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Discussant: Arturo Lopez October 2007

UWCISA – Symposium The Importance of the COBIT Framework IT Processes For Effective Internal Controls Over Reliability of Financial Reporting: An International Survey. Discussant: Arturo Lopez October 2007. Agenda. Overview Benefits Results Conclusion. Overview.

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Discussant: Arturo Lopez October 2007

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  1. UWCISA – SymposiumThe Importance of the COBIT Framework IT Processes For Effective Internal Controls Over Reliability of Financial Reporting:An International Survey Discussant: Arturo Lopez October 2007

  2. Agenda • Overview • Benefits • Results • Conclusion

  3. Overview • International survey of ISACA members. • Focus on use of COBIT in context of reliability of Financial Reporting. • Rating COBIT processes re importance to financial reporting. • Impact on differences in rating resulting from IT professionals characteristics.

  4. Benefits • Provides a source of data on the level of use of COBIT. • Confirms views from most practitioners on IT in the context of financial reporting. • Timing of survey support effort to rationalize controls under AS 5.

  5. Results • The 5 top rated processes are in general expected. • Ensure system security, manage change and manage data are consider areas of critical control activities. • The assess risk and assess internal control adequacy are critical to entity level controls in any organization. • Low rating for control related to systems under implementation and application controls. • Managed operations rated low is consistent with current views. • Demographics impacted “technology process” factor rating. • Low representation of Europe.

  6. Conclusion • Survey results provide significant information as to IT controls in financial reporting. • Survey did not trigger consideration of automated and application controls in context of IT. • Grouping under Technology Processes did not reach the top rating although in practice this may be critical.

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