week 11 - acc130_Ch6-8_controls_3slides

Week 11- - Accounting Systems Design and Control Chapter 6 Frameworks AIS Controls Ms Pam J Schmidt PhD Candidate Dept of Accounting School of

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11/9/2010 1 Accounting Systems: Design and Control Chapter 6: Frameworks & AIS Controls Ms. Pam J. Schmidt PhD Candidate Dept. of Accounting School of Business Administration Key topics in Chapter 6 1. Basic internal control concepts 2. COBIT, COSO, and ERM control frameworks 3. Four types of control objectives 4. 5. Common control activities 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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11/9/2010 2 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 AIS: Achieving Control Objectives To use IT in achieving control objectives: Understand how to protect systems from threats. Computer-based AIS requires different 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. 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. 2.
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This note was uploaded on 01/28/2011 for the course ACC 5130 taught by Professor Schmidt during the Fall '10 term at Wayne State University.

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Week 11- - Accounting Systems Design and Control Chapter 6 Frameworks AIS Controls Ms Pam J Schmidt PhD Candidate Dept of Accounting School of

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