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Demystifying SOC 1 Reporting: Process, Timeline, and Common Pitfalls

DEMYSTIFYING SOC 1 REPORTING: PROCESS, TIMELINE, AND COMMON PITFALLS

Cost Free
Presentation Length 1.5 hours

Recorded DateJune 10, 2024
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaAuditing
Course LevelBasic
Course Description

A SOC 1 report focuses on outsourced services that could impact a company’s financial reporting. It provides information about the risk management and controls framework to multiple stakeholders.

This course will explain how SOC 1 reports address internal controls of service organizations and their impact on user entities’ financial statements. Also included are some common scenarios and industries where SOC 1 reports are used along with an overview of the contents and structure of a typical SOC 1 report. Join this webinar for instruction on how to classify and evaluate critical vendors that support the services provided by an organization, which is crucial for the SOC 1 audit process.

This presentation is part two of a three-part series.

Part 1: Introduction to SOC Reporting

Part 3: SOC 2 Reporting

Learning Objectives:


  • Recall the control objectives commonly assessed in a SOC 1 report, such as logical access restrictions and regular access control reviews related to financial reporting

  • Identify the structure and contents of a typical SOC 1 report, including sections such as the service auditor's opinion, description of controls, and testing of controls

  • Recognize the audit timeline, expectations, and potential pitfalls organizations may encounter when preparing for and undergoing their first SOC 1 Type II audit, as well as the implications of any audit findings identified

Not logged
PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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The AICPA selected Scott to write and present the first-ever Education Program for "Reporting on an Entities Cybersecurity Risk Management Program and Controls" to cybersecurity professionals obtaining SOC for Cybersecurity certification. This program is the first of its kind, and as the author and presenter, Scott is one of the first in the U.S. to become certified. With 20+ years of experience, Scott is a Senior Manager within Withum’s SOC Services practice.  His expertise lies within internal control assessments, risk assessments, SOC reporting (SOC 1, SOC 2, SOC 3, and SOC for Cybersecurity), SOX 404, and internal audit co-sourcing.

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Andrea Fernandez

WithumSmith+Brown, PC
Manager, System and Assurance Advisory Services
afernandez@withum.com

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Andrea has over seven years of professional experience and is a manager within the System and Assurance Advisory Services practice. She specializes in internal control assessments and consulting services relating to Sarbanes-Oxley Act (SOX) and service organization control (SOC) reporting. Andrea is involved in the issuance of over 100 SOC reports, including a combination of SOC 1, SOC 2, and SOC 3 reports.

About Our Presenter

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Withum is a forward-thinking, technology-driven advisory and accounting firm, committed to helping clients be more profitable, efficient and productive in the modern business landscape. With office locations in major cities and financial centers across the country, and as an independent member of HLB, the global advisory and accounting network, Withum serves businesses and individuals on a local-to-global scale. Our professionals provide the expert advice and innovation solutions you need to Be in a Position of StrengthSM in today’s fast-paced, tech-driven world.