Following are descriptions of potential needs of clients for various services. For each need identify the type of service that would best meet the client€™s need using the following:
€¢ Attestation of prospective financial information
€¢ PrimePlus/Elder Care Services
€¢ Attestation of MD&A
€¢ Agreed-upon Procedures
€¢ SOC 1 (Service Organization Controls Type 1)
€¢ SOC 2
€¢ SOC 3
€¢ SysTrust in an area other than a SOC report
€¢ XBRL engagement
€¢ Other attestationservice

Transcribed Image Text:

Client Need Type of Service a. A computer manufacturing company wants to provide assurance about estimated future results to be included in the company's annual report. b. A company that processes payroll for other companies wants to provide assurance on its internal control over financial reporting that will be useful to the auditors of the companies that use its services A public company wants to provide its shareholders assurance about the narrative analysis of financial results provided in the company's Form 10-K. c. d. A service organization wishes to provide a general-use report from its auditor on its processing integrity and confidentiality controls e. The relative of an institutionalized uncle wants a CPA firm to oversee the uncle's financial affairs f. A bank wants a CPA firm to confirm account receivables of a com- pany that has pledged the receivables as collateral for a loan A service organization wishes to provide a restricted-use report from its auditor to regulators on its processing integrity and confidentia ty controls g. h. A grocery store wants to provide the highest level of assurance that its prices are less than the prices of its competitors. May Provide:May Provide; Independence Independence May Not Is Required Not Required Provide Service a. Compile a forecast for the coming year b. Perform a review of a forecast the company has prepared for the coming year c. Perform an examination of Management's Discussion and Analysis when they have not audited the year's financial statements. d. issue a SysTrust examination report on the security against unauthorized access of a service organization's electronic processing system Assist an elderly client with his estate planning e.