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Unit 4: Internal Control

Self Assessment Notes

Fill in the blanks:
14. The internal audit activity is led by the ........................
15. The purpose of internal audit is to evaluate the ........................

16. Internal checking is an accounting procedure or physical control to safeguard ......................
due to fraud or other irregularities.
17. An effective internal ........................ can provide assurance to other stakeholders such as
regulators, employees, providers of finance, and shareholders.



Case Study Cosma International

Business Needs
The foremost need of Cosma International in wanting an audit product was to aid prepare
SOX Audit Reports of their 280+ users and 250+ computers; this said the elementary block
was breaking down the humongous assorted data into comprehendible SOX Audit
compliance reports.
Solution
ADAudit Plus scores not only on the functionality of gathering assorted Active Directory
data, but also in interpreting them as simple reports. It likewise excels in monitoring the
Active Directory data and furthermore pinpointing security breaches.

A brief input on SOX Audit Compliance for Public Limited Companies:
The Sarbanes-Oxley Act (SOX) of 2002 set new requirements for the integrity of the source
data related to financial transactions and reporting, stored within corporate databases
including: user management, authentication, separation of duties, access control, and audit
trail.

The iterative compliance process includes the following four steps:
1. Assess - Gather risk and data usage information.
2. Set Controls and Policies - Define acceptable usage pattern.
3. Monitor and Enforce - Capture activity and prevent unauthorized actions.

4. Measure - Report on activity, recommend refinements as needed.
Benefits
Manage Engine ADAudit Plus with its complete audit reporting features helped Cosma
International primordially in preparing the SOX Audit compliance reports and to manage
data. ADAudit Plus is simple to deploy, easy to manage and reasonably priced making it
a valuable asset for any company.
About Customer
Cosma International’s strong foundation in the automotive industry lies in their belief to
boldly pursue opportunities while allowing the ability to respond to customers’ needs
Contd....

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