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week 11 - acc130_Ch6_controls_pjs

week 11 - acc130_Ch6_controls_pjs - AccountingSystems...

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Accounting Systems:  Design and Control Chapter 6: Frameworks & AIS Controls  Ms. Pam J. Schmidt PhD Candidate Dept. of Accounting School of Business Administration
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Key topics in Chapter 6 1. Basic internal control concepts 2. COBIT, COSO, and ERM control frameworks 3. Four types of control objectives 4. Using Frameworks to assess & respond to risk 5. Common control activities
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Vocabulary in this chapter A threat is any potential adverse occurrence or unwanted event that could injure the AIS or the organization. The exposure or impact of the threat is the potential dollar loss that would occur if the threat becomes a reality. The likelihood is the probability that the threat will occur.
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Important aspects of SOX include: 1. Created Public Company Accounting  Oversight Board (PCAOB)  to oversee the auditing profession. 2. New rules for auditors 3. New rules for audit committees 4. New rules for management 5. New  internal control requirements
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AIS: Achieving Control Objectives To use IT in achieving control objectives: Understand how to protect systems from threats. Have an understanding of IT, its capabilities & risks. Computer-based AIS requires different internal  control policies & procedures: Computer processing  reduces clerical errors, Increases risk of unauthorized access or modification  of data. Segregation of duties achieved differently in an AIS. Computers help  enhance some internal controls.
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Internal control is… Internal control - process implemented by the board of directors, management & employees to provide reasonable assurance for the following control objectives: 1. Assets (including data) are safeguarded.
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