Accounting Chapter 10 2 List the five principle the on which the Trust Services framework is based

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13) Which general IT control covers acquisition, implementation, and maintenance of system

software including the operating system, DBMS, network software, and security software?

A) Access security controls

B) Computer operations controls

C) Program change controls

D) Program development controls

14) What do the audit committee’s responsibilities include?

15) What are the three major objectives of an IT audit?

1) The reporting framework for Service Organization Control (SOC) consists of five SOC

reports.

2) Service organizations are external organizations that perform services to the company being

audited.

3) ________ reports are issued by the service organization to report on its controls relevant to a

company’s internal control over financial reporting.

4) ________ reports are issued by the service organization to report on controls other than those

relevant to a company’s internal control related to financial reporting.

5) Which report provides an opinion regarding fairness of the service organization’s description

of controls other than those relevant to a company’s internal control related to financial reporting,

including the service auditor tests controls and expresses an opinion regarding the effectiveness

of the controls?

A) SOC 1 Type 1 Report

B) SOC 1 Type 2 Report

C) SOC 2 Type 1 Report

D) SOC 2 Type 2 Report

6) Which report provides an opinion regarding fairness of the service organization’s description

of controls relevant to a company’s internal control over financial reporting, but does not test the

controls or express an opinion regarding the effectiveness of the controls?

A) SOC 1 Type 1 Report

B) SOC 1 Type 2 Report

C) SOC 2 Type 1 Report

D) SOC 2 Type 2 Report

7) Which SOC report is conducted by the service organization’s auditors using Attestation

Standards (AT) Section 101 and prepared using the AICPA Trust Services?

A) SOC 1

B) SOC 2

C) SOC 3

D) SOC 3 Type 2 report

8) To attest, the auditor is

A) Testifying in court

B) Expressing an opinion

C) Testing financial reporting controls

D) Testing the fairness of the description of controls

Match the privacy principle to the correct definition.

A) The entity defines, documents, communicates, and assigns accountability for its privacy

policies and procedures.

B) The entity provides information about its privacy policies and procedures and identifies the

purposes for which personal information is collected, used, retained, and disclosed.

C) The entity limits the use of personal information to the purposes identified in the notice and

for which the individual has provided implicit or explicit consent. The entity retains personal

information only for as long as necessary to fulfill the stated purposes.

D) The entity maintains accurate, complete, and relevant personal information for the purposes

identified in the notice.

E) The entity shares personal information to third parties only for the purposes identified in the

notice and with the implicit or explicit consent of the individual.

F) The entity monitors compliance with its privacy policies and procedures and has procedures to

address privacy-related complaints and disputes.

G) The entity provides individuals their personal information for review and update.

H) The entity collects personal information only for the purposes identified in the notice.

I) The entity describes the choices available to the individual and obtains implicit or explicit

consent with respect to the collection, use, and disclosure of personal information.

J) The entity protects personal information against unauthorized access (both physical and

logical).

9) Management

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