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the financial report within framework of recognized accounting policies and to
maintain accountability for assets.
• Access
to assets
in permitted only
in
accordance
with
management’s
authorization.
•
The
record of accountability for
assets
is compared
with
the existing assets at
reasonable intervals and appropriate
action
is taken with
respect to
any
differences.
2.4.3 Types of IC
Romney and Steinbart (2006, p. 192) segregate ICs into two categories:
General Controls.
It is designed to make sure an organization’s control environment is stable and
well
managed.
Some
of
the
more
important
general
controls
are
information
systems management controls, security management controls, IT infrastructure
controls, and software acquisition, development, and maintenance controls.
Application Controls.
It
prevents, detects,
and corrects transaction errors and
fraud.
It
is
concerned
with
the
accuracy,
completeness,
validity, authorization
of
the data
captured,
entered
into
the
system,
processed, stored,
transmitted
to
other
systems
and
reported.
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