Have You Implemented SysTrust with Your Clients?

Erin Mackler, CPA, oversees the AICPA's Systems Reliability Task Force in the development and implementation of the new CPA SysTrust service. SysTrust is the name for a service that tests and verifies a system's reliability. Using techniques similar to audit techniques, CPAs can measure the reliability of a system with regard to four principles:

Availability - Determine whether the system is available for operation and use at necessary times
Security - Determine whether the system is protected against unauthorized access
Integrity - Determine whether the system processing is complete, accurate, timely, and authorized
Maintainability - Determine whether the system can be appropriately updated when required

SysTrust is an auditor's opinion that is attached to a company's financial statements, along with a statement from the company setting out exactly what needed to be tested.

The AICPA in conjunction with the Canadian Institute of Chartered Accountants developed this system, which is provided by licensed CPAs and CAs. It is appropriate that these professionals provide this service as they are already recognized as trusted, independent third parties that provide assurance as to the accuracy of many types of financial and non-financial information. Accounting professionals bring independence, objectivity, and in-depth knowledge of IT environments to system operations.

The SEC is in the process of attempting to limit the types of consulting services that auditors can provide. According to Ms. Mackler, SysTrust engagements would not be prohibited in the scope of services ruling by the SEC. Attestation service, which is what SysTrust is, is not included among the prohibited services.

Click here for the complete transcript of Erin Mackler's workshop at AccountingWEB, and you can download the exposure draft of version 2.0 of the SysTrust Principles and Criteria.

You may like these other stories...

Regulatory compliance, risk management and cost-cutting are the big heartburn issues for finance execs in the C-suite. Yet financial planning and analysis—a key antacid—is insufficient.That's just one of the...
Continuing its efforts to simplify accounting procedures, the FASB has issued a proposed Accounting Standards Update on customer fees paid in a cloud computing arrangement. The newly-proposed update (Intangibles—...
How are you planning? What tools do you use (or fail to use) for forecasting? PlanGuru is a business budgeting, forecasting, and performance review software company based in White Plains, N.Y. AccountingWEB recently spoke...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.