Search results
Results from the WOW.Com Content Network
The COSO definition relates to the aggregate control system of the organization, which is composed of many individual control procedures. Discrete control procedures, or controls are defined by the SEC as: "...a specific set of policies, procedures, and activities designed to meet an objective. A control may exist within a designated function ...
Information systems play a key role in internal control systems, as they produce reports, including operational, financial and compliance-related information, which make the operation and control of the business possible. In a broader sense, effective communication must ensure information flows down, across and up the organization.
In accounting, the controlling account (also known as an adjustment or control account [1]) is an account in the general ledger for which a corresponding subsidiary ledger has been created. The subsidiary ledger allows for tracking transactions within the controlling account in more detail.
Security - information and systems are protected against unauthorized access and disclosure, and damage to the system that could compromise the availability, confidentiality, integrity and privacy of the system. Firewalls; Intrusion detection; Multi-factor authentication; Availability - information and systems are available for operational use.
Management control as an interdisciplinary subject. A management control system (MCS) is a system which gathers and uses information to evaluate the performance of different organizational resources like human, physical, financial and also the organization as a whole in light of the organizational strategies pursued.
Statistical process control is appropriate to support any repetitive process, and has been implemented in many settings where for example ISO 9000 quality management systems are used, including financial auditing and accounting, IT operations, health care processes, and clerical processes such as loan arrangement and administration, customer ...
An accounting information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers.An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
An IT audit is different from a financial statement audit.While a financial audit's purpose is to evaluate whether the financial statements present fairly, in all material respects, an entity's financial position, results of operations, and cash flows in conformity to standard accounting practices, the purposes of an IT audit is to evaluate the system's internal control design and effectiveness.