Clear understanding of service providers' controls is increasingly important.
Chicago, IL (PRWEB) September 10, 2013
Employee benefit plans rely on external providers for services including recordkeeping, information systems, and claims processing; but how do you know the service provider has proper controls in place when handling your information?
Baker Tilly Virchow Krause (Baker Tilly) has published an educational article, "Why SOC 1 reports are important to employee benefit plans," to help executives understand the benefits of service organization controls reports.
"Clear understanding of service providers’ controls is increasingly important," said Christine Anderson, CPA, CITP, Managing Partner - Assurance at Baker Tilly. "Reviewing SOC 1 reports of the service organizations your company’s employee benefit plan relies on is necessary for plan oversight and accountability."
"Why SOC 1 reports are important to employee benefit plans" is available on the Baker Tilly website and includes information on the following:
> What a SOC 1 report is, including SSAE 16 and SAS 70 clarification
> The two types of SOC 1 reports and what the differences are
> Why and when your employee benefit plans need to review SOC 1 reports
About Baker Tilly
With more than 1,500 employees, Baker Tilly provides a wide range of accounting, tax, and advisory services. Ranked as one of the top 20 largest firms in the country*, Baker Tilly serves clients from offices in Chicago, Detroit, Minneapolis, New York, Washington DC, and throughout Wisconsin.
Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 125 countries, with more than 24,000 professionals. The combined worldwide revenue of independent member firms exceeds $3 billion.
*According to the 2013 Accounting Today “Top 100 Firms.”
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