Figure depicts the adaptation of a sample control matrix from a PricewaterhouseCoopers guide for Section 404 of the Sarbanes-Oxley Act of 2004.27 We have added some data from the Suprina Company example to the first row of the matrix. Compare the elements in Figure to those in Figure. What is similar? What isdifferent?
Answer to relevant QuestionsProvide a comparison of the internal control frameworks of COSO’s ERM and SAS No. 78. Discuss (in a manner prescribed by your professor) the implications to independent auditors of the differences.“No matter how sophisticated a system of internal control is, its success ultimately requires that you place your trust in certain key personnel.” Do you agree? Discuss fully.“Contracting for a hot site is too cost-prohibitive except in the rarest of circumstances. Therefore, the vast majority of companies should think in terms of providing for a cold site at most.” Discuss fully.Personnel at C& P Company must perform the following functions: 1. Receive checks and remittance advice from customers. 2. Approve vendor invoices for payment and prepare checks. 3. Approve credit memoranda for customer ...The following is a list of six control plans from this chapter. Control Plans A. Firewall B. Access control software C. Personnel termination control plans D. Personnel selection and hiring control plans E. Rotation of ...
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