- Imagine you are a controller for a company.
- Identify the internal control reporting options.
- Create criteria against which the options can be evaluated.
- Be sure to include internal controls for IT.
The speedy changing environment and globalization have given birth to the high use of information technologies. Due to the innovative technologies in the field of information management, implementation of the user friendly computer systems has increased, which enables the accounting and financial process faster and easier. In also ensures the accuracy of the accounting program (Coe, 2005). On the other hand, the high use of technology has also created prominent threats such as security and reliability of financial data and information with the use of IT system in the accounting process (Albrecht, 2003, pg. 471).
In the business organizations, IT controls can be defined as the specific activities that are executed by the management or the committee that is designed to ensure that the business objectives are met with the business activities (Chan & Lepeak, 2004). These IT controls are the division of the organization's internal control system. The main purpose behind implementing these IT controls systems is to ensure confidentiality and integrity in the IT system, so that the management can provide accurate and true information to all the management.
Internal Control Reporting Options for IT
IT controls are frequently used to ensue the smooth running of IT functions without any threat of hacking or stealing information. These control reporting options for IT can be ...
The solution is 864 words with references.
Inter-relationships, Accounting, and Financial Statements
Using the companies selected (Sirius and XM) for the Review of Financial Statements Paper, prepare a summary comparing the companies' two most recent fiscal years based upon the following:
a. Briefly discuss the inter-relationships noted among the data provided by each of the statements.
b. Briefly describe where the key components of the basic accounting equation are illustrated in the company financials.
c. Describe any control techniques or issues that were discussed in the company's financial statements.