In the realm of modern business, the trend of outsourcing functions or activities to third-party service providers is on the rise. While this strategy can enhance efficiency and cost-effectiveness, it also introduces inherent risks that necessitate careful identification, assessment, and management. As a result, those utilizing such outsourced services, along with their auditors, increasingly demand comprehensive insights into the effectiveness of controls within these service organizations. To fulfill this need, the AICPA offers a range of SOC (System and Organization Control) for service organizations engagements, providing assurance reports that offer vital information for evaluating and mitigating the risks tied to outsourcing, thereby fostering trust and transparency. This webcast serves as an introduction for CPA firms who are new to SOC for service organizations engagements or as a refresher for those already acquainted. It does not delve into the specifics of conducting a SOC examinations; however, it offers a general understanding of how to start up a SOC practice.
Learning Objectives
- Recall the SOC suite of services.
- Identify the market for SOC services.
- Recognize the skills and competencies needed to perform a SOC engagement.
- Recognize key considerations for adding SOC services to your firm.
Major Topics
- Overview of the SOC suite of services
- Understanding the market for SOC engagements
- Considerations when adding SOC services to your firm, including:
- identifying services
- building a SOC team
- identifying clients
- identifying the proper engagement
- scoping and pricing considerations
- establishing a quality review process
- peer review considerations
