SOC1
Could you name the different Types of SOC reports?
SOC1
SOC2
SOC3
What is a test of control?
A test of controls is an audit procedure to test the effectiveness of a control used by an entity to prevent or detect material misstatements
Name Herc's JE and Account Reconciliation Software
Oracle and Blackline
What is a SOC1 report?
A SOC 1 is a report on controls at a service organization which are relevant to user entities’ internal control over financial reporting.
List three out of the five Audit Assertions
Name Herc's Rental CEO and CFO
Lawrence H. Silber (CEO)
Mark Irion (CFO)
SOC 1 reports can be Type I or Type II reports. What is the difference between a Type I and Type II report?
Type 1 reports test the design of a service organization’s controls, but not the operating effectiveness.
Type 2 reports cover a period of time (usually 12 months), include a description of the service organization’s system, and test the design and operating effectiveness of key internal controls over a period of time.
What are the four types of tests of controls?
(1) inquiry
(2) inspection
(3) observation
(4) Reperformance
Where is Herc's International Operations Based?
Herc Rentals China is based in Shanghai
What is a bridge Letter.
A bridge letter is simply a letter that bridges the “gap” between the service organization’s report date and the user organization’s year-end
What are the three main types of internal controls
Name the newest Herc location opened in Florida.
Apopka
2620 W Orange Blossom Trail
Apopka, FL 32712
List the SOC1 Report Structure
The Opinion Letter
Management’s Assertion
Description of the System
Description of Tests of Controls and Results of Testing
How do you assess internal control?
How many Herc locations are in Florida?
18