Overview:  Different controls in an organization  Relationship between IT controls & financial controls  The Mega Process Leads  Application of COBIT in an organization  Software used in an organization for IT control  Conclusion

Different controls in an organization  COSO  Internal Environment  Risk Assessment  Control Activities  Information and Communications  Monitoring

Different controls in an organization  COBIT  Planning and Organization  Acquisition and Implementation  Delivery and Support  Monitoring

Relationship between IT controls & financial controls  Failure to terminate application access may result in unauthorized access to company’s confidential information  Only one role/job function allowed per user for Sarbanes-Oxley compliance.

The Mega Process Leads

Application of COBIT in an organization – Why COBIT ?  Attention on Corporate Governance  Management accountability for resources  Specific need for control of IT resources  Business oriented solutions  Framework for risk assessment  Authoritative basis  Improved communication among management, users and auditors

 Management to evaluate IT investment decisions to balance risk and control of investment in an often unpredictable IT environment to benchmark existing and future IT environment  Users to obtain assurance on security and controls of products and services provided by internal and third-parties.  IS auditors to substantiate opinions to management on internal controls to find out the minimum controls that are necessary Application of COBIT in an organization– Who & What for ?

Software used in an organization for IT control  SAP – Software in IT Control  Sarbanes-Oxley Compliance 302 – Corporate Responsibility for Financial reports 404 – Management assessment of Internal controls 406 – Code of Ethics for senior officers 409 – Real time issue disclosures  Creating procedures  Auditing tools  mySAP financials & mySAP ERP

Conclusion  Different controls in organization  Relationship between IT and financial controls  The Mega process leads  COBIT in an organization  Software for IT control