Question

An short essay "why it is important to evaluate the adequacy of development activities by assessing: (a) the adequacy of project request and approval procedures; (b) the adequacy of feasibility studies; (c) the adequacy of, and adherence to, standards and procedures relating to the: (i) design phase; (ii) development phase; (iii) testing phase; and (iv) implementation phase; (d) the adequacy of project change controls; (e) the appropriate inclusion of organizational personnel throughout the project's life cycle; (f) the effectiveness of project communication and reporting procedures; and (g) the accuracy, effectiveness, and control of project management tools.

The resource:

• State the audit objective of the procedure, which can found in the FFIEC development and acquisition booklet at the end of chapter in Appendix A. Locate the page number(s) in the FFIEC development and acquisition booklet where the underlying topics for the procedures are covered and record the page number(s). This should be the support for the claims you make in your essay. You should show me that you have read the booklet by your response. Please refrain from expressing your opinion unless you have significant experience in the field.

• State and explain why this procedure is being performed, including a discussion of the risks/issues that the procedure is designed to address. If the procedures addresses such risks/issues as appropriate policies or internal controls established by an auditee, explain the significance of lack of compliance. Remember to review the pages in the FFIEC development and acquisition booklet before answering this question.

Answer 1

The Sarbanes Oxley Act, or what is all the more prominently called SOX, was authorized by President George Bush in July, 2002. The Sarbanes Oxley Act rolls out noteworthy improvements into the bookkeeping calling. Making CEO's and CFO's liable for the credibility of fiscal report and expecting them to affirm the veracity of bookkeeping proclamations; SOX set up the guard dog, the Public Company Accounting Oversight Board (PCAOB). On this board, two CPA's are needed to sit, alongside three others who are not really qualified as exceptionally, however are relied upon to have familiarity with the activities of money related frameworks.

Sarbanes Oxley influences the bookkeeping calling in more manners. In light of the dread that evaluators may impact budgetary choices from administrations by advancing a couple of administrations; Sarbanes Oxley bars bookkeeping firms from actualizing a customer's data framework. They can't likewise give guidance on venture, and they can't exhortation administrations on banking administrations and the executives administrations.