Controls for Information Technology and Reporting and Evaluation Essay

Controls for Information technology and Reporting and Evaluation - Essay Exampleove-mentioned company implements real-time compliance tools to obtain company-wide data finished one and only one source of tuition, which is its database. These tools notify the management about any compliance problems, and list to provide accurate and timely information, making the company more open to the varying business requirements. These tools overly help the management to prepare reliable financial statements. Apart from the real-time compliance tools, my company implements alone the five components of inseparable halt control environment, risk assessment, information and communication systems, control activities, and supervise.To evaluate the indispensable controls, it is first important to understand the definition of inbred control organize a project police squad to conduct the evaluation evaluate internal control at the entity level understand and evaluate internal control at the p rocess, transaction, or application level and, evaluate overall effectiveness, identify matters for improvement, and establish monitoring system. The criteria against which the internal controls of my company are to be evaluated is the Sarbanes-Oxley Act of 2002, which requires that the management must include an internal control reporting assessment with its annual report. My company uses AICPA/CICA Trust Services framework in their IT-based work, as an information systems auditor, to evaluate internal controls over information technology.Section 404 of the Sarbanes-Oxley Act of 2002 requires that I, as a manager of internal controls, should include a statement of my responsibility for implementing and maintaining proper internal controls, along with a report that should tally how effective these internal controls have been through the year, in the companys annual report. The Act withal requires me to submit a report that summarizes the framework that I use to evaluate the intern al controls, along with a statement or report that states that an external auditor has issued