I need some assistance with these assignment. use of cobit as corporate governance audit methodology Thank you in advance for the help! Keywords: Computer security and Audit, Information Security and control, Computer Security & Risk Management, COBIT and IT systems, Sarbanes Oxley Act, Project management, Risk assessment, Security Management, Performance management, Corporate Accountability, Audit.
As an outcome of the analysis of the famous Enron and Anderson Scandals in late 2001, the US Government introduced Sarbanes Oxley Act 2002 that enforced a number of enhancements in the methodology of Corporate Governance and also ensured better accountability of auditors in control of corporate frauds. The Act promoted greater accountability and transparency of corporate functions and accounting as it has enhanced assessment and financial evaluation in large corporate houses.
The section 404 of Sarbanes Oxley act pertains to the internal control assessment & accountability of the management of the organization whereby the company is required to submit an internal control evaluation report pertaining to the procedures of financial reporting. This would mean companies will have to be controlled by internal auditors whose practices and evaluation of company financials will have to be made accountable to external auditors, financial analysts, the media, and the public at large. Accountability of large corporations has become especially important after the major corporate scandals that exposed the flaws in accounting and even highlighted unethical practices that devalued accounting as a profession. .