Auditing Cases 6th Edition by Mark Beasley,Frank Buckless,Steven Glover,Douglas Prawitt

Exercise 1

To become more familiar with these assurance service opportunities, visit the AICPA's website (www.aicpa.org)and enter "trust services principles" in the search box to locate information about the Trust Services Principles and Criteria. Also, visit the WebTrust website (www.webtrust.org) jointly hosted by the AICPA and the Canadian Institute of Chartered Accountants (CICA) to locate additional information provided about the Trust Services Principles and Criteria and use that information to answer the following questions:
[a] Summarize in your own words the objective of a Trust Services engagement.
[b] What are the five Trust Services Principles Provide a brief description of each Principle.
[c] For each of the five Trust Services Principles, describe why management at EverBank Field or fans in the stadium could have benefitted from assurance about how the Spot Card technology complies with each of the five Trust Services Principles. For example, why might management be interested in obtaining assurance about the Spot Card's system's compliance with the "Security" principle
[d] What are the purposes of "Principles" and "Criteria" How do they relate and how do they differ
[e] What is the relationship between a SysTrust engagement and the Trust Services Principles and Criteria You may need to conduct an Internet-based search to locate more information about SysTrust services.
[f] What is the difference between a SysTrust engagement and a WebTrust engagement You may need to conduct an Internet-based search to locate more information about these services.