Internal Control System Literature Review

The primary cause of an IT infrastructure audit is to guarantee all IT resources available within a business or organization reach set goals and performance has been achieved while following the correct and the most appropriate processes. The specific objectives of undertaking an IT infrastructure audit may include: · Ensureing that the set infrastructure is compliant with the legal and regulatory requirements. · Ensuring that the IT infrastructure enforces the confidentiality of its corporate data. · Assessing whether the IT infrastructure in an organziation helps in attaining and maintaining data integrity. · Ensureing that the IT infrastructure guarantees availability and reliability of the available

As stated in Principle 1, The Board of Directors directs the Group’s risk assessment, strategic planning, succession planning and financial and operational management to ensure that obligations to shareholders and other stakeholders are understood and met. The board of directors has a collective responsibility for the management of the group to make sure the group is on the way to approach to their objectives while the non-Executive Directors are responsible for bringing independent judgment and scrutiny to decisions taken by the Board of Directors and providing objective challenges to management. Besides, the board of directors also function as formalising and adopting a set of Code of Ethics through the Code of Conduct as Recommendation 1.3 as stated in the Malaysian Code on Corporate Governance 2012 to make sure its compliance, establishing an appropriate set of corporate disclosure policies and procedures and ensuring a whistleblowing mechanism is in place. The Board of Directors recognizes the importance of independence and objectivity in its decision making process. The Directors are professionals of high calibre and integrity and possess in-depth knowledge and experience of the business to enable them to discharge their duties effectively.

It plays a major role in competency/value measurement for its performance of different projects. It helps organization for evaluation of the project. IT also helps good governance planning by understanding the projects and business strategy. IT partner with the business for any new project and its deliverable will be based on business requirement. For example, IT has to develop a separate and secured environment for banking and Finance sectors project and IT has to manage and adhere all the prerequisites demand by client.

Established procedures must be followed while conducting internal affairs investigations. a. The investigation is to be thorough and impartial in order to protect the rights of the officer and maintain integrity of the department. b. A proper investigation allows for the identification of facts, clarification of issues and identification of deficiencies.

A code of ethics is a collection of principles and practices that a business believes in and aims to live by. A code of business ethics usually doesn't stand alone, it works in conjunction with a company's mission statement and more specific policies about conduct to give employees, partners, vendors, and outsiders an idea of what the company stands for and how it's members should conduct themselves. In writing organisational ethical code, the following has to be considered: Professional Accountability Interpreters accept responsibility for all professional decisions made and actions taken. (a) Confidentiality • Employees of the organisation will respect the privacy of consumers and hold in confidence all information obtained in the course

The participants include the board of directors, managers, shareholders, creditors, auditors and stakeholders (Ramadhan, 2012). It further identifies the rules and procedures incorporated in decision making within corporate issues. Incorporation of corporate governance enhances the development of a structure that seeks to enhance proper achievement of organizational objectives through identification and incorporation of social, legislative, market and environmental aspects that directly affect the corporate functions of the organization. The adoption of the Act sought to ensure that businesses adopted high operational standards necessary in influencing the adoption of effective financial procedures that meet the stakeholder interests. Therefore, the adoption of the Sarbanes-Oxley Act within U.S. firms remained instrumental in ensuring that the firm meets the financial obligations of stakeholders through the adoption of the corporate governance

Weber’s bureaucratic principles states that an organization should have written rules, hierarchy of authority, system of task relationships and fair evaluation and reward. Refer to Figure 4 below. Explaining Weber’s bureaucratic principles, authority should be clearly defined as this would allow the managers to supervise and control their subordinates in an organization. Rules and regulations should be clearly specified in form of Standard Operating Procedures (SOP) to ensure that activities are performed in a particular manner which will facilitate coordination. Position and duties should be clearly specified, this would allow employees to know what is expected of them based on their expertise.

Introduction An accountant is the backbone for each business and they are the greatest asset to the running, day to day legality and future success of any business. Accountants are qualified and specialist of accounting that led all the business daily transactions and entries. Nowadays the accountant playing the biggest role in managing and making decision in firms in fact either small or big business need to have accountant to avoid any losses and flow with right direction by using accounting systems. Accounting is a systematic recording the financial statements for each business in a specific way. There is more than one way to show and provide a figure of the performance, financial position and cash flow of the business.

The degree to which an engagement quality control reviewer can be consulted on the engagement without compromising the reviewer’s objectivity. .43 The firm should establish policies and procedures designed to maintain the objectivity of the engagement quality control reviewer. Such policies and procedures should provide that although the engagement quality control reviewer is not a member of the engagement team, the engagement quality control reviewer should satisfy the independence requirements relating to the engagements reviewed. Accordingly, such policies and procedures should provide that the engagement quality control

What are the typical reasons why organisations have HRM policies? Answer • HRM policies provide guidance and instruction on what the rules and regulations of the organisation are regarding company property and procedures to be adhered to. • HRM policies instruct you on what your behaviour and performance should be while in the employ of the organisation. • HRM policies help management to make decisions that are consistent and in line with legislation. • HRM policies communicates the values and expectations of the organisation.