29. Understanding SOC 101 Reports – Auditors and NFP Management

Track: 
Accounting & Auditing
Yellow Book
Field of Study: 
Auditing
Auditing (Governmental)
CPE Credit: 
1.5
Knowledge Level: 
Intermediate
Advanced Preparation: 
None
Prerequisite: 
Basic knowledge of not-for-profit operations, auditing, accounting and/or compliance requirements. General experience working in, or auditing, not-for-profits, including those NFPs audited under GAGAS.

Tuesday, June 19, 2018
 
10:45AM-12:00PM

This session will help NFP management and auditors improve their usage of SOC reports in overseeing their vendors and during audit engagements. SOC reports should be in every NFP manager and should be in every auditor's toolkit with NFPs increasingly relying on third-party service providers for processing transactions.

Learning Objectives:

  • Overview of SOC reports, including the different types of reports and those that are relevant to a financial statement audit
  • Walkthrough of using a SOC report in an audit, including meeting the requirements in the auditing standards
  • Best practices for using SOC reports to reduce audit risk and increase audit efficiencyThis session will help auditors improve their usage of SOC reports in audit engagements, which should be in every auditor's toolkit with NFPs increasingly relying on third-party service providers for processing transactions.

 


SESSION SPEAKER(S)

CPA
Chief Assurance Officer, CliftonLarsonAllen LLP
CPA
Partner, Crowe Horwath LLP