A new article published by Baker Tilly Virchow Krause explores the relationship between service organization controls reports and employee benefit plans and explains why SOC 1 reports are important. Baker Tilly provides a wide range of accounting, tax and advisory services
Many companies outsource services such as recordkeeping, information systems and claims processing for their employee benefit plans, but do not always have the proper controls in place to ensure their information is being handled securely and properly. The article, Why SOC 1 reports are important to employee benefit plans, aims to help executives understand the benefits of the 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.”