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SAS 145 and IT General Controls: What Organizations Need to Know
by Bernard Gallagher on January 13, 2025 at 2:30 PM
The release of SAS 145 (Statement on Auditing Standards No. 145) represents a significant shift in how auditors evaluate and respond to the risks of material misstatements, particularly in complex IT environments. As IT General Controls (ITGCs) underpin key financial processes and rep …
What Is a SOC 1 Audit? A Guide to the Report
by Jerry Hughes on December 5, 2024 at 4:18 PM
When it comes to demonstrating trust and reliability to clients, few tools are as powerful as a SOC 1 report. These reports play a pivotal role in showcasing an organization’s commitment to safeguarding financial data and maintaining robust internal controls.
The Importance of SOC 1 Reports in 401(k) Audits
by Jerry Hughes on November 22, 2024 at 12:00 PM
401(k) plan administrators manage crucial financial transactions, including contributions, distributions, loans, and account reconciliations. Errors or fraud in these activities can have significant financial implications for plan sponsors (employers) and participants (employees). A S …