Questions from Auditing and Assurance

Q: The AICPA Special Committee on Assurance Services developed six potential assurance services

The AICPA Special Committee on Assurance Services developed six potential assurance services that could be offered by CPA firms. What are these six services?

Q: List 3 important risks associated with electronic commerce. What are the

List 3 important risks associated with electronic commerce. What are the Trust Services Criteria and how do they relate to the risks you identified?

Q: What elements does a Trust Services engagement focus on and why might

What elements does a Trust Services engagement focus on and why might an e- commerce company consider purchasing such a service?

Q: Why might a company that does a lot of business online choose

Why might a company that does a lot of business online choose to obtain a SOC 2 report? Why might such a company choose to obtain a SOC 3 report?

Q: Define an attest engagement. Discuss how attestation engagements are different from

Define an attest engagement. Discuss how attestation engagements are different from assurance services.

Q: What types of engagements can be provided under the attestation standards?

What types of engagements can be provided under the attestation standards? Give examples of two different types of attestation engagements.

Q: What is the major segregation of duties that should be maintained when

What is the major segregation of duties that should be maintained when the entity does not use a registrar or transfer agent and sufficient personnel are available to perform the stock transactions?

Q: How can the practitioner satisfy the requirement that specified users take responsibility

How can the practitioner satisfy the requirement that specified users take responsibility for the adequacy of procedures performed on an agreed-upon procedures engagement?

Q: Why might a non-public company choose to engage an independent

Why might a non-public company choose to engage an independent auditor to provide an audit of internal control over financial reporting?

Q: What are the two types of prospective financial statements? How do

What are the two types of prospective financial statements? How do they differ from each other?