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Whether it’s shoes, real estate, or the latest smartphone, everyone’s always looking for a bargain. A central component of any decision you make to purchase or not purchase a good or service is the cost. It’s a little easier to determine that number when you’re buying (or not buying) a good because it’s generally the sticker price and, barring any lemony outliers, the thing does what you need it to.

Think about famous partnerships in history.

It’s not so much the case now, but for decades, malls were enormous buildings where you could pick up any number of products all under the same roof. It made things convenient, being able to find different kinds of clothing to suit you but also grab skincare products, the latest tech, and specialty gifts—in one spot.

The famous French fashionista Coco Chanel once said, “don’t spend time beating on a wall, hoping to transform it into a door.”

Imagine this, it's a late Wednesday afternoon and you are wrapping up your previous SOC engagement while simultaneously working on your current engagement. A check of your upcoming schedule reveals that next week, yet another SOC engagement for a client in your area looms. Juggling multiple engagements can be tricky, but must less so if there’s a tried and true process that’s become routine. Here are five easy steps to help an auditor prepare for a SOC engagement.

Effective January 1, 2002, the Institute of Internal Auditors (IIA) released updated standards in the International Professional Practices Framework (IPPF). Internal auditing departments, according to Standard 1312 of the IPPF, must complete an external assessment once every five years from a qualified independent assessor or assessment team. In addition, the chief audit executive (CAE) must discuss the form and frequency of external assessments and the qualifications and independence of the external assessor or assessment team with the board of directors. Standards (unlike practice advisories, practice guides and position papers) are principal focused mandatory requirements consisting of statements for the professional practice of internal auditing and for evaluating the effectiveness of performance which are applicable at the organizational and individual levels.

Remember the famous Abbott and Costello bit from the 1930’s known as “Who’s on First?” That classic scene often comes to mind when I think of CPAs explaining all of the changes to the attestation standards to their clients. I envision CPAs around the country having comical conversations like the following:

Imagine, for a moment, that you are sick and require a major operation. Among the many thoughts that would immediately cross your mind would be the need to find “the best” doctor available. What criteria would you use when selecting the best doctor? I bet that the following attributes would weigh heavily in your decision: