Audit and assurance alert: SOC 1 and SOC 2 issues arising from COVID-19
Learn about the issues arising from COVID-19 related to performing system and organization controls (SOC) engagements.
This alert raises awareness about the issues arising from COVID-19 related to performing the following engagements:
- SOC 1: Reporting on controls at a service organization relevant to the user entities' financial statements
- SOC 2: Reporting on controls at a service organization relevant to security, availability, processing integrity, confidentiality and privacy.
The American Institute of Certified Public Accountants (AICPA) has prepared a list of representative FAQs and topics to aid practitioners as they perform SOC 1 and SOC 2 engagements in these uncertain times. This non-authoritative guidance has been adapted from the AICPA guidance to reflect Canadian standards and terminology.
Topics include:
- performing procedures remotely
- going concern issues
- subsequent events
- management representation letters
- subservice organizations