Key Takeaways

[3:10] Beth has a fun fact for Joanne, her work best friend!

[5:15] There are two parts to an EBP audit.

[7:00] What is a “process narrative” and what does it entail?

[8:45] Joanne shares a couple of examples of what an audit looks like.

[13:40] Let’s talk about SOC 1 reports Type I and Type II and how they’re defined.

[19:25] What do you do when you get the qualified SOC report in your hand?

[21:20] How do you have a smooth audit?

[23:25] Open and honest communication is key to keeping both parties on track.

[25:10] Be prepared when it comes to the reconciliation.

Resources:

BDO’s ERISA Center of Excellence

Beth on LinkedIn

Joanne on LinkedIn

Email Questions and Comments to BDOTalksERISA@bdo.com

Quotes from the Episode:

“A SOC report includes an opinion on the operating effectiveness of the controls and a detailed description of the auditor's test of those controls and the results of those tests are out at a specified period.”

“Auditors having a weekly check-in really keeps both parties on track and open communication is key.”

“Auditors love early on when there’s a qualified SOC 1 report because we’re going to have to assign more time for the audit.”