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CA (533,005)
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Rotman Commerce (1,105)
RSM427H1 (56)
Lecture 10

RSM427H1 Lecture 10: 10-4

2 Pages

Rotman Commerce
Course Code
Michael Khan

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Lecture 10 Audit Considerations of Outsourcing SysTrust/WebTrust The SysTrust/WebTrust review encompasses a combination of the following principles: o Security: the system is protected against unauthorized access (both physical and logical) o Availability: the system is available for operation and use as committed or agreed o Processing integrity: system processing is complete, accurate, timely, and authorized o Confidentiality: information designated as confidential is protected as committed or agreed SysTrust/WebTrust Users o Management o Customers o Trading partners o Financial statement auditors SysTrust/WebTrust Report o An opinion on managements asserted controls Does not formally include the system description o Opinion covers the reporting period of no more than 1 year Drivers for SysTrust/WebTrust Review: the potential conflict of interest between the service organization and the user organization o The complexity of systems o Remoteness of users and user organizations o Consequences of unreliability o Frequent system failure Process of a SysTrust/WebTrust Reivew o Decision by System hosting organization to pursue a SysTrust Review System hosting organization hires a qualified firm o System hosting organization selects Optional principles Criteria for the mandatory and optional principles o Management develops control activities for each criterion Process of a SysTrust Review o Accounting firm assesses the adequacy of control criteria and procedures o Accounting firm conducts testing o Accounting firm provides report to system hosting organization o System hosting organization shares report with user organizations Trust Criteria o Required: security o Optional: confidentiality, privacy, availability, processing integrity SysTrust/WebTrust Review o Licensing o Report Difference Between SysTrust/WebTrust and CSAE 3416 Each stated criteria in the report must be met by controls in order to get an unqualified SysTrust report CSAE 3416 report has restricted distribution Reliability vs. Financial Statement Assertions CSAE 3416 is more flexible Differences Between SOC Reports A SOC 1 report documents a service organizations control that may be relevant to financial reporting SOC 2 is a report based on ACIPAs existing Trust Services Principles and criteria (is based on the existing SysTrust and WebTrust). The purpose of the SOC 2 report is to evaluate an organizations information systems relevant to security, availability, processing integrity, and confidentiality or privacy SOC 3 is based on the existing SysTrust and WebTrust principles and is a publicly available report of controls over security, availability, and confidentiality SSAE 18 Requirements for SOC 1 Monitoring the effectiveness of controls at subservice organizations Identifying complementary subservice organization controls Clarification of complementary user entity control considerations Evaluating reliability of information produced by the servi
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