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Benefits to Service Organization Competitive Differentiator - A Service Auditor's Report with an unqualified opinion issued by an independent accounting firm differentiates the service organization from its peers by demonstrating the establishment of effectively designed controls. Build Trust - A Service Auditor's Report also helps a service organization build trust with its user organizations (i.e., customers) and sometimes prospective clients. Time Saver - Without a current Service Auditor's Report, a service organization may have to entertain multiple audit requests from its customers and their respective auditors. Multiple visits from user auditors can place a strain on the service organization's resources. Consistency - A Service Auditor's Report ensures that all user organizations and their auditors have access to the same information to satisfy the user auditor's requirements. Independent Qualified Assessment - SOC engagements are performed by control oriented professionals who have experience in accounting, auditing, and information security. A SOC engagement allows a service organization to have its control policies and procedures evaluated and tested by an independent party. Control Improvements - Very often this process results in the identification of opportunities for improvements in operational areas. 6
Benefits to User Organization User organizations that obtain a Service Auditor's Report from their service organization(s) receive valuable information regarding the service organization's controls and the effectiveness of those controls (in the case of a Type II report). The user organization receives a detailed description of the service organization's controls and an independent assessment of whether the controls were placed in operation, suitably designed, and operating effectively. For controls over financial reporting, user organizations may provide a Service Auditor's Report to their auditors. This will greatly assist the user auditor in planning the audit of the user organization's financial statements. Without a Service Auditor's Report, the user organization would likely have to incur additional costs in sending their auditors to the service organization to perform their procedures. 7
Page 1 and 2: Service Organizations Control (SOC)
Page 3 and 4: Introduction Many companies functio
Page 5: Service Organizations that need a S
Page 9 and 10: Reasons for New Standard Clear con
Page 11 and 12: SOC - Types of Engagements Regardle
Page 13 and 14: SOC 1 Control Objective Examples IT
Page 15 and 16: SAS 70 vs. SSAE 16 Report Date Plan
Page 17 and 18: Preparing for a SOC Review (cont.)
Page 19 and 20: Preparing for a SOC Review (cont.)
Page 21 and 22: Case Study - Risk Assessment Object
Page 23 and 24: During the SOC Review Types of Test
Page 25 and 26: Reporting Types of Opinions Unqual
Page 27 and 28: Management Assertion (additional re
Page 29 and 30: SOC Seals & Logos There are three

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