week 6 controls for IT

week 6 controls for IT - Controls for IT 1 Running Header:...

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Controls for IT 1 Running Header: Controls for IT Controls for IT and Reporting & Evaluation
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Controls for IT 2 Internal controls are important for any type of business. Successful risk management protects the company and its assets. Without effective internal controls a company could lose everything, proper internal controls set the tone for a business. Management and employees have to be on board with verifying controls are monitored and followed to decrease the potential for fraud or theft. Knoxville Utilities Board is an independent agency of the City of Knoxville, KUB provides electric, gas, water and wastewater services to more than 439,000 customers in Knoxville and parts of seven surrounding counties (kub.org) Control environment, risk assessment and information and communication are all three crucial aspects of internal controls. Below are explanations for each subject from Ernst & Young on how each affects or could affect businesses. The control environment reflects the tone set by top management and the overall attitude, awareness and actions of the board of directors, management, owners, and others concerning the importance of internal control and the emphasis placed on control in the company’s policies, procedures, methods, and organizational structure. It is the
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