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