Advanced Auditing

As discussed in chapter 25, more and more companies are using third party service providers to carry on business, such as IT and other critical functions for organizations.Industries and markets are growing at an ever increasing rate. Specifically financial technologies are being introduced at the fastest pace in modern history.In keeping pace with change, the Accounting profession has introduced auditing services such as SysTrust and WebTrust assurance services Accountants can perform for clients.

Discuss the purpose of SOC1 audit reports ?

What information is audited and what conclusion does the auditor give ? What types of service auditors reports will become more prevalent in the future ?

Comment on type of skills you will need to stay relevant in the future. Explain the skill, why its important and examples.