Companies, businesses, individuals, and Boards’ risk-related responsibilities at financial services companies have intensified, with governance of Information Technology risk becoming increasingly critical. However, IT risk may be the one risk that the typical financial services Board member may be least prepared to oversee. More specifically, many do not understand how to tackle risks within the general ledger and financial reporting system, as this system plays a central role in businesses and has many impacts on many other systems. Required Discuss THREE (3) potential exposures or risks within the general ledger and financial reporting system, and the FIVE (5) main control issues within that same sub system. Ensure you make reference to the main internal controls.
Companies, businesses, individuals, and Boards’ risk-related responsibilities at financial services companies have intensified, with governance of Information Technology risk becoming increasingly critical.
However, IT risk may be the one risk that the typical financial services Board member may be least prepared to oversee. More specifically, many do not understand how to tackle risks within the general ledger and financial reporting system, as this system plays a central role in businesses and has many impacts on many other systems.
Required
Discuss THREE (3) potential exposures or risks within the general ledger and financial reporting system, and the FIVE (5) main control issues within that same sub system. Ensure you make reference to the main internal controls.
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