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SOC 1
SOC 1

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!!! Overview
[{$pagename}] ([Service Organization Controls] 1) reports are examination engagements undertaken by a service auditor to report on controls at an organization that provides services to user entities when those controls are likely to be relevant to user entities’ internal control over [financial] reporting.
[{$pagename}] reports, which have effectively replaced [SAS 70] reports as of June 15, [2011|Year 2011], will be prepared in accordance with [Statement on Standards for Attestation Engagements] ([SSAE]) 16, Reporting on [{$pagename}]. SOC 1 reports retain the original purpose of [SAS 70] by providing a means of reporting on the system of internal control for purposes of complying with internal control over financial reporting. [SOC 1] reports are restricted use reports, which mean use of the reports is restricted to:
* Management of the service organization (the company who has the SOC 1 performed),
* User entities of the service organization (service organization’s clients)
* the user entities’ financial auditors (user auditor).
The [{$pagename}] can assist the user entities’ financial auditors with laws and regulations such as the [Sarbanes–Oxley Act|Sarbanes-Oxley Act].
[SOC 1] reports enables the user auditor to perform [Risk Assessment] procedures, and if a [Type II|SOC 2] report is performed, to assess the risk of material misstatement of [financial] statement assertions affected by the service organization’s processing.
!! More Information
There might be more information for this subject on one of the following:
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This page (revision-1) was last changed on 29-Nov-2024 16:16 by UnknownAuthorTop