ACC 544 Week 6 Reporting Options, Evaluation Criteria, and Information Technology Controls

Apr 23rd, 2015
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ACC 544 Week 6 Reporting Options, Evaluation Criteria, and Information Technology Controls

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Reporting Options, Evaluation Criteria, and Information Technology ControlsNAMEACC/544DATEPROFESSORAs a broad definition, financial reporting is the means by which a business communicates information about its financial position. Evaluations of this information provides insight regarding a company's ability to productively use economic resources as well as providing a basis for further shareholder assessments of prospective risks and returns. Based on this, one may conclude it is an extraordinarily basic yet important element of financial infrastructure. These evaluations consist of three reports that provide a company options for communicating the state of the internal control structure. The options can be evaluated under established criteria commonly found in Committee of Sponsoring Organizations (COSO), Control Objectives for Information and related Technology (COBIT), and International Organization for Standardization (ISO) 17799/27002 frameworks.Reporting OptionsThe Sarbanes-Oxley Act of 2002 and Accounting Standard 2 require three reports to accompany a business's financial statements:1. An auditor's report on the financial statements and related disclosures,2. Management's report on the company's internal control over financial reporting, and3. An auditor's report on the company's internal control over financial reporting.The auditor's report on financial statements and related disclosures is fairly straightforward in that it provides an opinion on

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