ACTG 3P97 Lecture Notes - Lecture 2: Business Process, Itil, It Service Management

• School: Brock University
• Department: Accounting
• Course: ACTG 3P97
• Professor: Alex Nikitkov

Document Summary

Actg 3p97- ch. 10 accounting information systems and internal controls. A risk is a(cid:374)(cid:455) e(cid:454)posure to the (cid:272)ha(cid:374)(cid:272)e of i(cid:374)jur(cid:455) or loss (cid:894)also k(cid:374)o(cid:449)(cid:374) as a: risks threat(cid:895), opportunities and o(cid:271)je(cid:272)tives. Opportu(cid:374)it(cid:455) a(cid:374)d risk go ha(cid:374)d i(cid:374) ha(cid:374)d. you (cid:272)a(cid:374)"t ha(cid:448)e a(cid:374) opportu(cid:374)it(cid:455) (cid:449)ithout so(cid:373)e risk a(cid:374)d (cid:449)ith e(cid:448)er(cid:455) risk there is so(cid:373)e pote(cid:374)tial opportu(cid:374)it(cid:455). A (cid:272)o(cid:374)trol is a(cid:374) a(cid:272)ti(cid:448)it(cid:455) perfor(cid:373)ed to (cid:373)i(cid:374)i(cid:373)ize or eli(cid:373)i(cid:374)ate a risk: controls. The analysis serves as a basis for determining how the risks should be managed. 3. control activities: must establish control policies, procedures, and practices that ensure the fir(cid:373)"s o(cid:271)je(cid:272)ti(cid:448)es are a(cid:272)hie(cid:448)ed a(cid:374)d risk (cid:373)itigatio(cid:374) strategies are carried out, occur throughout a firm at all levels and in all functions. Physical controls: mainly manual but could involve the physical use of technology: authorization, segregation of duties, supervision, accounting documents and records, access control, independent verification.