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Controls for IT and Reporting: Internal control reporting options

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Controls for IT and Reporting & Evaluation

? Imagine you are a company controller.
? Identify the internal control reporting options.
? Create criteria against which the options may be evaluated.
? Include internal controls for IT.

? Paper provides sufficient background on the topic and previews major points.
? Paper is logical, flows, and reviews the major points.
? Paper contains at least three sources.
? APA guidelines are followed.

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Solution Summary

The internal control reporting options are examined for controls for IT and reporting.

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Internal Controls:

In the new global business age, corporations have recognized the significance of having an effective control system in the organization. It is through this system of operation that the companies will have the ability of achieving the set financial goals of the corporation. Internal control has hence been defined as a process that is implemented in the organization by a management entity in the organization as well as personnel. It is a system that is created to offer the provision of reasonable information of the corporation with regards to the following; the efficiency of the operations of the company, reliability of the financial reporting and the abiding of the company to set government regulations. The prevention of losses in the company will also take place through the preparation of reliable financial statements (Preparing for, 2002).

The environment in which business operations are conducted in the organization is continually gaining new phase. This has been credited to the economic factors, the increased competitions created and the advanced technology. With all the changes that take place in the corporation, the management is faced with the challenges of maintaining the internal controls of the company. It is imperative to note that the following are the effective components of the internal control; control of the business environment, risk assessment, monitoring, information communication and control activities.

Identification of the Internal Control Reporting Options:

The internal control reporting options for an organization is a significant operation due to the fact that it enables the management to keep the personnel, investors and the regulators well updated. The selected format of the internal control options will have to be elaborate enough for ...

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