|
History Of Information Technology Auditing
Information Technology Auditing (IT auditing) began as Electronic Data Process (EDP) Auditing and developed largely as a result of the rise in technology in accounting systems, the need for IT control, and the impact of computers on the ability to perform attestation services. The last few years have been an exciting time in the world of IT auditing as a result of the accounting scandals and increased regulation. IT auditing has had a relatively short yet rich history when compared to auditing as a whole and remains an ever-changing field. The introduction of computer technology into accounting systems changed the way data was stored, retrieved and controlled. It is believed that the first use of a computerized accounting system was at General Electric in 1954. During the time period of 1954 to the mid-1960s, the auditing profession was still auditing around the computer. At this time only mainframe computers were used and few people had the skills and abilities to program compu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Technology Audit
An information technology audit, or information systems audit, is an examination of the management controls within an Information technology (IT) infrastructure and business applications. The evaluation of evidence obtained determines if the information systems are safeguarding assets, maintaining data integrity, and operating effectively to achieve the organization's goals or objectives. These reviews may be performed in conjunction with a financial statement audit, internal audit, or other form of attestation engagement. IT audits are also known as automated data processing audits (ADP audits) and computer audits. They were formerly called electronic data processing audits (EDP audits). Purpose An IT audit is different from a financial statement audit. While a financial audit's purpose is to evaluate whether the financial statements present fairly, in all material respects, an entity's financial position, results of operations, and cash flows in conformity to standard acco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISACA
ISACA is an international professional association focused on IT (information technology) governance. On its IRS filings, it is known as the Information Systems Audit and Control Association, although ISACA now goes by its acronym only. ISACA currently offers 8 certification program as well as other micro-certificates. History ISACA originated in United States in 1967, when a group of individuals working on auditing controls in computer systems started to become increasingly critical of the operations of their organizations. They identified a need for a centralized source of information and guidance in the field. In 1969, Stuart Tyrnauer, an employee of the (later)[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Policies
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies. Available through HeinOnline. The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer.Wollner KS. (1999). How to Draft and Interpret Insurance Policies. Casualty Risk Publishing LLC. In some cases, however, supplementary writings such as letters sent after t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity Funding
Equity Funding Corporation of America was a Los Angeles-based U.S. financial conglomerate that marketed a package of mutual funds and life insurance to private individuals in the 1960s and 70s. It collapsed in scandal in 1973 after former employee Ronald Secrist and securities analyst Ray Dirks blew the whistle on massive accounting fraud, including a computer system dedicated exclusively to creating and maintaining fictitious insurance policies. Investigation found that from 1964 onward, as many as 100 company employees had engaged in organized deception of investors, auditors, reinsurers and regulatory authorities. Equity Funding was founded in 1960. Its two top officials and shareholders were Stanley Goldblum and Michael Riordan (brother of future Mayor of Los Angeles Richard Riordan), who was killed in January 1969 in a mudslide that destroyed his home in Los Angeles. The company went public in 1964. By 1972, it was one of the ten largest life insurance companies in the Un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Technology
Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of data . and information. IT forms part of information and communications technology (ICT). An information technology system (IT system) is generally an information system, a communications system, or, more specifically speaking, a computer system — including all hardware, software, and peripheral equipment — operated by a limited group of IT users. Although humans have been storing, retrieving, manipulating, and communicating information since the earliest writing systems were developed, the term ''information technology'' in its modern sense first appeared in a 1958 article published in the ''Harvard Business Review''; authors Harold J. Leavitt and Thomas L. Whisler commented that "the new technology does not yet have a single established name. We shall call it information technology (IT)." Their definition consists of three categories: techniques for pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Markets
