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Lecture 10

RSM427H1 Lecture Notes - Lecture 10: American Institute Of Certified Public Accountants, Internet Privacy, Disaster RecoveryPremium

2 pages87 viewsWinter 2018

Department
Rotman Commerce
Course Code
RSM427H1
Professor
Michael Khan
Lecture
10

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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
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