Trust Management of Services in Cloud Environments †Free Samples

Question: Discuss about the Trust Management of Services in Cloud Environments. Answer: Introduction: The unique Identifying number for the general trust accounts is a mandatory criterion that has been issued under the Property Stock and Business Agents Regulation 2014. As per the said law, every licensee must obtain a unique identification number from the NSFW trading account and provide the same to the authorised institution who will be taking their deposits i.e. the bank. All the monthly returns that are provided by these institutions must contain the unique identification number. No return will be accepted without this number mentioned on them. It is important for every licensee to follow the same to carry forward their business. (Stivers 2017) All the new and the already existing trust accounts can apply for their unique identification number through the NSW website. It will be a unique to each of the trust and will help them to carry their business smoothly. In case a corporation is holding the trust account, then the trust account will need the licence number of the corporatio n to be registered. If a licensee maintains multiple trust accounts then each account needs to be registered separately. Then each unique identification number is required to be nominated with the bank accounts they are associated. The llicensee needs to notify the authorised institution in specific forms that a unique identification number has been obtained for the general trust account. When the account closes, then also the notification must be provided to the relevant authorities. The number is the identity of the trust accounts and all the transactions must happen through the same (Noor, Sheng, Zeadally and Yu, 2013). In case of the general trust accounts, if the payment is made by a different person then the one whose name is mentioned on the sale contract. Then the trust will issue the receipt to the person who is making the payment and along with that ,it will include a note that will specify that the payment was done by a person other than the one whose name was mentioned on the contract of sale. The name of the person who is paying will also be specified along with that. This is done to prevent any kind of confusion. (Fairtrading.nsw.gov.au, 2017) Withdrawals from trust accounts are allowed only in very few situations. One can withdraw money from the trust if they want to make payment to any third party for any expenses. If they are paying the seller their part of the sale price that was agreed. In case they want to claim their fees and charges, they can withdraw money from the trust. In case of payment for a final purchase or a deposit, payment must be done only when the transaction is complete. The seller must be paid his dues first, and after that money must be withdrawn for any commission or fees. In specific cases payment, money should be stored in the trust account until the time is appropriate to withdraw it. It should be withdrawn only for the specific purpose that it has been stored and should be used then only. This is the general rule for withdrawing of money from the trust accounts for various purposes. Maintenance of the trust accounts as per the relevant criteria is an important requirement is to be followed. As an auditor, there are various provisions to be followed for verification the relevance of these trust accounts. The important provisions for maintenance of trust accounts are that each trust account must be separated with a unique identification number, and they must have documents to verify the same. It is important for the account holders to ensure that each account is associated with a different nominee bank. Different source documents in relation to the transactions of the trust accounts must be maintained and must be verified accordingly. There must be reconciliation of the same with the other party (Cherry, 2016). In case of withdrawal of funds, funds for specific purposes must be withdrawn only for that purpose and at time when it is needed. All the withdrawals must be verified by the bank. It must be checked that all the transactions are recorded in time. Any discrepancies in the accounts must be informed to the relevant authorities in time. All the relevant security arrangements are done and implemented. Before any kind of disbursement of money, it should be checked that the transaction is completed and also the same must be authorised It is also important to check that all kinds of payments from the trust along with withdrawals are properly authorised by the relevant authorities. In case of payment to third parties care should be taken to ensure that is in line with the policy requirements (Zaltzman and Le, 2017) Also it must be checked that the staffs who are asked to manage the trust accounts are properly qualified for the same. Proper audit and security arrangements must be checked of these accounts so that adequate client protection is provided along with management of the fund accounts. All the relevant security arrangements are done and implemented (Ellwood and Garcia-Lacalle, 2016). Withdrawal for personal use should not be allowed. Distribution of money must occur directly from the account of the trust. Transferring of money from any general account is illegal. The trust should fulfil these criteria, if the bank is not allowing the same then it should change the bank. In case of any person who is entitled to receive the money of the trust cannot be identified then such money shall be identified as unclaimed money by the authorities. It must be used as per the provisions of the law. The trust must also maintain important records that include the cashbook, journals, ledgers, and a deposit book of the trust account. All the books of account must record all the transactions of the trust and must be properly audited. Steps should be taken to make sure that periodic reconciliation is properly verified with the records of the licensee. All the financial records are thoroughly prepared and must be discussed with the authorities. All the other requirements must be met. With the help of all these audit can be completed and the discrepancies in the process can be sorted (Hanks Zolla 2017) Refrences: Cherry, M., 2016. Accounting for Trust: A Conceptual Model for the Determinants of Trust in the Australian Public Accountant-SME Client Relationship.Australasian Accounting Business Finance Journal,10(2), p.3. Ellwood, S. and Garcia-Lacalle, J., 2016. Examining audit committees in the corporate governance of public bodies.Public Management Review,18(8), pp.1138-1162 Fairtrading.nsw.gov.au. (2017). Trust_accounts Available at: https://www.fairtrading.nsw.gov.au/ftw/Property_agents_and_managers/Agency_responsibilities/Trust_accounts.page Hanks, L Zolla, CE 2017, , in D Goguen (ed.), The Trustee's Legal Companion: A Step-by-Step Guide to Administering a Living Trust, 4th edn, Nolo, Berkeley Noor, T.H., Sheng, Q.Z., Zeadally, S. and Yu, J., 2013. Trust management of services in cloud environments: Obstacles and solutions.ACM Computing Surveys (CSUR),46(1), p.12 Stivers, C 2017, 'Elouise Cobell and the Indian Trust Funds: Accountability and Trust in Public Administration', Adminsitrative Theory and Praxis, vol 39, no. 2, pp. 157-169. Zaltzman, O. and Le, Q.D., Yahoo! Inc., 2017.Trust based moderation. U.S. Patent 9,576,253