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Advanced Accounting Information Systems. Day 19 Control and Security Frameworks October 7, 2009. announcements. Assignment 3 Game plan Identify potential misclassified minutes Calculate rates by first identifying most recent contracts (i.e. max(Startdate)

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advanced accounting information systems

Advanced Accounting Information Systems

Day 19

Control and Security Frameworks

October 7, 2009


Assignment 3

Game plan

Identify potential misclassified minutes

Calculate rates by first identifying most recent contracts (i.e. max(Startdate)

Separate into flexible and fixed plans

Calculate minutes

Calculate charges per flexible

Calculate charges per fixed

Combine calculated charges per flexible and fixed (UNION)

Compare calculated to InvoiceLine charges


Assignment 4

Merger/acquisition due diligence – significantly shorter time frame

What are the due diligence / audit objectives?

Some of the due diligence work is already done

Identified due diligence objectives (See Figure 3)

Started with prior audit procedures (see Figure 3)

No manufacturing costs since Threadchic is a retailer


Assignment 4

Existence procedure

Verify Threadchic paid for all purchases in a timely manner

join invoice and payment table using outer join to identify any invoices that were not paid yet

Verify inventory consistent with sales

For all items, sales price is 100 percent markup over cost except for marked down items with no sale in the last 21 days. List cost, lastSalesPrice, and calculate salesToCost to determine if each item markup is 100 percent


Assignment 4

Completeness procedure

Verify inclusion of all purchases in inventory

Match purchases to inventory on SKU to find purchases with no entry in inventoryMaster.QOH

Match purchases to counted inventory on SKU to find purchases with no entry in inventoryCount.obsvQOH

Remember – inventoryMaster is Threadchic’s records

inventoryCount – contains number counted by the auditors


Understand risks faced by information assets

Comprehend relationship between risk and asset vulnerabilities

Understand nature and types of threats faced by the asset

Understand objectives of control and security of information assets and how these objectives are interrelated

Understand the building blocks of control (and security) frameworks for information systems

Apply a controls framework to a financial accounting system

hot dog cart case
Hot Dog Cart Case

What business objectives do you expect your new employee to achieve?

What operational and financial risks do you face with allowing an employee to run your hot dog cart?

hot dog cart case1
Hot Dog Cart Case

How can the problem of lack of segregation of duties be addressed when you are away from the business?

hot dog cart case2
Hot Dog Cart Case

What controls could you develop to mitigate (notice I did NOT say completely eliminate) the operational and financial risks identified above while achieving your business objectives?

hot dog cart case3
Hot Dog Cart Case

How can we organize the controls identified above to ensure that our business objective is achieved?

questions for wednesday
Questions for Wednesday

Identify two control frameworks discussed in our textbook and determine if either framework would be useful if you were considering expanding your hot dog cart business


Probability of an attack on an information asset


Designed to minimize or eliminate the risks stemming from vulnerabilities

To design countermeasures

definition of internal control
Definition of internal control

Procedures designed by management to provide reasonable assurance regarding achievement of specific objectives

Classification of internal controls

General vs application

Detective, preventive, or corrective

definition of information security
Definition of Information Security

Protection from harm

Being able to depend on the information system

Two categories

Physical security

Logical security

cobit control objectives
COBIT control objectives

Acquire and develop applications and system software

Acquire technology infrastructure

Develop and maintain policies and procedures

Install and test application software and technology infrastructure

Manage change

Define and manage service levels

Manage third-party services

Ensure systems security

Manage the configuration

Manage problems and incidents

Manage data

Manage operations

iso 17799
ISO 17799

Ten categories or sections

Security policy

Security organization

Asset classification and control

Personnel security

Physical and environmental security

Computer and operations management

System access control

System development and maintenance



Control environment

Risk assessment

Control activities

Information and communication


questions for friday monday
Questions for Friday / Monday

Identify at least one difference between systems availability and business continuity

Why is disaster recovery planning important?

Is disaster recovery planning cost beneficial?