E-Commerce and Information System

The chances of failures can be decreased by executing the checks on the systems. These keep an eye on the systems preventing risks from occurring, and these checks are avoided as the interior controls. The motivation behind the inner controls is to keep the organization safe from risks associated with the modernized accounting-system risks. Organizations change their manual accounting systems to computerized accounting systems for different reasons, this incorporates the points of interest, and the explanation behind utilizing electronic accounting information is instinct. The organizations embrace the policies of their

In 1991, the internet became available for commercial use, which introduced the possibility for what we now know as electronic commerce, or e-commerce. By 2000, “a great number of business companies in the United States and Western Europe represented their services in the World Wide Web” and it was at this time that the e-commerce that we utilize in today’s business world took shape (e-commerce Land, n.d.). “People began to define the term ecommerce as the process of purchasing of available goods and services over the Internet using secure connections and electronic payment services” (e-commerce Land, n.d.). Through continued growth of the internet, brick and mortar stores came to realize that electronic representation would be an

E-commerce is transactions conducted via electronic means such as the internet, email and SMS. It is considered to be one of the most important aspects of the internet to appear. As a result, people are able to exchange goods and services immediately regardless of their geographic location and time. More and more businesses conduct transactions on line, with some trading purely on-line thus reducing overheads and administrative costs.

A steering committee comprised of personnel from internal audit, information systems, and the finance department are involved in developing the policies of and reviewing the operations of the IT department. This cross-departmental committee helps align the goals of the IT department and the firm as a whole, and helps establish segregation of duties at the manager level so as to establish a culture of openness. Taking this idea of establishing segregation of duties at the managerial level, we find comfort in the fact that the Chief Information Officer (CIO) reviews the logs of the VP, Applications. It is also worthy to note that the IT department has 4 executives that are responsible for different areas of the department and which the CIO is ultimately responsible for reviewing. Although the CIO manages the IT department as a whole, there are 3 levels of management, as the CIO reports to the Chief Financial Officer (CFO) and thus mitigates the risk that oversights or fraudulent activities will be missed. IT Management is a very important area as this helps dictate the tone of the department and helps establish the policies that are in place, but through our review of this ITGC area, we find little risk associated with IT Management and have found evidence that the audit team can rely on the controls put in place.

E-business uses the digital technology to optimize the business activities of organization in order to increase the efficiency and effectiveness of operation and gain competitive advantages. E-business provides the solution that allows the organization to instantly share database, information of products and services, financial figures and data and nearly anything else that the organization may need to operate the business activities effectively and efficiently (Nguyen, 2013). E-commerce which is the abbreviation of electronic commerce is the subset of e-business. It focuses on the online transaction which includes selling of products or service by using computer network, primarily the Internet.

Describe the internal control benefits and risks of IT and describe how IT affects the components of internal control, particularly control activities, information, and communication components.

For more efficient and effective audit procedures, they are different control mechanisms that can be applied in order to minimize risk:

E -business and e-commerce are terms that are used to differentiate one vendors' product from another. Both terms are different, and that difference matters for today's companies. The ‘e’ stands for electronic networks and describes the application of the electronic network technology. This include Internet and electronic data interchange (EDI) and is used

The first section of this chapter provides an overview of auditing and the steps in the auditing process. The second section descdbes a methodology and set of techniques for evaluating

According to Dave Chaffey (2006), E-Commerce is often thought simply to refer to buying and selling through internet. People immediately think of consumer retail purchases from companies such as Amazon. But E-commerce involves much more than electronically mediated financial transactions between organizations and customers. More commentators refer to e-commerce as all electronically mediated transactions between an organizations and third party that deals with. By this definition, non- financial transactions such as customer requests for further information would also be considered to be part of e-commerce.

E-business is the continuous optimization of a firm’s business activities through digital technology (allows the storage and transmission of data in digital formats.) E-business involves attracting and retaining the right customers and business partners. E-commerce is the subset of e-business focused on transactions. E-marketing is only one part of an organization’s e-business

E-commerce is short for electronic commerce where the participants (companies) trade their products and services using computer networks. The buyers and sellers can use platforms like mobile commerce, electronic funds transfer, supply chain management, online transaction processing, data collection, internet marketing, electronic data interchange and inventory management systems. Currently, most of these transactions have taken advantage of the World Wide Web, which is largely accessed through emails and other platforms. E-commerce entails online shopping web sites, active participation in online market places, business to business trading activities, data collection through web contacts and other social media, electronic data interchange between businesses and retails for launching newly innovated and created products and services.

Definition of e-commerce “The term of Electronic commerce has been used for describing a variety of market transaction, enabled by information technology and conducted over the electronic network”. (Bhaskar, 2009)

Electronic commerce, commonly known as eCommerce, is a term for any type of business, or commercial transaction that involves the transfer of information across the Internet. Most people believe it is only the buying and selling of product or service over the Internet and other computer networks, but eCommerce is so much more. It covers a range of different types of businesses, from consumer-based retail, through auction or music sites, to business exchanges trading goods and services between corporations (networksolutions.com). It is currently one of the most significant aspects of the Internet to emerge. Ecommerce allows consumers to exchange goods and services without the barriers of time and distance. Electronic commerce has expanded rapidly over the past two decades and, will likely, continue at this rate, or even accelerate. In the near future, the limits between "conventional" and "electronic" commerce will become more distorted as more and more businesses move segments of their operations onto the Internet.

Electronic Commerce, usually addressed as E-commerce can be described as a type of business used for commercial transactions which involves transfer of information across the internet. It helps people in electronically exchanging goods and services with ease as there is no time or distance barrier.