The world has changed, and Information Technology (IT) is no longer simply a back- office function. IT and its role in today’s business environment is an important component for the success of any organization. Although organizations are staffed with experienced personnel who are skilled in the technicalities of data systems, personnel computer systems and data access methods, it is important all personnel have a solid understanding of control procedures that comprise the complex nature of today’s digital world. This training will assist in understanding the many advancements of information technology and its uses in today’s business environment. These advancements and uses of information technology can relate to financial, operational or compliance reporting methods. We will discuss the critical tie to COSO 2013 and delve into understanding the variance between general controls and application controls. We will further evaluate the aspect of general controls and provide examples and usages for today’s business.
To begin to understand information technology risks in emerging business environments, it is important to be familiar with the COSO Framework and recognize the link to IT controls. It is also important to have knowledge of the COBIT information technology framework. Each framework provides insight for gaining a deeper understanding of what comprises IT controls.
Publication Date: July 2019
Designed For
Business owners and operational professionals, Accountants and Finance professionals, Internal auditors, Individuals entering information technology roles, and Board members and audit committee members.
Topics Covered
- Information Technology and Information Systems
- COBIT
- IT General Controls
- Application Controls
- COSO and IT
- IT Governance
- Emerging Trends in IT
Learning Objectives
- Describe information systems and differentiate between information technology
- Recognize and examine the COBIT framework for IT controls
- Differentiate Application Controls vs. General Controls
- Describe COSO's link to IT as it relates to the five components of COSO
- Recognize how to discuss IT governance processes
- Identify and evaluate the world of emerging IT risks
- Differentiate the five components of an information system
- Identify which controls the basic functions of a computer and typically comes preinstalled with the machine
- Describe which type of information system extends information retrieval capabilities of the end-users with query and analysis functions
- Identify one of the broad areas of cloud computing
- Describe integrity controls
- Identify benefits of cloud computing
- Identify a process which helps in discovering informational patterns with data
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Information Technology (1 hour), Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.