Audit and assurance alert: SOC 1 and SOC 2 issues arising from COVID-19

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