BU486 Chapter Notes - Chapter 7: Internal Control, Personal Boundaries, Financial Statement

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23 Jul 2018
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Chapter 7 control and accounting information systems. Internal controls perform three important functions: 1. ) preventive controls deter problems before it happens, 2. ) detective controls discover problems that are not prevented, 3. ) corrective controls help identify and correct problems. Control objectives for information and related technology 5 (cobit) for it governance and management: 1. ) Used to benchmark security and control practices of it environment: 2. ) Covering the enterprises end-to-end as it looks at all it processes throughout the organization: 3. ) applying a single, integrated framework ability to apply just one integrated framework, 4. ) Coso"s i(cid:374)ter(cid:374)al co(cid:374)trol (ic) framework for internal control implementation and maintenance: 1. ) Control environment tone at the top, company foundation, relates to ethics and integrity: 2. ) Risk assessment risk much be identified, analyzed, and managed, see where controls are required the most: 3. ) Control activities helps accomplish objectives and manage risk: 4. ) Information and communication capture and exchange info: 5. )

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