management, to ensure program code is properly controlled, such as separation of production and test environments, system and user testing of changes prior to acceptance, and controls over migration of code into production.Control precision describes the alignment or correlation between a particular control procedure and a given control objective or risk. A control with direct impact on the achievement of an objective (or mitigation of a risk) is said to be more precise than one with indirect impact on the objective or risk. Precision is distinct from sufficiency; that is, multiple controls with varying degrees of precision may be involved in achieving a control objective or mitigating a risk.•IT application controls – Controls over information processing enforced by IT applications, such
as edit checks to validate data entry, accounting for transactions in numerical sequences, and comparing file totals with control accounts. Page 3 Question 1. (TCO E) What is COSO? Describe the 5 elements of COSO’s Internal Control-Integrated Framework. Provide an example of each of those components and explain why they are important in providing “Reliable Financial Reporting” for a company. Please provide a complete answer for full points.(Points : 30)
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- Spring '10