Lesson: Understanding the System in a SOC 2 Engagement

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In this lesson, Nick Palazzolo, CPA, dives into the intricacies of SOC 2 engagements, specifically focusing on understanding the system involved. He begins by distinguishing SOC 2 from SOC 1 engagements, emphasizing that SOC 2 pertains to IT and the trust services criteria, rather than internal controls over financial reporting. Throughout the lesson, Nick details the importance of identifying the system's scope, understanding its components, and recognizing the roles and responsibilities involved. He provides a thorough breakdown of how to define system boundaries and explores how these boundaries affect the scope of control assessments. Insightfully, Nick illustrates these concepts using hypothetical but highly relevant examples related to cybersecurity and antivirus systems. Furthermore, he discusses dependencies on external parties and the implications of trust services criteria for establishing effective controls within the system. Ensuring a comprehensive grasp, he also stresses the significance of proper system documentation and communication with service organizations to maintain robust control environments. This practical approach provides a clear pathway for tackling SOC 2 engagements with confidence.

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Considerations Specific to Planning, Performing & Reporting on a SOC Engagement
Module: 2 Concepts, 30 Videos
Considerations Specific to Planning and Performing a SOC Engagement - Overview
1:09
Introduction to Considerations Specific to Planning and Performing a SOC Engagement
8:07
Purpose and Organization of the Trust Services Criteria
3:58
Subject Matters in Trust Services Criteria Reporting
5:13
Management Assertions in SOC Engagements
8:35
Intended Users of SOC 1, SOC 2, and SOC 3 Reports
5:16
Independence Considerations in SOC Engagements
3:39
Materiality in SOC Engagements
3:01
Risk Assessment for Service Organizations and Service Auditors
2:40
Criteria for a Vendor To Be Considered a Subservice Organization
5:42
Inclusive v. Carve-out Method in SOC Engagements
4:20
Service Commitments and System Requirements in SOC 2 Engagements
2:47
Subsequently Discovered Facts on SOC Engagements
6:25
Purpose and Common Sections of a System Description in SOC Engagements
3:31
Management's Description of an Entity's Cybersecurity Risk Management Program
3:52
Complementary User Entity Controls
4:22
Obtaining Management's Written Representations
4:07
Understanding the System in a SOC 2 Engagement
5:46
SOC 1 vs. SOC 2 Engagements
11:31
Considerations Specific to Planning and Performing a SOC Engagement - Summary
1:30
Considerations Specific to Planning and Performing a SOC Engagement - Practice Questions
5:08
Considerations Specific to Reporting on a SOC Engagement - Overview
0:59
Introduction to Considerations Specific to Reporting on a SOC Engagement
2:05
CUECs Effect on SOC Reports
5:31
Carve-out vs. Inclusive Method in Reporting on CSOCs
5:39
Types of Opinions and Report Modifications in the Presence of Deficiencies
11:47
Preparation of SOC 2 Reports
5:05
Form and Content of SOC 1 and SOC 2 Reports
4:49
Considerations Specific to Reporting on a SOC Engagement - Summary
1:42
Considerations Specific to Reporting on a SOC Engagement - Practice Questions
5:45