Professional Documents
Culture Documents
Know the definition of "assurance services" and understand the distinction between "auditing,"
"attestation," and "assurance."
Familiarize yourself with the AICPA's established assurance services, including WebTrust, SysTrust, and
PrimePlus/ElderCare.
Recognize the "Assurance Services Executive Committee" as the AICPA senior committee with
responsibility for identifying evolving assurance opportunities and for developing criteria and guidance
to support these AICPA initiatives.
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Study Guide
Definition
Assurance Services: Independent professional services that improve the quality or context of information
for decision makers. (Quality includes the reliability and relevance of information and context refers to how
the decision maker uses the information.)
1. Relationship of Assurance to Auditing and AttestationAuditing and attestation both involve enhancing
the reliability of information (auditing specifically focuses on historical financial statement subject
matter, whereas attestation is not limited to financial statements subject matter); assurance is broader
than attestation, since assurance may address the relevance of information in addition to the reliability
of information.
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3. SysTrustTo earn the CPA's unqualified opinion for a SysTrust engagement, an entity's
system would also have to meet the above Trust Services principles; the SysTrust
engagement would evaluate management's written assertions about the effectiveness of
controls over the entity's system relative to applicable attestation standards.
2. PrimePlus (formerly known as ElderCare) ServicesPrimePlus has a connotation primarily
involving financial/lifestyle planning issues, whereas ElderCare has a connotation primarily
involving healthcare (the AICPA says it will continue to support both brands).
Definition
PrimePlus/ElderCare Services: A unique and customizable package of professional services
both financial and nonfinancialintended to help older adults maintain, for as long as possible,
their desired lifestyle and financial independence.
1. Financial services include the following: receiving, disposing, and accounting for client
receipts; making bill payments and handling banking services; submitting claims to
insurance companies; estate planning; providing tax planning and tax return preparation;
evaluating investments and trust activity; managing portfolios; protecting elderly from
predators; etc.
2. Nonfinancial services include the following: coordinating support and healthcare services;
communicating family expectations to care providers; managing real estate and other
assets; establishing performance monitoring systems; managing real estate and other
assets; coordinating services involving healthcare, legal, and other professionals; etc.
3. Markets for PrimePlus/ElderCare servicesThere are three primary markets: (a) older clients
themselves; (b) children of older adults; and (c) other professionals who deal with those
older adults (such as lawyers and healthcare professionals).
3. The AICPA has established a senior committee known as the Assurance Services Executive
Committee (ASEC) to oversee the ongoing development of assurance services.
1. ASEC's roleTo identify trends and assurance opportunities; to develop assurance guidance
(including applicable criteria); to communicate those opportunities and guidance to AICPA
members; and to create alliance with industry, government, or others to facilitate those
assurance opportunities.
2. ASEC has appointed several task forces to focus on developing assurance opportunities: (a)
XBRL Assurance Task Force (regarding the development of guidance on the assurance of
XBRL-related documents); (b) Trust/Data Integrity Task Force (regarding the development of
principles/criteria for assurance on the security, availability, process integrity of systems and
the confidentiality and privacy of information); and (c) Risk Assurance Task Force (regarding
enterprise risk management issues).
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Notes
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Slides
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Flashcards
1
What is SysTrust? The AICPA's assurance service regarding
systems reliability
2
What is PrimePlus (formerly The AICPA's assurance service directed at
the needs of aging persons
called ElderCare)?
3
What is the Assurance Services The AICPA committee responsible for
overseeing the ongoing development of
Executive Committee? assurance services
4
List the five "principles" and
1. Security
categories of criteria 2. Availability
associated with "Trust 3. Processing integrity
4. Confidentiality
Services" consisting of SysTrust
5. Privacy
and WebTrust.
5
Define "assurance services." Independent professional services that
improve the quality or context of
information for decision makers
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6
What is WebTrust? The AICPA's assurance service intended to
facilitate ecommerce activities
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Knowledge Checks
Question 1 (PQ5822)
Assurance may address both the relevance and the reliability of information.
True
False
Question 2 (PQ8451)
No matter what their capacity, accountants must always act with integrity and objectivity.
True
False
Question 3 (PQ5821)
The term "Assurance Services" is defined as the "independent professional services that improve the quality
or context of information for decision makers.
True
False
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Supplementary Questions
Question 1 (REPT-0138B)
Trust Service engagements are performed under the provisions of
Statements on Assurance Standards.
Statements on Standards for Attestation Engagements.
Statements on Standards for Trust Engagements.
Statements on Auditing Standards.
Question 2 (REPT-0140B)
A CPA's examination report relating to a WebTrust engagement is most likely to include
An opinion on whether the site is "hackproof."
An opinion on whether the site meets the WebTrust criteria.
Negative assurance on whether the site is electronically secure.
No opinion or other assurance, but a summary of findings relating to the website.
Question 3 (REPT-0139B)
The WebTrust seal of assurance relates most directly to
Financial statements maintained on the Internet.
Health care facilities.
Risk assurance procedures.
Websites.
Question 4 (REPT-0142B)
A client's refusal to provide a written assertion in a Trust Services engagement is most likely to result in which
of the following types of opinions?
Adverse.
Disclaimer.
Qualified.
Unmodified with explanatory language.
Question 5 (REPT-0141B)
An engagement in which a CPA considers security, availability, processing integrity, online privacy, and/or
confidentiality over any type of defined electronic system is most likely to considered which of the following
types of engagements?
Internal control over financial reporting.
SysTrust.
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Website Associate.
WebTrust.
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