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Publications

Using a SOC 1(SM) Report in Audits of Employee Benefit Plans

Publisher: AICPA
  • $69.00-$89.00
    Using a SOC 1SM Report in Audits of Employee Benefit Plans In Stock Product #: APASOC116P
    AICPA Member: $69.00
    Non-Member: $89.00
  • $59.00-$69.00
    Using a SOC 1SM Report in Audits of Employee Benefit Plans eBook Download Product #: APASOC116E
    AICPA Member: $59.00
    Non-Member: $69.00
  • $59.00-$69.00
    Using a SOC 1SM Report in Audits of Employee Benefit Plans Online Access Product #: APASOC1O
    AICPA Member: $59.00
    Non-Member: $69.00

Employee benefit plan administrators commonly use third-party administrators or service organizations to process certain transactions on behalf of the plan. It’s important for auditors to understand these service organizations.

SOC 1® reports provide information to user auditors to assist them in understanding service organizations, including internal control, for the purposes of planning and performing an audit of a user entity’s financial statements.  This practice aid addresses how a SOC 1 report should be considered in the audit of an employee benefit plan and which audit procedures should be applied to the information in the SOC 1 report.

Key Benefits:

  • Provides an audit program
  • Provides a planning checklist
  • Provides a tool for the documentation of the use of a type 2 SOC 1 report
  • Addresses how a SOC 1 report should be considered in the audit of an employee benefit plan
  • Addresses which audit procedures should be applied to the information in a SOC 1 report

You’ll also have practice tools such as the following to help you in your audit of employee benefit plans:

  • Audit Program: Auditing the Financial Statements of an Employee Benefit Plan That Uses a Service Organization
  • Planning Checklist for Audits of Employee Benefit Plans That Use a Service Organization
  • Documentation of use of a Type 2 Service Auditor’s Report in an Audit of an Employee Benefit Plan’s Financial Statements

New guidance that is particularly significant to this practice aid and covered in just the right amount of detail includes, Statement on Standards for Attestation Engagements No. 18, Attestation Standards: Clarification and Recodification.

The AICPA issued SSAE No. 18 to address concerns over the clarity, length, and complexity of the attestation standards. In these amendments, the ASB established clarity drafting conventions and redrafted all the standards.  SSAE No. 18 represents the culmination of that process.

Who Will Benefit?

Small, medium, and large auditing firms need this practice aid to understand how a SOC 1 report should be considered in the audit of an employee benefit plan.

Download your free tool!

Get a free copy of Documentation of Use of a Type 2 Service Auditor’s Report in an Audit of an Employee Benefit Plan’s Financial Statements. Developed in Microsoft Word with fillable fields, this tool is intended to assist user auditors in documenting their procedures and findings related to controls at a service organization that are likely to be relevant to the employee benefit plan’s internal control over financial reporting. Visit the Employee Benefit Plan Audit Quality Center website to download your free copy!

System Requirements

About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.