This updated and improved guide is designed to help accountants effectively perform SOC 1^(R) engagements under AT-C section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control Over Financial Reporting, of Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification. With the growth in business specialization, outsourcing tasks and functions to service organizations has become increasingly popular, increasing the demand for SOC 1 engagements.

This guide will help:

• Gain a deeper understanding of the requirements and guidance in AT-C section 320 for performing SOC 1 engagements.
• Obtain guidance from top CPAs on how to implement AT-C section 320 and address common and practice issues.
• Provide best in class services related to planning, performing, and reporting on a SOC 1 engagement.
• Successfully implement changes in AT-C section 320 arising from the issuance of SSAE 18, which is effective for reports dated on or after May 1, 2017.
• Determine how to describe the matter giving rise to a modified opinion by providing over 20 illustrative paragraphs for different situations.
• Understand the kinds of information auditors of the financial statements of user entities need from a service auditor's report.
• Implement the requirement in SSAE No. 18 to obtain a written assertion from management of the service organization.
• Organize and draft relevant sections of a type 2 report by providing complete illustrative type 2 reports that include the service auditor's report, management's assertion, the description of the service organization's system, and the service auditor's description of tests of controls and results.
• Develop management representation letters for SOC 1 engagements.