Third-Party Assessments in Enterprises Quiz

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What is the purpose of independent third-party assessments for an enterprise?

To conduct internal audits for regulatory compliance

To eliminate the need for shareholder confidence

To provide assurance of the validity of specific activities or functions (correct)

To reduce costs by avoiding external audits

What does third-party attestation for an enterprise involve?

Evaluating the processes and validating compliance with standards (correct)

Eliminating the need for international standards

Avoiding regulatory oversight and control

Conducting internal IT audits

When might an enterprise use International Standards for Assurance Engagements Number 3402 (ISAE 3402) for attestation?

When avoiding third-party audits and assessments

When seeking to eliminate the need for shareholder confidence

When relying on cloud or third-party suppliers delivering services outside enterprise control (correct)

When conducting internal audits for regulatory compliance

In which context might third-party audits fall under regulatory oversight and control?

In some industries that require compliance with specific standards, such as SSAE 18 Signup and view all the answers

What is the purpose of a SOC report in the context of IT auditing?

To offer an independent examination of a service organization's system of controls Signup and view all the answers

What is the main difference between SOC 2 and SOC 3 reports?

SOC 2 includes a detailed understanding of the design of controls and tests, while SOC 3 does not include this detailed understanding Signup and view all the answers

What does an 'unqualified' opinion in a SOC report indicate?

The auditor fully supports the findings with no modifications Signup and view all the answers

When is a 'qualified' opinion presented in a SOC report?

When the issues are not pervasive Signup and view all the answers

What should an IT auditor review closely when relying on a SOC report?

System description to determine what may have been excluded from the audit Signup and view all the answers

What does a 'disclaimer' opinion in a SOC report indicate?

The auditor is unable to express an opinion due to insufficient evidence Signup and view all the answers

What does each type of SOC report include?

(Service organization management assertion, Independent service auditor’s report, Service organization description of its system, Listing of controls tested, their results and any exceptions noted) Signup and view all the answers

What type of controls are relevant to a SOC 2 report?

(Security, availability, processing integrity, confidentiality or privacy) Signup and view all the answers

What is included in the independent service auditor’s report in a SOC report?

Overall opinion regarding the service organization system and reasons for the opinion if it's not unqualified Signup and view all the answers

What does an 'adverse' opinion in a SOC report indicate?

The auditor believes that there are material and pervasive issues. Signup and view all the answers

What does each type of SOC report follow?

A basic outline including service organization management assertion, independent service auditor’s report, service organization description, listing of tested controls and their results Signup and view all the answers