Payroll Data Co. (PDC) processes payroll transactions for a…
Payroll Data Co. (PDC) processes payroll transactions for a retailer. Cook, CPA, is engaged to issue a SOC 1, type 1 report on PDC’s internal controls over financial reporting as of a specific date. These controls are relevant to the retailer’s internal control, so Cook’s report may be useful in providing the retailer’s independent auditor with information necessary to plan a financial statement audit. Cook’s report can
Read DetailsDunn, CPA, is auditing the financial statements of Taft Co….
Dunn, CPA, is auditing the financial statements of Taft Co. Taft uses Quick Service Center (QSC) to process its payroll. Price, CPA, is expressing in a SOC 1 report an opinion on management’s description of the controls implemented and their suitability of design at QSC regarding the processing of its customers’ payroll transactions. Dunn expects to consider the effects of Price’s report on the Taft engagement. Price’s report should contain a(n)
Read DetailsACE Company management asserts that information obtained fro…
ACE Company management asserts that information obtained from suppliers is safeguarded against disclosure to outside parties. They have retained a SOC auditor to provide an opinion related to the assertion. The auditor will issue a
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