ITGC&ITAC

ITGC&ITAC

1. General Computer Controls are control activities performed within the IT Organization or the technology that they support that can be applied to every system that the organization relies upon;

2. Why are IT General Controls Important?

   • Systems hardware and software applications support the critical business processes of almost every company;
   • General control concepts can be applied regardless of industry, business line, or size and complexity of the systems processing environment.
   • Without effective General Computing Controls, reliance on IT systems may not be possible

3. Application controls are manual or automated control procedures that typically operate at a detailed business process (cycle or transaction) level and are designed to ensure the integrity of the accounting records.

4. The objective of internal controls over application systems is to ensure that: –

   • – All input data is accurate, complete, authorized and correct
   • All data is processed as intended
   • All data stored is accurate and complete
   • A record is maintained to track the process of data from input to storage, and to the eventual output
   • Access to data is limited based on business need – Incompatible duties within an application are systematically prevented

5. What Is Fraud?

   • Fraud is a common risk that should not be ignored. The incidence of fraud is now so common that its occurrence is no longer remarkable, only its scale.

6. What Are Internal Controls?

   • Keeping an eye on organization assets and resources. • Finding ways to make sure people don’t do bad things. • Protecting the organization from being accused of doing bad things. • Good, sound business practice. • Common sense!