1. Loss of business continuity/going-concern problem. Inadvertent or deliberate corruption of EDI-related applications could a. ect every EDI transaction entered into by an organization, impacting customer satisfaction, supplier relations, and possibly business continuity eventually.
2. Loss of confidentiality of sensitive information. Sensitive information may be accidentally or deliberately divulged on the network or in the mailbox storage system to unauthorized parties including competitors.
3. Increased exposure to fraud. Access to computer systems may provide an increased opportunity to change the computer records of both a single organization and that of its trading partners by sta. of the trading parties or by third-party network
4. Manipulation of payment. A situation where amounts charged by or paid to suppliers are not reviewed before transmission. A erefore, there is a risk that payments could be made for goods not received, payment amounts could be excessive, or duplicate payment could occur. (more…)
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This form summarizes the nature and timing of the involvement of the company’s principal executive officer and its principal financial officer in the company’s process for assessing internal control effectiveness.
Project Planning
1. Review the composition of the project team and satisfy yourself that
a. The team as a whole has the skills to perform the work competently.
b. The project manager has sufficient status within the company to ensure sufficient internal control testing coverage and adequate consideration of, and actions on, the findings and recommendations of the individuals performing the testing.
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source: SOX Implementation Toolkit, Michael Ramos
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Chief Audit Executives (CAEs) can use this checklist to examine their IT control framework to ensure the organization has addressed all control elements. The checklist can help the CAE understand the issues and plan for full internal audit coverage of the control areas.
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Popularity: 23% [?]
Financial Literacy
All members of the committee are “financially literate.” If not, lack of literacy is due to recent appointment to the committee, and appropriate steps are planned and underway to develop literacy.
Financial Expertise
At least one member has accounting or related financial management expertise.
The board has determined whether at least one committee member meets the definition adopted by the SEC of an “audit committee financial expert.” The name of the “audit committee financial expert” is disclosed in the proxy. If more than one committee member meets the definition, the board considers whether to name more than one person in the proxy.
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Popularity: 28% [?]
Keep track of employee turnover in your organization with a customizable checklist. Turnover is a fact of life in the corporate environment. Keeping tabs on the flow can be simplified with a tools designed for that purpose. The TechRepublic Employee Separation Checklist, available in this free download, can help your help desk track the constant flow of employees in and out of your organization.
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Popularity: 12% [?]