Process and Tracking Control Research Paper Example | Topics and Well Written Essays - 1000 words

Process and Tracking Control - Research report ExampleHowever the evaluation of the internal operate ons involves mostly those that are related to information systems and entity as well(p) as its environment (Singleton, Singleton & Bologna, 2006). It is normally operated by an IT auditor who understands COSO model and is able to apply it in pecuniary auditing during the evaluation of internal controls. Elements of the COSO Model Control environment. It is a view of the internal controls from the perspective of the entity including the environment created for processes of trade and controls internally and influences of this environment on whether it is able to maintain an effective internal control system. Ways in which control environment is evaluated with regard to risks associated with it include enforcement and communication of ethical values and integrity, commitment to competence, participation of commonwealth who are charged with g everyplacenance, managements style philo sophy and assignment of authority and responsibility (Singleton, Singleton & Bologna, 2006). venture assessment It refers to the ability of an entity to asses risks properly and, for those risks that are major, mitigates them up to a level that is acceptable through the work of controls. Risks may be introduced through various ways including changing of the operating environment, new information systems, and engagement of a modern information systems, rapid growth and pronouncement of new accounting. schooling and communication It involves communication information on financial reporting accurately and in a timely manner to finish makers and managers. The various ways in which it can be evaluated in regard to the associated risks include systems that support identification, thence capture then exchange information in a manner and time frame that pull up stakes allow personnel to undertake their responsibilities, financial reporting information, internal communication, interna l control information and outdoor(a) communication (Singleton, Singleton & Bologna, 2006). Control activities These refer to actual controls themselves. The evaluation of these control activities involves various ways including general controls, application controls and physical controls. Controls are evaluated at three levels which include design effectiveness, operational effectiveness and implementation (Singleton, Singleton & Bologna, 2006). supervise It refers to the ability of an entity to effectively monitor the controls since they operate on a daily basis, individually and also cooperate with other controls. Various ways in which monitored control effectiveness are evaluated include separate and on-going evaluations concerning internal controls over financial reporting, deficiencies that are identified and reported, assessment of the quality of internal controls performance over a given period of time, putting procedures in place so as to adjust the control system as req uired and utilizing relevant information that is external or independent monitors (Singleton, Singleton & Bologna, 2006). Control Objectives for Information and related Technology (COBIT) It was first issued by the IT Governance Institute, ITGI and Information systems Audit and Control Association, ISACA in the family 1998. It is regarded as de facto standard in IT Governance maturity assessment. A lot of knowledge is needed on this framework and therefore it makes it