Controls, Security, and Audit in Online Digital Accounting

Controls, Security, and Audit in Online Digital Accounting

Ashutosh Deshmukh (Penn State University - Erie, USA)
DOI: 10.4018/978-1-59140-738-6.ch010
OnDemand PDF Download:
$37.50

Abstract

Internal controls have existed since the dawn of business activities. Internal controls are basically systems of checks and balances. The purpose is to keep the organization moving along desired lines as per the wishes of the owners and to protect assets of the business. Internal controls have received attention from auditors, managers, accountants, fraud examiners and legislatures. Sarbanes Oxley Act 2002 now requires the annual report of a public company to contain a statement of management’s responsibility for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and management’s assessment of the effectiveness of the company’s internal control structure and procedures for financial reporting. Section 404 of the Act also requires the auditor to attest to and report on management’s assessment of effectiveness of the internal controls in accordance with standards established by the Public Company Accounting Oversight Board (PCAOB).

Complete Chapter List

Search this Book:
Reset