{ "media_type": "text", "post_content": "How do I know I need to review a SOC report? If I’m relying on a report, yes I need to. But what about those applications that client uses as back-up center (AWS for instance). Do I still need to review SOC? What about applications used for record keeping but not processing of transactions (Quickbooks for instance)?", "post_id": "60fde1e86a0f3e002274781f", "reply_count": 7, "vote_count": 1, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

How do I know I need to review a SOC report? If I’m relying on a report, yes I need to. But what about those applications that client uses as back-up center (AWS for instance). Do I still need to review SOC? What about applications used for record keeping but not processing of transactions (Quickbooks for instance)?

funny
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You should review the SOC report for vendor/application where that vendor or application is involved in any key business processes (automated controls, key reports, transaction processing, ITGCs, to name a few) ...and "you" should not be doing the review...management should do the review with enough precision to identify the key controls, document any potential issues with the report that may impact the entity as well as assess any other risk noted in the report that may have an impact....you then review management's review.

likesmart

To be clear, there are plenty of ad hoc systems clients use where manual recons or other controls are performed to validate data integrity or accuracy and completeness of system generated reports used in manual controls. Certainly the exception and not the norm, but I wouldn’t say in *any* key business process. At the end of the day, the question comes back to how management is getting comfortable with the data integrity through an IT application if there is a risk of material misstatement in the process.

Backups shouldn’t really be a key control. Regardless, there isn’t going to be much for you in an AWS report as the onus is on the client to maintain and test their backup configuration/recovery management. In your other example, if there’s data being utilised as part of a key financial control that is derived from that system then yes you should look at it. I haven’t seen Quickbooks at a client environment in a long time, so I’ll defer to you on level of inherent risk.

helpful

Should probably check with your own firm methodology as each may differ slightly, especially when not relying on controls.

The key thing to do is map those key controls that are deemed relevant and make sure they are either covered by the SOC report or CUECs at every layer. Then you would be able to determine whether any of the sub service organizations are even relevant. In most cases they are not, but sometimes they are, which means you also need to get that sub service organization’s SOC report and do a review over it.

Thank you all!

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