Month-End Closing Process

The same starting information will be accessed by PC from the memory gadget, the recovery of the information will be automatic and the speed of recovery will be a few times faster than that of the manual systems. The movement of the information in the accounting system is the first step, however, movement of information is not the catalyst for business opportunities; supplanting the system obliges customization as per the new system, nevertheless, the current information additionally should be moved into new system (Castle, 2008). The movement of the information does not bring new opportunities as it is expected after the computerization of the accounting systems. The new system will have distinctive risks, and the prerequisites will be diverse for the information operations and recovery. The inside controls will be distinctive, and the regulations will be diverse. The recovery of the information turns out to be simple and snappy due to the modernized systems. However, it has the dangers identified with the utilization of information for the reason other than that for which it was gathered. An employee is not supposed to use confidential information of other employees, and therefore confidentiality must be up held. Personal information should be kept classified and utilized just for the planned reason. The information assurance acts have confined the entrance of information by an unauthorized

12–21. Nolan Manufacturing Company retains you on April 1 to perform an audit for the fiscal year ending June 30. During the month of May, you make extensive studies of internal control over inventories.

Then closing the expense accounts, which transfers the balances in the expense account to a clearing account called income summary. Then closing the income summary account, which transfers the balance of the income summary account to the retained earning account. Finally, closing the dividends account, which transfers the balance of the dividends account to the retained earning account. The closing process is important because it reduces the revenue, expense, and dividends account balances to zero so they are ready to receive data for the next accounting period. The only account types that remain open are assets, liabilities, capital stock, and retained

1. Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.

• Audit documentation is used by the successor auditor when reviewing the predecessor auditor’s work. The successor auditor will review the previous year’s audit documentation to help gain a better understanding of the business, to identify any high risk areas that might affect acceptable level of risk, and to assist in planning the audit. Without this documentation it would be difficult for the successor auditor to achieve these goals.

Why is it so important to have security for an organizations database? One reason will be to secure the organizations personal and confidentiality data information. Oracle has a database security software that enables a regulatory compliance for both oracle and non-oracle databases. Oracle has a powerful and a preventative detective security controls that will include database

A review and an audit report are both a form of an attestation engagement. A Review, however, is less in scope so it provides a moderate level of assurance on the financial statements. It is considered a “sniff” of an audit, which comparatively provides reasonable assurance that no material misstatements occurred. Since a review deals with a limited scope, it does not provide the basis for expressing an opinion on the presentation of the

Granting access will be done using the system access NHF process or System request checklist. The IT Staff will:

It is every company mandatory requirement to make sure sensitive data is protected from public access at all times. In large organization sensitive information such as employee salary and performance should be kept confidential from most of the DBA users. For this DBMS uses database security and authorization subsystems that is responsible for security to the portions of database or to restrict the access to the sensitive information.

A seven-year retention period for audits work papers, second partner review and approval, evaluation of whether internal control structure and procedures include records that accurately reflect transactions and dispositions of

Where possible, the manager is responsible for scheduling an exit interview with a terminating employee on the employee’s last day of employment. During the exit interview, the manager is responsible for collecting all KMS issued property, which shall include but not be limited to:

Oracle designs, develops, and supports computer-software products. This software is used for database management and network products, application development productivity tools, and end user applications. The company’s principal product, the oracle relational database-management system, runs on supercomputers, mainframes, microcomputers, and personal computers. The company also offers consulting, support, and system integration services for its customers. Oracle Corporation provides the software that powers the Internet.

Oracle can provide advance security and compliance capabilities with the addition of Enterprise Edition and the release of Oracle 12c. One feature, Label Security, has the ability to control access based on data classification and enforce multi-level security policies. Another, Data Redaction, reduces the amount of sensitive data and Transparent Data Encryption encrypts the data as it leaves the database. Third, Database Firewall and Audit Vault, provides first line defenses before access into the database. Fourth, Key Vault, provides central management of encryption keys, Oracle Wallets, and

1. Currently, the collection period of Oracle is at 137 days which is higher than the industry average of 62 days. The company must reduce credit terms implementing tighter credit control activities

As the use of computers, databases, and technology in general, security has grown to be a powerful tool that has to be used. The threat of outside sources intruding and exploiting crucial information is a threat that is present on a daily basis. As a part of creating and implementing a security policy, a user must consider access control. Access Control is a security tool that is used to control who can use or gain access to the protected technology. Access control security includes two levels; logical and physical. Though database intrusions can happen at any moment, access control provides another security barrier that is needed.