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SOC (Service Organization Controls) audits and reports are designed to help
service organizations that operate information systems, or that provide
information system services to other entities, build trust and confidence in
their service delivery processes and controls. A SOC examination, conducted
by an independent Certified Public Accountant, evaluates the suitability of
criteria, risks and controls related to internal control over financial reporting (SOC 1) or applicable trust services criteria (SOC 2). SOC reports cover situations where one company outsources some portion of their business
or technology to another company. Ms. Maust will describe how to navigate
the SOC reporting framework and how SOC reports have evolved from the
earlier SAS70 reports. She will clarify the roles of service organization
management, the independent auditor and SOC report users. She will also
address the differences between SOC1 and SOC2 reports, and will walk through the contents and specialized language of the different types of reports.

If you or a client provides, or acquires from a third party service provider, a service that involves internal controls relevant for financial reporting (including hosted IT environments, IT and other data processing, and transaction processing), you need to know about SOC audits and reporting. This is a rare chance to get a view of the process from an insider.

Betsy Maust is the Portland Office Advisory Practice Leader at Deloitte &
Touche LLP. She has been with Deloitte for 17 years, including nine years in
external financial audit and eight years in advisory and enterprise risk services. Betsy started her career in financial auditing in Philadelphia before relocating to Portland to join the advisory practice eight years ago. Betsy's client service is focused on financial services, although her experience spans many industries and focuses on risk and internal control. Her experience includes financial and fraud risk assessment, general control design and testing for business process and IT, SAS70 and SSAE16 SOC1 internal control examinations, Sarbanes Oxley risk and control testing, and internal audit.

Betsy is a graduate of Pennsylvania State University (MBA) and Franklin &
Marshall College (BA), where she majored in business administration and
accounting, with an additional concentration in music. She is a Certified Public Accountant, a Certified Internal Auditor, and is a member of the AICPA and the state societies for CPAs in Oregon and Pennsylvania.