To enable auditors and accountants understand the objective and purpose of internal online control, it gets categorized on the frameworks of Committee of Sponsoring Organization (COSO). A conceptual framework becomes developed based on the objective of internal internet control, and this was useful to the managers. Transfer of data without modification while in transit becomes data integrity while data confidentiality is the inability of unauthorized persons to access data. Encryption, communication protocols, security algorithms become employed to ensure data security and confidentiality. Non-repudiation is requiring covering problems of post Facto denial. It proof that an electronic document becomes sent and received by only the intended persons. Mutual authentication of identity involves verification of identities of transacting parties. After authentication, the user and the machine get identified and get allowed computer system access. This becomes authorization (Deshmukh 4473). Online internal controls become classified on the COSO framework, and this classification is useful for accountants and auditors. The conceptual framework is logic because all its four dimensions can be achieved. Online transactions must comply with the three transaction act.
The paper presents the methods through which the researcher has addressed the company’s record-keeping practices, credit approval policies, existence of supervisory control, extent of segregation of duties, application of accounting laws, reconciliation exercises, year-round uniformity in practices, and timeliness.
The control environment provides discipline and structure. Internal controls are more effective when the duties are segregated instead of being performed by the same person. The manager is the employees responsible for overseeing the internal control system.
The research includes a list of internal control weaknesses such as the department,not the purchasing department,should make the purchase requisition,the receiving department should not give the original receiving report to the warehouse,the receiving repot,checks,disbursement vouchers,purchase orders
I have to indicate the weaknesses in internal accounting controls in the handling of collections. Discussion The first thing I would recommend is that an audit of the Church’s financial records be undertaken. It is preposterous that no audit has been made in recent years because the same trusted employee has kept both the Church records as well as served as Financial Secretary for the last 15 years.
As a member of the AICPA, Harold Potter has some responsibilities to his customers and the wider society. This is because the AICPA has rules that each member has to adhere to. In the case at hand, there are nine cogent issues that are either breaches or high risk events that could make Harold Potter liable to several actions by the AICPA which could be as severe as getting his membership taken away from him.
The purpose of an external audit is to provide assurance about the reliability of the published accounts of the particular audited body. It also provides the reassurance regarding the regularity of the fundamental transactions. External audits provide information concerning the efficiency and effectiveness with which a particular organization is performing its functions (Henley, 1989).
In this regard, we utilized the concept of a secret shopper by pretending to be customers but doing it for another purpose; it is to evaluate commercial establishments not only for the quality of their services and products but
This paper is a report on the purchase and payment and the receipt and sales functions. The purchase and sales functions of this business happens to have some weaknesses which can be remedied by the implementation of the recommendations that have been tabulated. The purchase and the sales function of a business are important to a business.
In the recent story carried by the New York Times, the corporation is at a very high risk of incurring huge losses if measures are not
1 pages (250 words)Essay
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The web based tools and the internet facilitate many useful activities of a business that influence customer and suppliers relationship. Need for online control has risen to help guide online based transactions because security is of concern…