ACPEN: Keys of SOC Reports - Following SSAE 18 Requirements

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Instructor

Lynn
Fountain

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Lynn Fountain

Bio

Lynn Fountain, CGMA, CRMA, MBA
Overland Park, Kansas

Lynn Fountain has over 35 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance and she has held two Chief Audit Executive positions for international companies. She currently is engaged in her own consulting and training practice and has trained internationally. Ms. Fountain is a discussion leader for the AICPA for numerous classes as well as conducting her own various training courses. Topics include fraud and forensic courses for both profit and not-for profit, internal controls for large and small entities, COSO 2013, ethics, and risk management and various leadership courses.

Ms. Fountain is the author of three separate technical books released in 2015. The first book entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation and released in April 2015. She will be a featured presenter at the Institute of Internal Auditors International convention in July 2016 conducting a half-day training on her book, “Raise The Red Flag”. Her second book “Leading The Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. In addition, her third book “Ethics and the Internal Auditor’s Dilemma” was released winter of 2016.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate.

www.lynnfountain.net
fountainlynn1@gmail.com

Today's businesses have seen a dramatic increase in the use of outsourced providers to assist with executing processes from payroll, accounts payable, information technology, benefit plan administration and many other core processes. These processes ultimately have an impact on an organization's internal control over financial reporting but also could impact compliance and operational issues In 2011, the Statement on Standards for Attestation Engagements (SSAE) 16 replaced the former Statement on Auditing Standards (SAS) 70. In May 2017, a new standard, SSAE 18, superseded SSAE 16 The concepts covered in this course are referred to as a Service Organization Control Report (SOC). Organizations who utilize outsourced providers should understand the various types of SOC reports, their intended use and their implication on a company's financial reporting process, regardless of your status as a publicly traded or privately held organization. The process can be complicated to understand as a user organization. Currently, several types of SOC Reports exist including: SOC 1
Type 1 SOC 1
Type 2 SOC 2
Type 1 SOC 2
Type 2 SOC 3 Cybersecurity SOC This course speaks briefly to the transition from SAS 70 to SSAE 16 and now SSAE 18. However, the focus is on the various Service Organization Control Reports, their purposes and uses

Learning Objectives

Explore the transition of the accounting standards from Statement on Auditing Standards (SAS) 70 to Statement on Standards for Attestation Engagements (SSAE) 16 and now SSAE 18 Recognize the various types of service and subservice organizations Explore procedures to conduct a SOC (Service Organization Control) 1 engagement, develop proper control objectives and determine specific reporting methods Explore procedures to conduct and report on a SOC 2 engagement Recognize the requirements for SOC 3 reports Explore the SOC cybersecurity requirements Recognize the requirements to prepare for a SOC engagement Recognize the requirements for user entities

Major Topics

Move from SAS 70 and SSAE 16 to SSAE 18 Types of Service Organizations SOC 1 Engagements Control Objectives Reporting SOC 1 and SOC 2 Reporting SOC 3 Reports Preparing for SOC Engagement SOC Comparisons

CPE Credits Available

1 CPE Credit

1: Auditing

Things to Know About This Course

Course Level

Basic

Professional Area of Focus

Auditing

Advanced Preparation

None

Intended Audience

CPAs, Corporate personnel working with SOC providers, consultants providing SOC reports

October 12, 2026