SSAE No. 16/SOC 1 reports are widely used by service auditors as guidance to internal controls present at large service organizations such as trust companies, insurance companies, banks and other financial institutions.  Many auditors of employee benefit plans do not have sufficient knowledge to utilize the report to its full potential.  These reports can be forwarded in a PDF format via e-mail, which will then be read and reviewed thoroughly.  Following the review, a checklist will be forwarded to your firm listing and identifying the following: 

• Control objectives that may be relied upon that are pertinent to your audit
  
• Control objectives that may NOT be relied upon
  
• Any pertinent exceptions noted in the report that might impact your audit
  
• SPECIFIC examples of how the report may be utilized to REDUCE YOUR TESTING in the following audit areas:     
• Participant data testing
• Benefit payment testing
• Participant loan testing
• Vesting and forfeitures testing
• Investment income allocation testing
• Investment fund allocation testing