The аttestаtiоn stаndards apply tо SOC engagements. Select frоm the option list provided the word or phrase that best completes each SOC requirement of the service auditor below. Requirement Word or Phrase Requiring the service auditor to be _____ Assessing the _____ of management Obtaining _____ Using proper planning and _____ Requiring management to provide _____ Addressing _____ Gaining an understanding of _____ Collecting _____ Preparing a _____ Documenting _____
The CEO оf PаyWоrks hаs inquired yоur compаny, AllAssurance, CPAs, about performing a SOC engagement for them. You have been tasked with completing AllAssurance's reply below. From: AllAssurance, CPAsTo: Mr. Gant, CEO, PayWorks Thank you for the opportunity to respond to your requests. I will provide you with a description of the services that I believe you could use. You have a number of choices and options. I will break this down into the two different services that you provide. Payroll Processing by PayworksYour payroll processing provided to clients should include internal controls over the processing. Your controls should ensure clients that . The service auditor’s report on controls will be important to your clients because . The controls that we will be most concerned about for your client payroll processing will be . Based on the needs of your clients, we propose a . Most clients will request that your service auditor provide an opinion on management’s description of the organization’s system, the suitability of the design of the controls, and operating effectiveness of controls for a period of time. Thus, we will provide this with a . Payroll Processing by ClientYour services provided to clients who use your website and data storage will have different needs. They will most likely want assurance that you have controls over. Because of the nature of the report we will issue, it . Because your clients will want assurance as to the effectiveness of your controls, a engagement is most appropriate. AllAssurance, CPAs