Question

In your own words, explain the AICPA Trust Services Principles.

Answer 1

Ans:-

AICPA Trust Service Principles, they describe privacy as, "personal information is collected, used, retained, disclosed, and disposed to meet the entity's objectives. Although confidentially applies to various types of sensitive information, privacy applies only to personal information.

The AICPA lays out the necessary criteria to maintain privacy which include:

• Notice and communication of objectives:You inform your clients about updates to privacy including how their data is stored and disposed of.
• Choice and consent: Your clients are given the choice as to how their data is collected, how long it is stored and when and how that data is destroyed.
• Collection: You only collect the data needed to perform the objectives of your company.
• Use retention, and disposal: You ensure that you limit who gets to use and retain private data. Should the data ever need to be destroyed, you also are clear on who does so and that it is destroyed.
• Access: You provide a way in which your client can access and change their private data as corrections or updates arise.
• Disclosure and notification: Should a  breach of private data occurs, you must notify your client and inform them of subsequent procedures to manage the data breach.
• Quality: You keep your client's data up-to-date and complete.
• ​​​​Monitoring and enforcement: You make sure that you address any concerns surrounding private data raised by either litigators or clients. You also monitor this data to prevent dangerous security attacks.