ISAE 3402 SOC 1 | ADVANCED

Insight in SOC1

The SOC 1 (Service Organization Control 1) course is a comprehensive training program designed to provide participants with a solid understanding of SOC 1 reporting and compliance. This course covers the key concepts, requirements, and best practices related to SOC 1 engagements, enabling participants to effectively assess and report on the internal controls of service organizations.

Course Objectives:

• • Understanding SOC 1: Participants will gain a clear understanding of SOC 1 and its significance in evaluating the internal controls of service organizations. They will learn about the purpose, scope, and key components of SOC 1 engagements.
  • SOC 1 Framework: The course focuses on the framework used in SOC 1 engagements, particularly the Statement on Standards for Attestation Engagements (SSAE) No. 18. Participants will explore the criteria for evaluating and reporting on the effectiveness of internal controls.
  • Planning and Conducting SOC 1 Engagements: Participants will learn the essential steps involved in planning and conducting SOC 1 engagements. This includes scoping the engagement, identifying control objectives, assessing control design and operating effectiveness, and documenting findings.
  • Assessing Internal Controls: The course covers the process of assessing the design and operating effectiveness of internal controls. Participants will learn how to evaluate control activities, risk assessment processes, information and communication systems, and monitoring activities.
  • Reporting on SOC 1: Participants will understand the different types of SOC 1 reports, including Type I and Type II reports. They will learn how to prepare comprehensive reports that provide accurate and reliable information on the internal controls of service organizations.
  • Compliance and Audit Considerations: The course addresses the compliance and audit considerations associated with SOC 1 engagements. Participants will learn about regulatory requirements, audit planning, and coordination with external auditors.

Course Delivery:

The SOC 1 course can be delivered through various methods, including classroom training, virtual instructor-led sessions, or online self-paced modules. The training may include lectures, case studies, practical exercises, and discussions to enhance understanding and application of SOC 1 concepts.

Target Audience:

The SOC 1 course is suitable for professionals involved in auditing, risk management, internal controls, and compliance. It is particularly beneficial for individuals working with service organizations, such as service auditors, internal auditors, IT professionals, and assurance professionals.

Upon completion of the SOC 1 course, participants will possess the knowledge and skills to effectively assess and report on the internal controls of service organizations. They will be equipped to plan and conduct SOC 1 engagements, evaluate control effectiveness, prepare comprehensive reports, and ensure compliance with regulatory requirements. This course empowers participants to enhance their organization's internal control practices and provide valuable assurance to stakeholders.

Program Overview

The SOC 1 (Service Organization Control 1) course program is a comprehensive training offering that focuses on providing participants with a thorough understanding of SOC 1 reporting and compliance. This program covers essential aspects of SOC 1 engagements, including the framework, planning, assessment of internal controls, reporting, and compliance considerations. The program is designed to equip participants with the necessary knowledge and skills to effectively evaluate and report on the internal controls of service organizations.

Program Highlights:

• • Introduction to SOC 1: Participants will gain an in-depth understanding of SOC 1 and its significance in evaluating the internal controls of service organizations. They will learn about the purpose, scope, and key components of SOC 1 engagements.
  • SOC 1 Framework: The program focuses on the framework used in SOC 1 engagements, particularly the Statement on Standards for Attestation Engagements (SSAE) No. 18. Participants will explore the criteria for evaluating and reporting on the effectiveness of internal controls.
  • Planning and Conducting SOC 1 Engagements: Participants will learn the essential steps involved in planning and conducting SOC 1 engagements. This includes scoping the engagement, identifying control objectives, assessing control design and operating effectiveness, and documenting findings.
  • Assessing Internal Controls: The program covers the process of assessing the design and operating effectiveness of internal controls. Participants will learn how to evaluate control activities, risk assessment processes, information and communication systems, and monitoring activities.
  • Reporting on SOC 1: Participants will understand the different types of SOC 1 reports, including Type I and Type II reports. The program provides guidance on preparing comprehensive reports that accurately and reliably convey information about the internal controls of service organizations.
  • Compliance and Audit Considerations: The program addresses the compliance and audit considerations associated with SOC 1 engagements. Participants will learn about regulatory requirements, audit planning, and coordination with external auditors.

Program Delivery:

The SOC 1 course program can be delivered through various formats, including in-person classroom training, virtual instructor-led sessions, or online self-paced modules. The program utilizes a combination of lectures, case studies, practical exercises, and discussions to enhance learning and application of SOC 1 concepts.

Target Audience:

The SOC 1 course program is suitable for professionals involved in auditing, risk management, internal controls, and compliance. It is particularly beneficial for individuals working with service organizations, such as service auditors, internal auditors, IT professionals, and assurance professionals.

Upon completion of the SOC 1 course program, participants will have a comprehensive understanding of SOC 1 reporting and compliance. They will possess the necessary knowledge and skills to plan and conduct SOC 1 engagements, assess internal controls, prepare accurate reports, and ensure compliance with regulatory requirements. This program equips participants to effectively evaluate and report on the internal controls of service organizations, enhancing their organization's overall assurance and risk management practices.

Results

• Proficiency in SOC 1 Reporting: Participants gain a high level of proficiency in SOC 1 reporting and compliance. They develop a deep understanding of the framework, criteria, and processes involved in evaluating and reporting on the internal controls of service organizations.
• Effective Assessment of Internal Controls: The course equips participants with the skills to effectively assess the design and operating effectiveness of internal controls. They learn how to evaluate control activities, risk assessment processes, information systems, and monitoring activities to ensure proper control implementation.
• Comprehensive Reporting: Participants learn to prepare comprehensive SOC 1 reports that accurately convey information about the internal controls of service organizations. They understand the different types of reports, including Type I and Type II, and can effectively communicate control strengths and weaknesses.
• Compliance with Regulatory Requirements: Participants gain an understanding of the regulatory requirements associated with SOC 1 engagements. They learn how to ensure compliance and align their assessments with relevant standards, frameworks, and industry best practices.
• Risk Management and Assurance: The course enhances participants' ability to contribute to effective risk management and assurance practices. They develop the skills to identify, assess, and mitigate risks associated with the internal controls of service organizations, providing valuable insights to stakeholders.
• Collaboration with Auditors: Participants learn how to effectively collaborate with external auditors and other stakeholders during SOC 1 engagements. They understand the audit planning process, coordination requirements, and how to provide necessary documentation and information to support the audit.
• Professional Development and Career Opportunities: Completion of the SOC 1 course enhances participants' professional development and expands their career opportunities. They acquire specialized knowledge and skills that are highly valued in auditing, risk management, and compliance roles.

The results of the SOC 1 course empower participants with the necessary skills and knowledge to effectively evaluate, report, and ensure compliance with SOC 1 standards. They become proficient in assessing internal controls, preparing comprehensive reports, and contributing to risk management and assurance practices. This course equips participants to make significant contributions to the assurance and compliance efforts of service organizations and advance their careers in the field.