Free Controls For Information Technology (It) And Reporting And Evaluation Research Paper Sample
Internal control means a system where the organization has control within each departments. It basically means establishing control over different areas in an organization which are responsible for the work done by it. Internal control ensures that the occurrence of fraud is reduced and red flags are recognized and acted upon. Internal control reduces risk to a great extent and also helps reduce the chances of fraud. There are various reporting options for internal control. Reporting of internal control is vital to the organization. There are basic tools like email, messaging and checking of the audit trail which will provide information regarding the functioning of the internal controls.
Another basic method is documentation, even if the organization is organized properly, appropriate documentation will be a great help. The documentation should be maintained at each levels and the same should be reported. The work flow tools also help in generating information for the organization. Data mining is a useful means of reporting for internal control, the different ways data can be generated include using business intelligence tools, file retrieval, pattern recognition and data mining. The actual information in the organization can be compared with the trends. Questionnaires also help derive the required information, the employees should be asked to answer the questions in the questionnaire and this could lead to creation of information. Section 404 of the Sarbanes Oxley Act requires companies other than registered investment companies to report about internal control in their annual report. Due to this, the companies are required to establish an internal control in the organization and also maintain adequate information and report the same to the investors.
The above options can be chosen and implemented as per the need of the hour. If maintenance of documentation is highly tedious and the business is divided into various departments, then reporting through the questionnaire will mean that adequate information has been generated. Most companies are required to maintain and report the information of internal control and this leads to various options for the reporting of the same. Audit trial is highly useful in generating information about the audit as well as internal control. The most efficient method for reporting and evaluation is the compliance tools which generate the required information in less time. Techniques like data mining and business intelligence tools help generate reports as well as exception reports in no time. This provides information and helps in taking measures to improve any issues in the system.
Internal controls for IT include reporting and generation of reports at each level of the organization. Internal controls for IT include maintenance of passwords and encryption of the data so that the information is not lost in any manner. The information should be physically protected from any loss as well as technically protected so as to ensure that it is maintained in an appropriate manner. There are general and specific IT controls which should be maintained and the data should be divided as per its importance. The data access should be based on identification and authentication of the users. All users should be provided with an ID and password. Biometric recognition is a good help to recognize the users. Reporting of internal controls for IT are similar to the ones discussed above. Exception reports should be prepared in case of loss of data or misuse of data. Loss of data can lead to a huge cost to the organization and could send out sensitive information which needs to be protected by the organization. Internal control plays a crucial role in the protection as well as reporting of the information.
Information technology and internal controls . (n.d.). Retrieved from Watkins Meegan: http://www.watkinsmeegan.com/expertise/resourcesandtools/Pages/ITandInternalControls.aspx
Sells, H. (n.d.). Types of Internal Control Reporting Options. Retrieved from Ehow: http://www.ehow.com/list_7556574_types-internal-control-reporting-options.html
Winters, B. I. (2004, Feb 1). Choose the right tools for Internal Control Reporting. Retrieved from Journal of Accountancy: http://www.journalofaccountancy.com/issues/2004/feb/choosetherighttoolsforinternalcontrolreporting.html
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