3)Explain industry and organisation security practices and rationale 4)Describe an internal administration system such as accounting...

3)Explain industry and organisation security practices and rationale

4)Describe an internal administration system such as accounting system and database.

Expert Solution

Ans 3: Now we are living in a digital era, where tones of financial transactions are taking place globally through digital mode. Industry in the entire globe is also affected with digital transformation.

Also since in today’s era the more focus is given on intercompany trade due to globalization hence the numbers of transactions for any company has increased many fold as compare to a decade back. And these all translate into data. That may be critical for the company’s privacy, company’s clients, and concerned government as a whole.

Hence now a days companies are taking extra steps to safeguard their assets, data & the interest of their stake holders.

Below are some security practices in the organizations:-

Safeguard towards internet hackers: Since most of the industries are doing their transactions digitally through some software such as SAP, Oracle Financial Systems, Tally, etc., it is generating a lot of data digitally, so for the safety of these data, most of the company practices to have their own network system may be through VPN (Virtual Private Network), which will be password based. So that any outsider does not infringe into their data and misuses them.
Digital Signs: Now a day’s company started practicing to have digital signs instead of manual sign, so that no one can imitate the sign and take the undue advantages.
For Safeguarding of the assets: Most of the companies are maintain the assets record digitally through various accounting software so that there will not be any security threat for the physical assets.
Most of the companies are establishing robust internal control system through which they can detect any financials or any such security threat which may not be noticed through. As per SOXA audit requirement also, there has to be an internal control department, which will act independently and will report to audit committee of the company regarding control system of the organization.

ekkarill92 answered 1 year ago

Explain how designing an access control standard relates to system security practices.

a) Explain the difference between accounting policies and accounting practices (4 marks) b) Provide examples for...

a) Explain the difference between accounting policies and accounting practices b) Provide examples for each (4 makrs) nb. seprate a and b

You have been employed to establish a computerised accounting system in a small organisation. The organisation...

You have been employed to establish a computerised accounting system in a small organisation. The organisation currently uses a ledger card system for its accounts. The organisation has chosen a popular proprietary accounting software system. Describe the steps to be taken prior to inputting the data into the computerised system and how you would go about implementing the new system. You must show that you can: set up an organisation’s chart of accounts by modifying an established integrated financial software...

QUESTION THREE [20] 3.1 Explain the rationale behind the internal rate of return. (IRR) (3) 3.2...

QUESTION THREE [20] 3.1 Explain the rationale behind the internal rate of return. (IRR) (3) 3.2 Super Max Investments have just made an investment of R550 000 in a new Tata Telcoline delivery vehicle. This vehicle will be used for deliveries and generate revenues from such activities. Further details:  Expected useful life 5 years (straight line depreciation)  Salvage value 50 000  Cost of Capital 10% after tax  Tax rate 30% Year Cash flows 1 -220 000...

Describe benefit of training within industry in lean production practices?

describe an effective accounting informaion system and explain managements role in it

Internal Controls are extremely important with any accounting system, especially a computerized system. It is a...

Internal Controls are extremely important with any accounting system, especially a computerized system. It is a huge part of creating and maintaining an accurate set of accounting records. I’m sure you all have heard of The Enron, WorldCom, Global Crossings, Tyco or Arthur Anderson scandals. These scandals cost their stockholders billions of dollars. Any company that trades stock publicly is required to file their financial statements and other important financial information with the SEC (The Securities Exchange Commission). Obviously, false...

Explain in detail the evolution of the banking industry and how initial practices of their founders...

Explain in detail the evolution of the banking industry and how initial practices of their founders still persist today?

1. Explain in detail the evolution of the banking industry and how initial practices of their...

1. Explain in detail the evolution of the banking industry and how initial practices of their founders still persist today Instructions: Answer the above two questions and make sure that: 1. You use your own words as any plagiarism will be captured by the software and rejected 2. You don’t share your answers with anyone as that might jeopardize your grade 3. You submit on the due as late submissions will not be entertained

1. Describe the principles of accounting and financial systems as they apply to your organisation. 2....

1. Describe the principles of accounting and financial systems as they apply to your organisation. 2. Explain Fijian, international and/or local legislation that is relevant to financial management in your organization. 3. Outline the Fijian Tax Office requirements, including Value Added Tax, company income tax, Payroll tax and superannuation obligations, as they apply to your organisation. Include the due dates for the lodgment and payment of obligations in your response. 4. What legislation applies to fraud and the misappropriation of...

Question