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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. SOC 1 reports assist user auditors in obtaining an understanding of the user entity, including its internal control. In addition, the SOC 1 report provides information to user auditors 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 tools to help you in your audit of employee benefit plans such as:
New guidance that is particularly significant to this practice aid includes: