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What is a SOC1_SOC2 Attestation Report and How Should Financial Statement Auditors and Other Relying Parties Use the Reports?

Reviewed

January, 2024
- 4.4
Blaise Wabo

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Learning Objectives

To explain why SAS 70 evolved into SOC 1 and SOC 2 audit reports.
To identify why partners, investors, and vendors ask for SOC audits.
To review which types of organizations are good candidates for SOC audits.
To discuss how to prepare for SOC audits.
To analyze how stakeholders should use the reports.

Course Description

Organizations that provide services to other entities need a way to manage risks associated with outsourcing those services.

The original standard for reducing that risk was known as a SAS 70 Attestation which was performed by a CPA. The result was a report used to demonstrate the effectiveness of internal controls over financial reporting. Organizations began to use the report as evidence that a vendor was secure and safe to work with. When the SSAE 16 report was introduced, it was renamed Systems and Organization Controls 1 (SOC 1) and continued to address financial criteria. SOC 2 was created at the same time to specifically address security, privacy, availability, integrity, and confidentiality. In other words, everything else that doesn't affect financial reporting.

Examples of organizations that might be required to perform a SOC 1 and or SOC 2 Attestation:

Investors, auditors, business partners, vendors, clients, and prospects
Software vendors, payroll providers, collection companies, data centers, and cloud providers
Managed service providers, CPA firms, HR firms, law firms, and consulting firms

If your organization hosts financial information or has a system or process that impacts the financial statements of a client, then SOC 1 is for you. If you are a third-party provider with a system used by other organizations, a SOC 2 Attestation could be requested from you. It's not uncommon to need both SOC 1 and 2 Attestation reports.

Join this CPE Auditing webinar, attendees will learn more about how to get ready for a SOC 1 and SOC 2 assessment and how to use the reports.

Overview

From SAS 70 to SOC

7 mins
SOC 1/SSAE 21

14 mins
Who should perform a SOC attestation and which stakeholders require them

20 mins
How to get ready for a SOC attestation

30 mins
How should relying parties use a SOC report

42 mins

Webinar Qualifies For

1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
1 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
1 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
1 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
1 CPE Credit of Auditing for Certified Management Accountants (CMA)
1 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
1 CPD Credit of Auditing for Certified Financial Forensics (CFF)
1 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
1 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
1 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
1 CPE Credit of Auditing for Certified Internal Controls Auditor (CICA)
1 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
1 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
1 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
1 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
1 CPE Credit of Auditing for Certified Controls Specialist (CCS)

About Instructor

Blaise Wabo

Healthcare and Financial Services Knowledge Leader, A-LIGN

Blaise is the Healthcare and Financial Services Knowledge Leader at A-LIGN and has over 12 years of experience in Security Compliance and Risk Management. He joined A-LIGN in 2013 and started the HITRUST/HIPAA and Healthcare Services practice in 2015. Having a very unique background as a CPA, CISA, CITP, CCSK, and CCSFP Blaise has performed over 500 SOC attestation reviews and over 300 HITRUST/HIPAA assessments for Global 1000 and Fortune 500 clients in various industries.

Blaise is also a sought-after speaker and has delivered several speaking engagements at well-renowned conferences such as HIMSS, HITRUST and ISACA. Blaise has also written dozens of blogs and whitepapers on the topics of Security Compliance, Telemedicine, Blockchain technology and Third-Party Risk Management.

Prior to joining A-LIGN, Blaise was a Senior Consultant at Century Payments, Inc., and an Advisory Associate at KPMG.

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.4

Excellent

Very Good

Average

Poor

Terrible

BC

Bryan Cheney, CPA (US)

The company I was last at had a SOC 1 Type 2 report and this course was exactly what I should have completed prior to managing that process.

AB

Ahmed Bah, CFE

I review SOC 1 and 2 reports when doing SOX audits for my company and found this webinar to be very relevant to my job function.

WS

Wayne Shen, CPA (US)

Good one. thank you and keep up the good work.

TV

Thinh Vuong, CPA (US)

Great topic and presenter.

MC

Monica Carson, Accountant/Bookkeeper/Tax Professionals, CPA (US)

The overall webinar was effective and provided good context for background on the SOC attestation requirements.

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Subject Area

Auditing

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