In April 2016, the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board (ASB) issued the Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification, to supersede the former standard SSAE 16
This course will help you if your organization has the need to obtain or provide a SOC (Systems Organization Control) report or if you wonder what changes the new SSAE 18 standard will bring to the process. SSAE 18 is effective for SOC report opinions dated on or after May 1, 2017, and early adoption was permitted. This course focuses on the specific requirements of SSAE18 and highlights changes from SSAE16
In today’s economic environment, many companies utilize outsourced services to perform varied functions. These functions can span from payroll and accounts payable to information technology processes or even call center functions. The list can be endless however these services are often a critical component to the internal control environment of the organization
A service organization should implement a robust third-party vendor management policy if one is not already in place. Often, initial vetting occurs of the subservice organization however that same diligence is not maintained as the service continues. It is just as important to ensure that subservice organizations are monitored on an ongoing basis using the methods outlined in SSAE 18.
DESIGNED FOR
Anyone who performed nonaudit services
BENEFITS
- Describe the nature of risks faced when performing nonaudit services for clients
- Explain how to mitigate risks faced by all CPAs in performing nonaudit services
- Apply best practices for maintaining quality control for nonaudit engagements
HIGHLIGHTS
- Differentiating risks faced when performing nonaudit services, such as reviews, compilations, preparing financial statements, bookkeeping, tax return preparation, and similar
- Best practices for preventing quality control concerns that could lead to peer review deficiencies or malpractice claims
- Establishing an understanding with the client to minimize misunderstandings as to the nature and scope of engagements
- Explain situations when independence should be appropriately safeguarded when performing nonattest services
PREREQUISITES
None
ADVANCE PREPARATION
None