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by: Jarvis Reilly DDS


Jarvis Reilly DDS
GPA 3.8

Richard Dull

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About this Document

Richard Dull
Class Notes
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This 3 page Class Notes was uploaded by Jarvis Reilly DDS on Saturday September 26, 2015. The Class Notes belongs to ACCT 322 at Clemson University taught by Richard Dull in Fall. Since its upload, it has received 64 views. For similar materials see /class/214237/acct-322-clemson-university in Accounting at Clemson University.

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Date Created: 09/26/15
Controlling Information Systems Organizational governance is a process by which organizations select objectives establish processes to achieve objectives and monitor performance Objective setting includes defining mission vision purpose and strategies to establish relationships Enterprise risk management a process effected by an entity s board of directors management and other personnel applied in strategy setting and across the enterprise designed to identify potential events that may affect the entity and manage risk to be within its risk appetite to provide reasonable assurance regarding the achievement of entity objectives Helps management identify assess and manage risk Strategic high level goals aligned with and supporting its mission Operations effective and efficient use of its processes Reporting reliability of reporting Compliance compliance with applicable laws and regulations FUJNl l Components of ERM internal environment tone of org and how risk is viewed and addressed objective setting support and align with company s mission event identification internal and external events affecting achievement of objectives risk assessment risk analyzed consider likelihood and impact risk response develop set of actions avoid accept reduce share control activities ensure risk responses are carried out effectively information and communication in for and timeframe that allow people to carry out their responsibilities 0 monitoring with modifications as necessary SOX change the way we design implement and evaluate systems of internal control managing risks that may prevent achieving organizational objectives created new accounting oversight board PCAOB strengthened auditor independence rules increased accountability of company officers and directors mandated upper management to take responsibility for internal control structure enhanced the quality of financial reporting and put teeth in white collar crime Internal control process designed to provide reasonable assurance regarding the achievement of objectives in effectiveness and efficiency in financial reporting reliability of financial reporting and compliance with applicable laws and regulations can be a system managements responsibility success is people dependent not free control environment sets tone of organization foundation for other components risk assessment basis for determining how risks should be managed control activities policies and procedures to make ensure mgt directives are carried out information and communication in for and timeframe that allow people to carry out their responsibilities monitoring process that assesses the quality of internal control performance over time Fraud deliberate act or untruth intended to obtain unfair or unlawful gain management responsibility to prevent it provide shareholders with reasonable assurance that the business is adequately controlled 0 SAS 99 brainstorming fraud risks increasing professional skepticism using unpredictable audit test patterns detecting management override of internal controls 0 Computer virus program code that can attach itself to other programs can reproduce themselves Trojan horses and Logic bombs Management is responsible for internal control and can respond to this requirement legalistically or by creating a control environment 0 Control environment reflects the organizations general awareness of and commitment to the importance of control throughout the organization make organization control conscious 0 Codes of conduct illegal or improper payments conflicts of interest insider trading computer ethics and software privacy Control matrix tool designed to assist you in evaluating the potential effectiveness of controls in a business process by matching control goals with relevant control plans Control goals business process objectives that an internal control system is designed to achieve The breakdown of these goals is shown as column headings on a portion of our control matrix 0 Operations process 0 Ensure effectiveness of operations ensure that a given operational process is fulfilling the purpose for which it was intended 0 Ensure efficient employment of resources evaluated only in a relative sense 0 Ensure security of resources physical and nonphysical 0 Information process 0 Ensure input validity input data appropriately approved and represent actual economic events and objects 0 Ensure input completeness all valid events or objects are captured and entered into a system 0 Ensure input accuracy all valid events must be correctly captured and entered into a system 0 Ensure update completeness all events entered into a system must be reflected in the respective master data 0 Ensure update accuracy data entered into a system must be reflected correctly in the respective master data Control plans reflect information processing policies and procedures that assist in accomplishing control goals 0 Pervasive control plans relate to a multitude of goals and processes They provide a climate or set of surrounding conditions in which the various business processes operate They are broad in scope and apply equally to all business processes hence they pervade all systems 0 General controls applied to all IT service activities ie prevent unauthorized access to computer system Business process control plans applied to particular business process 0 Application controls automated business process controls contained within IT systems Preventive control plans stop problems from occurring Detective control plans discover that problems have occurred Corrective control plans rectify problems that have occurred Other Terms Risks those events that would have a negative impact on organization objectives and opportunities are events that would have a positive impact on objectives Risks require assessment and response whereas opportunities are channeled back to the strategysetting process Process a series of actions or operations leading to a particular and usually desirable result Results could be risk management as described by ERM effective internal control as proposed by COSO or a specified output of an operations process for a particular market or customer Computer Crime includes crime in which the computer is the target of the crime or the means used to commit the crime The majority of computer crimes fall into these 2 basic types 1 the computer is used as the tool of the criminal to accomplish the illegal act and 2 the computer or the information stored in it is the target of the criminal Computer virus a program code that can attach itself to other programs including macros within word processing documents thereby quotinfectingquot those programs and macros They can reproduce themselves in a manner similar to biological viruses Effectiveness a measure of success in meeting one or more goals for the operations process Efficiency A measure of the productivity of the resources applied to achieve a set of goals Security of resources protecting an organization s resources applied to achieve a set of goals Input validity Input data are appropriately approved and represent actual economic events and objects Input completeness All valid events must be correctly captured and entered into a system Update completeness All events entered into a system must be reflected in the respective master data Update accuracy Data entered into a system must be reflected correctly in the respective master data Input accuracy All valid events must be correctly captured and entered into a system


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