Imagine that a CPA firm performing an audit of your company’s financial statements sends Midwestern Bank a request for confirmation of your company’s cash balance. However, Midwestern Bank uses a cloud service organization to provide confirmation responses to the CPA firm.
As part of the same audit, the CPA firm requests a confirmation from Aroma Coffee of the amount Aroma Coffee owes your company. Aroma Coffee uses the same cloud service organization used by Midwestern Bank to confirm the amount that Aroma Coffee owes your company.
Explain how the cloud service organization can provide assurance to your company, Midwestern Bank, and other customers regarding
a. the effectiveness of controls it implements on its customer’s financial reporting.
b. the privacy, confidentiality, security, availability, and processing integrity of the cloud system that generates the confirmations.
What are IT controls?
What are service organization controls?
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