Issues with Financial Application Controls..... 1205

  • Hi,
    I am new to sox and learning it a bit every day. It would be a great help if you guys help me finding ans of some of common questions:

    1. What are key controls (General as well as Applications)? (Are they the one that are put on the risks that are directly impacting initiation, authorization, recording, processing or reporting financial statements?)
    2. how financial applications work? I mean I know about Oracle 11i, SAP, Peoplesoft and similar ERP Systems but they are the big one. Only big org can afford them. In these ERP sys, major financial interrelated moduls and installed on diff systems and location within as well as outside the org. such as sales moduls, purchase, marketing, order, inventory…and all of them share common database…however for custom build financial apps, scenario may be diff( I really dont know that is why i am putting qustion) I dont know what.
      I would highly appreciate if someone explains to me how these custom build financial apps work and how the audit is done.

Log in to reply