Instructor for this course
more

Today's businesses have seen a dramatic increase in the use of outsourced providers to assist with executing processes from payroll, accounts payable, information technology, benefit plan administration and many other core processes. These processes ultimately have an impact on an organization's internal control over financial reporting but also could impact compliance and operational issues.

In 2011, the Statement for Auditing Standards Attest Engagements (SSAE 16) replaced the former SAS70 Standard. In May 2017, a new standard SSAE 18 has superseded SSAE 16. The concepts covered is referred to as a Service Organization Control Report (SOC). Organizations who utilize outsourced providers should understand of 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. The process can be complicated to understand as a user organization. Currently, several types of SOC Reports exist including:

  • SOC 1 - Type 1
  • SOC 1 - Type 2
  • SOC 2 - Type 1
  • SOC 2 - Type 2
  • SOC 2+
  • SOC 3
  • Cybersecurity SOC

This course speaks briefly to the transition from SAS 70 to SSAE 16 and now SSAE 18. However, the focus on the various Service Organization control reports, their purposes and uses.

Appendix
• SOC readiness checklist
• SOC 1 questions
• Example control objectives

Learning Objectives

  • Explore the transition of the accounting standards.
  • Identify and evaluate the various types of service and subservice organizations.
  • Explore and examine procedures to conduct a SOC 1 engagement, SOC 2 and SOC 3 engagement.
  • Explore the SOC cybersecurity requirements.
  • Discover and evaluate the proper use of control objectives.
  • Explore the various reporting methods for SOC reports.
  • Recognize and evaluate requirements for user entities.
Last updated/reviewed: Aug 01, 2022

1 Review (7 ratings)Reviews

5
Anonymous Author
This was an excellent training content with detailed information about SOC reports. Kudos to presenter.

Prerequisites

Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  3:18Introduction to Keys of Service Organization Control (SOC) Reports - Following SSAE 18 Requirements
  11:30SAS70 and SSAE16 to SSAE 18
  14:59Types of Service Organizations
  7:06Control Objectives
  8:10SOC 1 Execution
  7:41SOC 2 Engagements
  9:36SOC 2 Execution
  4:49SOC 3 Reports
  9:46SOC Comparisons and Reporting Opinion
  7:42SOC Reporting
KEY TAKEAWAYS
  3:26Preparing for SOC Engagement and Summary
  3:02SOC 1 Questions for Consideration
  7:01Readiness Assessment Checklist
CONTINUOUS PLAY
  1:38:06Keys of Service Organization Control (SOC) Reports - Following SSAE 18 Requirements
SUPPORTING MATERIAL
  PDFSlides: Keys of Service Organization Control (SOC) Reports - Following SSAE 18 Requirements
  PDFKeys of Service Organization Control (SOC) Reports - Following SSAE 18 Requirements Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM