UCF ID: 01189 |
Control Type: Process or Activity |
Status: Live |
Supporting and supported controls
This control directly supports:
- • Maintain copies of external auditor outsourcing contracts and engagement letters. [UCF Control ID 01188]
This control has the following supporting controls:
- • Review external auditor outsourcing contracts to ensure they include protocols for changing the contracts. [UCF Control ID 01192]
• Review external auditor outsourcing contracts to ensure they include procedures for resolving problems. [UCF Control ID 01196]
• Review external auditor outsourcing contracts to ensure organizational information is maintained in an access restricted manner. [UCF Control ID 01194]
• Review external auditor outsourcing contracts to ensure they include report and workpaper records management practices. [UCF Control ID 01195]
• Review external auditor outsourcing contracts to ensure they include communication protocols. [UCF Control ID 01201]
• Review the scope of outsourced audits when the risk profile changes. [UCF Control ID 01202]
Authority documents complied with:
The Sarbanes-Oxley Act of 2002, § 104(d)(1); FFIEC IT Examination Handbook – Audit, August 2003, Pg 7, Pg 22, Exam Tier I Obj 11.2, Exam Tier I Obj 13.3
Sarbanes Oxley Guidance
Engagement letters must be inspected and reviewed during inspections of public accounting firms. [§ 104(d)(1), The Sarbanes-Oxley Act of 2002]
Banking and Finance Guidance
The external auditor contract should include the scope, expectations, and responsibilities of both parties. [Pg 7, Pg 22, Exam Tier I Obj 11.2, Exam Tier I Obj 13.3, FFIEC IT Examination Handbook – Audit, August 2003]
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