Term
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Definition
| Services outside the scope of practice of auditors |
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Term
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Definition
| Public Company Audit Committees |
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Term
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Definition
| Corporate Responsibility for financial reports |
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Definition
| Failure of corporate officers to cerfity financial reports $5,000,000 fine and 20 years |
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Definition
| Disclosures in periodic reports |
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Term
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Definition
| Management Assesment of Internal Controls |
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Term
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Definition
| Code of ethics for senior financial officers |
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Term
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Definition
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Term
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Definition
| Criminal penalties for altering documents |
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Term
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Definition
| Tampering with records or otherwise impeding an official proceding |
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Term
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Definition
| Protection for employees - Whistleblower |
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Term
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Definition
| PCAOB Board - establishment and responsibilities of PCAOB board |
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Term
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Definition
Auditor Independence - enhance auditor objectivity
201 - services outside scope
203 - audit partner rotation
206 - conflicts of interest |
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Term
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Definition
Corporate Responsibility - requirements to be listed on exchange
301 - Public company and audit committees
302 - Corporate responsibility for financial stmts. (signed and certified with reports) |
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Term
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Definition
Enhanced Financial Disclosures - improved accuracy and supporting financial disclosures
401 - Disclosures in periodic reports (Off b/s trans)
404 - Management Assessment of Internal Controls
406 - Code of Ethics
409 - Real Time Issuer Disclosures |
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Term
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Definition
| Analysts Conflicts of Interest ( Underwriters of securities) |
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Term
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Definition
| Commission Resources and Authority - funding for PCAOB |
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Term
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Definition
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Term
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Definition
Corporate and Criminal Fraud Accountability
802- Penalties for Destroying documents
806 - Protection for Whisteblowers |
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Term
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Definition
White Collar Criminal Penalty Enhancements
906 - Corporate responsibility for certification of financial reports , Fines of up to $5,000,000 or 20 years |
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Term
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Definition
| Corporate Tax Returns—requirements for CEO regarding tax returns |
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Term
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Definition
Corporate Fraud and Accountability—further penalties for fraud
1102 - Tampering with records or impeding an official proceeding |
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Term
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Definition
| Requires full disclosure of financial information through the filing of registration statements before securities can be sold in the financial markets |
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Term
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Definition
| Requires ongoing disclosures for registered companies, as well as regulation of stock exchanges, brokers, and dealers |
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Term
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Definition
Source Document Controls
Standard Procedures for Data Input
Programmed Input Validation Checks
Control Totals and Reconciliation |
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Term
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Definition
| Clear and direct instructions, design of source document and input screen should match each other, source document should have area for authorization, prenumbered documents |
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Term
| Standard Procedures for Data Input |
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Definition
| well defined sources data preparation procedures, error handling procedures |
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Term
| Programmed input validation checks |
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Definition
| pre-programmed into accounting application software to prevent or detect input errors |
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Term
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Definition
• Field checks
• Validity checks
• Limit checks
• Range checks
• Reasonableness checks
• Completeness checks
• Sign checks
• Sequence checks
• Self checking digits |
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Term
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Definition
| Determines whether appropriate type (alpha or numeric) of data was entered |
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Term
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Definition
| Checks to see if the data entry is valid compared with a pre-existing list of acceptable values |
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Term
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Definition
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Term
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Definition
| Both upper and lower limit |
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Term
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Definition
| Compares a value in the field to with those fields to which it is related |
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Term
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Definition
| Makes sure that a value is in those fields |
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Term
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Definition
| Appropriate sign (positive or negative) |
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Term
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Definition
| Makes sure batch of transactions is in order |
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Term
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Definition
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Term
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Definition
intended to prevent, detect, or correct errors that occur during the processing in an application
• Run to run control totals
• Limit, range, reasonableness checks
• Computer logs of transactions processed, production run logs, error listings |
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Term
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Definition
| assure accuracy and completeness of the output, and to properly manage the safekeeping of output reports to insure the security and confidentiality of information |
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Term
| Control Totals and Reconciliation |
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Definition
Control totals - subtotals for selected fields for an entire batch of transactions
Record counts - simple count of number of records processed
Batch totals - totals of financial data
Hash totals - totals of fields that have no apparent logical reason to be added |
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Term
| IT Duties to be segregated |
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Definition
Systems analyst - analyze and designed the IT systems
Programmers - write the software
Operations personnel - responsible for processing data
Database administrator - develops and maintains database |
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Term
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Definition
Log In
Smart code
Security token
Biometric devices
Encryption |
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Term
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Definition
User profile
Authority tables
Configuration tables |
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