ACG 4101 Lecture Notes - Lecture 5: Subledger, Network Operating System, General Ledger
Document Summary
Risk has a high likelihood of loss and a large potential impact to the objectives of the business segregation of duties. Committee of sponsoring organizations dedicated to improving the quality of financial reporting. Control environment, risk assessment, control activities, information & communication, and. Promoting ethical values and commitment to competence in order set the tone for a truthful workplace. Finding areas within the systems flowchart that have opportunity and risk of fraud. Ensuring reliable information with proper record keeping, and communication of job duties and expectations. Monitoring assessing the quality of control over time. Three primary objectives of coso: to ensure efficient and effective operations 2. reliable financial reporting 3. compliance with laws and regulations. Controls that focus on stopping irregularities or errors from happening. Controls that fix irregularities or errors when they happen. Implementing methods to prevent unauthorized access to applications. Files that record the occurrence of an event similar to a journal, posts information to master files.
