shepard was the Chief Financial Officer of Las Vegas Gaming, Inc. in Las Vegas, Nevada, where he had full management responsibility for all financial affairs, daily business operations, administration and human resources. From 1985-2006, Mr. Shepard was in charge of the Middle Market Practice for PricewaterhouseCoopers, LLP in Portland, Oregon, where he served as an Assurance Partner from 1989-2006 focusing on providing proactive business advisory services to fast-growing companies.

At PricewaterhouseCoopers, LLP, Mr. Shepard spearheaded over 100 acquisitions and divestitures by leading in the financial structuring and negotiations. He worked with clients to develop strategic plans for short-term and long-term growth. He assisted both start-up companies and beyond start-up companies with attaining their needed growth capital. Mr. Shepard wrote an article, Financing Entrepreneurs, in 1999 for the Oregon Society of Certified Public Accountants. Mr. Shepard was awarded “Beta Alpha Psi Professional of the Year” in 2006 for sustained involvement with the University of Oregon.


More With Shepard, Bruce

Highlights

  • Common deficiencies in the use of SOC 1r reports in financial statement audits.
  • The importance of a SOC 1r report in a financial statement audit.
  • Sections of a SOC 1r report, roles and responsibilities for each, and key information within each section.
  • Implications of complementary subservice organization controls and user entity controls for the financial statement audit.

Related Courses