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It is common for an employee benefit plan administrator to use a third-party administrator or service organization to process certain transactions on behalf of the employee benefit plan. This practice aid, Using an SSAE No. 16 Service Auditor’s Report (SOC 1 Report) in Audits of Employee Benefit Plans, provides auditors with guidance when auditing the financial statements of an employee benefit plan that uses a service organization.
SOC 1 reports provide information to user auditors that assist them in obtaining an understanding of the entity, including its internal control, for the purposes of planning and performing an audit of a user entity’s financial statements. This practice aid addresses how a SOC 1 report, should be considered in the audit of an employee benefit plan and which audit procedures should be applied to the information in the SOC 1 report.
This practice aid provides practice tools to help you in your audit of employee benefit plans such as:
Attestation guidance that is new to this practice aid includes:
For a topical listing of subject matter by chapter, click on the Table of Contents tab.
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