Assurance and Advisory Services

    SOC 1  

    Report on Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting

    These reports, prepared in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization, are specifically intended to meet the needs of the managements of user entities and the user entities’ auditors, as they evaluate the effect of the controls at the service organization on the user entities’ financial statement assertions. These reports are important components of user entities’ evaluation of their internal controls over financial reporting for purposes of comply with laws and regulations such as the Sarbanes-Oxley Act and the user entities’ auditors as they plan and perform audits of the user entities’ financial statements.   There are two types of reports for these engagements:

    • Type 2 -  report on the fairness of the presentation of management’s description of the service organization’s system and the suitability of the design and operating effectiveness of the controls to achieve the related control objectives included in the description throughout a specified period.
    • Type 1 – report on the fairness of the presentation of management’s description of the service organization’s system and the suitability of the design of the controls to achieve the related control objectives included in the description as of a specified date.

     

    The use of these reports are restricted to the management of the service organization, user entities of the service organization and user auditors.

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