IT General Controls for Financial Statement Audits

As the pace of technology advancement increases, the information systems we rely on to record and store accounting information are growing in complexity and sophistication. Financial data can be dispersed over multiple systems or “sources of truth,” leading to inconsistencies or inaccuracies that may impact business decisions.

With this greater dispersion of information, personnel may end up with too much access, leading to an increased potential of manual error in data entry or even fraud. The completeness, accuracy, and integrity of financial information is, and should be, of great concern to organizational leaders with decision making responsibilities. As such, there is greater need than ever to assess the control environment around the IT systems that produce financial data.

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