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In: Accounting

Entity-Level Controls from AS5 A. Access control and monitoring software. B. Budgetary controls. C. Report highlighting...

Entity-Level Controls from AS5

A. Access control and monitoring software.

B. Budgetary controls.

C. Report highlighting credit sales, returns, and allowances over the complete and entire reporting period, including 30 days after the close of a financial reporting period.

D. Use of control frameworks such as those provided by COSO and COBIT.

E. A report of all employees not taking required vacation days.

F. Development of a business interruption plan.

G. Program change controls.

H. Supervision.

1. Controls related to the control environment.

2. Controls over management override.

3. The company’s risk assessment process.

4. Centralized processing and controls, including shared service environments. = G

5. Controls to monitor the results of operations.

6. Controls to monitor other controls, including activities of the internal audit function, the audit committee and self-assessment programs.

7. Controls over the period-end financial reporting process.

8. Policies that address significant business control and risk management practices

Expert Solution

1. Controls related to the control environment	Establishment of a code of cunduct Use of control frameworks such as those provided by COSO and COBIT.
2. Controls over management override.	Segregation of duties H. Supervision
3. The company’s risk assessment process.	F. Development of a business interruption plan. A report on IT risks and a risk action plan
4. Centralized processing and controls, including shared service environments	A systems development life cycle methodology (SDLC) G. Program change controls
5. Controls to monitor the results of operations.	B. Budgetary controls Service Leval agreements and reporting process
6. Controls to monitor other controls, including activities of the internal audit function, the audit committee and self-assessment programs.	E. A report of all employees not taking required vacation days. A file of signed code conduct letters
7. Controls over the period-end financial reporting process.	Not covered
8. Policies that address significant business control and risk management practices	A. Access control and monitoring software. Selection and hiring control plans

ekkarill92 answered 1 year ago

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