SOC Tip #1

A thorough and comprehensive SOC report should contain a mix of sampling, re-performance, inquiry, and observation testing procedures. A SOC report containing only observation and inquiry testing procedures will likely overlook control deficiencies and may not satisfy client auditors.

New Lease Accounting, Financial Instrument and Credit Loss Recognition Standards on the Way

The FASB has issued implementation timelines for final standards that affect lease obligations, the recognition and measurement of financial interests, and the measurement of credit losses.

FASB Clarifies Definition of Material Disclosure in Financial Statements

In an attempt to help organizations eliminate unnecessary disclosures in financial statements, the FASB recently issued two exposure drafts intended to “clarify the concept of materiality.”

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