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RSM427H1 (56)
Lecture 10

RSM427H1 Lecture 10: 10-3
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Department
Rotman Commerce
Course Code
RSM427H1
Professor
Michael Khan

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Description
Lecture 10 Audit Considerations of Outsourcing 20 Questions Directors Should Ask About IT Outsourcing 1. Objectives 2. Impact on the organization 3. Monitoring 4. Competencies 5. Internal controls 6. Compliance 7. Legal implications 8. Security issues 9. Business continuity 10. Disaster recovery 11. Contingency plans 12. Service levels 13. Roles and responsibilities 14. Right to audit 15. Control over provider 16. User organization accountability 17. Service levels 18. Failing to meet expectations 19. Billings PROs and CONs of Outsourcing IT Security and the Impact on the Audit of Financial Statements WebTrust vs SysTrust The most common reports based upon the trust principles are referred to as WebTrust and SysTrust WebTrust is focused more on the front-end ecommerce system SysTrust in more all encompassing including more of the back-end systems o SysTrust is developed by American Institute of Certified Public Accountants (AICPA) and Canadian Institute of Chartered Accountants (CICA) o High control assurance o SysTrust Principles Availability Security Processing integrity Optional: confidentiality, privacy Other referred to SOC 2 or SOC 3 WebTrust The WebTrust certification can fall into the following 4 categories o WebTrust: the scope of the engagement includes any combination of the trust principles and criteria o WebTrust online privacy: the scope of the engagement is based upon the online privacy principle and criteria o WebTrust consumer protection: the scope of the engagement is based upon the processing integrity and relevant online privacy principles and criteria o WebTrust for certification authorities: the scope of the
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