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| We welcome any suggestions or questions - please send them by e-mail at EBPAQC@aicpa.org. |
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If you do not wish to receive e-mails from the Employee Benefit Plan Audit Quality Center, please e-mail us at EBPAQC@aicpa.org.
Members of the Employee Benefit Plan Audit Quality Center (EBPAQC) may only reproduce and distribute EBPAQC EAlerts internally within the firm to other Center member firm personnel as part of the firms' professional services. For information about permission to copy any part of these documents for redistribution or inclusion in other work, please click on the copyright notice at the bottom of the page or phone the AICPA copyright permission hotline (919) 402-4031. |
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| New EBPAQC Resource Center for Service Organization Control (SOC 1) Reports |
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| For the 2012 employee benefit plan audit season, plans that use service organizations to process transactions and maintain plan records will be obtaining Service Organization Control (SOC 1) reports issued in accordance with SSAE No. 16, Reporting on Controls at a Service Organization, which replace SAS No. 70 reports. The EBPAQC website has a new EBP SOC 1 Resource Center to assist members in better understanding these new reports. This SOC 1 Resource Center includes links to the professional standards, center tools, and other AICPA resources. To see all of the 15 resource centers available on the EBPAQC website visit the Accounting and Auditing Resource Centers page. |
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| EBPAQC SOC 1 Documentation Tool |
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To help members document the use of a type 2 service auditor (SOC 1) report in their EBP audits, the EBPAQC has developed a non-authoritative tool, Documentation of Use of a Type 2 Service Auditor's Report in an Audit of an Employee Benefit Plan's Financial Statements, which is available on the Center website. Areas addressed in the tool include plan information; general type 2 SOC 1 report information; the service auditor's opinion; the period covered by the type 2 SOC 1 report; the service auditor's professional reputation; use of subservice organizations/carve-outs; identification of control objectives and exceptions noted; complementary user organization controls; documentation of the evaluation of the control objectives; payroll; and the auditor's conclusion.
This tool is available in electronic format (Microsoft Word) to allow users to complete it electronically and to tailor it to the audit firm's EBP audit practice and the circumstances of the individual plan audit.
Click here to access the EBPAQC SOC 1 tool. |
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| Upcoming AICPA Webcast: Using an SSAE 16 Service Auditor's Report in Audits of Employee Benefit Plans |
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The AICPA is offering a video webcast based on the popular new practice aid, Using an SSAE No. 16 Service Auditor's Report (SOC 1 Report) in Audits of Employee Benefit Plans, to be held on Tuesday, June 5, 2012, from 2:00-4:00 pm Eastern Time and rebroadcast on Tuesday, June 26, 2012 from 11:00am - 1:00pm Eastern Time. The webcast is intended for auditors who use SSAE 16 reports in their audits of employee benefit plans.
The webcast will discuss, among other things:
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the replacement of SAS 70 and the use of SOC 1 reports in conjunction with employee benefit plans; |
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the use of a service organization including:
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understanding the services provided by a service organization; |
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using SOC 1 reports to support the auditor's understanding of the service organization; |
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subservice organizations; and |
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further procedures. |
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Assessing and responding to risks of material misstatement when the plan uses a service organization; |
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How to use a service organization complementary user entity controls; and |
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Responding to testing exceptions and control deficiencies and other service organization control (SOC) 1 report considerations. |
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Speakers for this session include Sheryl Skolnik, CPA, CISA, CISM, Independent Consultant; Lara Stanton, CPA, BDO USA, LLP; Julie Verrekia, CPA, Torrillo & Associates, LLC; and John F. Hudson, CPA, CGMA (Moderator), Hudson Consulting Group, LLC.
Please note that members must register through the AICPA Store at cpa2biz.com (this event is not sponsored by the EBPAQC and there is no non-CPE option). The registration fee is $89.00 for AICPA members. Center members receive an additional $20 discount on the registration fee (use the coupon code EBP12).
Click here to register for the webcast.
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| EBP SSAE No. 16/SOC 1 Report Practice Aid |
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The AICPA has developed a practice aid, Using an SSAE No. 16 Service Auditor's Report (SOC 1 Report) in Audits of Employee Benefit Plans, to provide auditors with guidance on using SOC 1 reports in their audits of employee benefit plans. It provides practice tools such as:
- 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
Click here to order the practice aid. |
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| Use the Member-to-member Discussion Forum to Discuss SOC1 Reports |
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| You are encouraged to use the EBPAQC Online Member-to-Member Forum for assistance with SOC 1 matters, which allows you to search for topics and non-authoritative replies, or post a new topic for your colleagues to share their experience and best practices. |
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Sincerely,
AICPA Employee Benefit Plan Audit Quality Center |
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