Baker Tilly Virchow Krause, LLP releases "Why SOC 1 reports are important to employee benefit plans"

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If your company has an employee benefit plan that is audited, one of the items an auditor will ask for is the Service Organization Controls report (SOC 1 report) for each of the service organizations used by the plan. A SOC 1 report is an extremely important document that plan management should review to ensure the reliance placed on each service organization by the plan is appropriate, and that entity user controls, which are the responsibility of plan management, are being followed.

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Clear understanding of service providers' controls is increasingly important.

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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All company references to Baker Tilly in this press release must be listed as Baker Tilly Virchow Krause, LLP. No shortened version of the company name is permitted.

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Michol Banes
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