Develop plan to protect its accounting and financial systems
Course:- Accounting Basics
Reference No.:- EM13858256

Assignment Help >> Accounting Basics


Please respond to the following:

You have been hired by the CFO of Strayer University to develop a plan to protect its accounting and financial systems at a reasonable cost. Suggest a high-level plan for the CFO. Provide support for your suggestion.

Based on your security plan recommendation, determine the system aspect that is most likely to be violated


Verified Expert

Preview Container content

Accounting and Financial system is most susceptible to various threats both external and internal. One can combat threat to a certain extent.
There are various threats and vulnerabilities to which business today is exposed. They could be:

• Unforeseen natural hazards such as floods, earthquakes, or acts of terrorism,
• accidents or deliberately damage or destroy,
• application error, hardware or network failures

Many organizations have implemented Internal Control System to carry on business in an efficient manner. Various internal control measures are independent audit by third party of the entire system, periodical reconciliation of the outstanding balances with third party as also Bank Statements.

Human Resource is one of the most valued and also critical asset of an organization. Any policies, procedures, system are all meant for them and drafted by them. So there should be utmost care in selecting the right man for right job. It is always required to obtain full information about the employee, his/her background check, awareness among the employees of the importance of the system, getting them in dummy fraud detention drive, segregation of duties, prevention of unauthorized system access, mandatory core leave at regular intervals, job rotation, etc.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
How does Gina's monthly profit increase as revenue increases? (Note: given that absence of unit-level data, you will need to express Gina's monthly profit in terms of revenu
Store Norske is considering forming a joint venture company with Coal India Limited, jointly owned 50% each. What issues will the new company have to address in doing busine
What advice would you provide the negotiating parties regarding the issue of considering the Eagles Stadium income statement in their discussions? What authoritative literat
Do you receive a form 1099? Why should you receive a higher hourly rate than if you were issued a W-2 Form (this relates to the self-employment tax of 14.3% based on 7.65% as
At March 31, Bandstra Co. had a book balance in its cash account of $5,500. At the end of March the company determined that it had outstanding checks of $900, deposits in tran
The qualified higher education expenses they paid in 2010 totaled 2100. Their modified adjusted gross income for the year was 55000. How much of the 500 interes can bill and
Net income (or net loss) during 2010, assuming that as of December 31, 2010, assets were $960,000, liabilities were $156,000, and there were no additional investments or wit
What are two primary responsibilities of the financial manager. From the Internet what are two additional ideas about the other activities that financial managers are involve