A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial markets as commodities. The term "market" is sometimes used for what are more strictly ''exchanges'', organizations that facilitate the trade in financial securities, e.g., a stock exchange or commodity exchange. This may be a physical location (such as the New York Stock Exchange (NYSE), London Stock Exchange (LSE), JSE Limited (JSE), Bombay Stock Exchange (BSE) or an electronic system such as NASDAQ. Much trading of stocks takes place on an exchange; still, corporate actions (merger, spinoff) are outside an exchange, while any two companies or people, for whatever reason, may agree to sell the stock from the one to the other without using an exchange. Trading of currencies and bonds is largely on a bilateral basis, although some bonds trade o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Statements
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis: # A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time. # An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. # A statement of changes in equity or statement of equity, or statement of retained earnings, reports on t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
September 11, 2001 Attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercial airliners scheduled to travel from the Northeastern United States to California. The hijackers crashed the first two planes into the Twin Towers of the World Trade Center in New York City, and the third plane into the Pentagon (the headquarters of the United States military) in Arlington County, Virginia. The fourth plane was intended to hit a federal government building in Washington, D.C., but crashed in a field following a passenger revolt. The attacks killed nearly 3,000 people and instigated the war on terror. The first impact was that of American Airlines Flight 11. It was crashed into the North Tower of the World Trade Center complex in Lower Manhattan at 8:46 a.m. Seventeen minutes later, at 9:03, the World Trade Center’s So ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur Andersen
Arthur Andersen was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corporations and was one of the "Big Five" accounting firms (along with Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers). The firm collapsed by mid-2002, as details of its questionable accounting practices for energy company Enron and telecommunications company Worldcom were revealed amid the two high-profile bankruptcies. The scandals were a factor in the enactment of the Sarbanes-Oxley Act of 2002. In 2002, just nine months after the scandal broke, the firm was found guilty of crimes in the auditing of Enron. By that time, Arthur Andersen had lost most of its business and two-thirds of its 28,000 employees, and was facing multi-million dollar lawsuits. On August 31, 2002, the company surrendered its licenses to practice as c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional companies. Before its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a major electricity, natural gas, communications, and pulp and paper company, with claimed revenues of nearly $101 billion during 2000. ''Fortune'' named Enron "America's Most Innovative Company" for six consecutive years. At the end of 2001, it was revealed that Enron's reported financial condition was sustained by an institutionalized, systematic, and creatively planned accounting fraud, known since as the Enron scandal. Enron has become synonymous with willful corporate fraud and corruption. The scandal also brought into question the accounting practices and activities of many corporations in the United States and was a factor in the enac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AT&T Corporation
AT&T Corporation, originally the American Telephone and Telegraph Company, is the subsidiary of AT&T Inc. that provides voice, video, data, and Internet telecommunications and professional services to businesses, consumers, and government agencies. During the Bell System's long history, AT&T was at times the world's largest telephone company, the world's largest cable television operator, and a regulated monopoly. At its peak in the 1950s and 1960s, it employed one million people and its revenue ranged between US$3 billion in 1950 ($ in present-day terms) and $12 billion in 1966 ($ in present-day terms). In 2005, AT&T was purchased by Baby Bell and former subsidiary SBC Communications for more than $16 billion ($ in present-day terms). SBC then changed its name to AT&T Inc. Today, AT&T Corporation continues to exist as the long distance subsidiary of AT&T Inc., and its name occasionally shows up in AT&T press releases. Buildings with AT&T logo * AT&T Huro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
E-commerce
E-commerce (electronic commerce) is the activity of electronically buying or selling of products on online services or over the Internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. E-commerce is in turn driven by the technological advances of the semiconductor industry, and is the largest sector of the electronics industry. Defining e-commerce The term was coined and first employed by Dr. Robert Jacobson, Principal Consultant to the California State Assembly's Utilities & Commerce Committee, in the title and text of California's Electronic Commerce Act, carried by the late Committee Chairwoman Gwen Moore (D-L.A.) and enacted in 1984. E-commerce typically uses the web for at least a part of a transaction's life cycle although it may also use other techno ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
