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Auditing Information System: Security Management and Control - Assignment Example

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This assignment "Auditing Information System: Security Management and Control" explores the studied of the first chapters in the course of Auditing Information System. These chapters are based on a management security system, internal control, security, and control assessment. …
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Auditing Information System: Security Management and Control
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Download file to see previous pages Transactions must be carried out in line with the terms of their broad or particular authorizations but under the scrutiny of trustworthy personnel, who, in addition to being responsible, acts within the limits of the prescribed authority.
2- Complete and accurate record keeping is essential as it serves to ensure that expeditious and accurate accounting of all transactions or rather economic activities are done. Companies have the role of maintaining books of accounts that are not only detailed but also indicate accurate transactions as well as dispositions of the company’s assets. In addition, keeping proper records are indispensable in so far as preparing financial statements that conform to GAAP standards is concerned.
3- Internal verification describes the independent assessment of the accuracy and correctitude of work(s) done by another party. It involves a further review of the accounts for the assets relative to existing assets at specified periods.
Oakdale went ahead to transact the long-term securities by simply based on the approval of the president rather than the approval of the entire board of directors. This action was in violation of the authorization protocol. As a remedy, there is a need to employ strategized formalized procedures. This is in addition to the company’s by-laws. Under such a set of conditions, it is apparent that Oakdale would not have sold the securities without the approval of the board of directors.
The dividend and interest checks from Oakdale are received by the treasurer who directly forwards to the accounting department. There is no record or entry that is made on the cash receipts book. As such, it is impossible to determine the receipt and deposition of all interest checks and dividend.  ...Download file to see next pagesRead More
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