The principles are ongoing monitoring, separate evaluations and reporting deficiencies. Having board and audit committees and other personnel to help to monitor the system is also a plus point...

Those standards can help Manuco to employ industrial best practice and minimize the related risks of IT service and infrastructure. Categories Industrial Standard IT Security ISO 17799 Service Management ITIL Application development CMMI IT Planning TSO IS Strategy Quality System ISO and Six Sigma Project Management PMI For best effectiveness, it is proposed that the relevant standards are adopted and leveraged accordingly as a whole through the Corporate and IT governance directive...

Major risk factors commonly used in scoring systems include the following: The adequacy of internal controls; The nature of transactions (for example, the number and dollar volumes and the complexity); The age of the system or application; The nature of the operating environment (for example, changes in volume, degree of system and reporting centralization, sensitivity of resident or processed data, the impact on critical business processes, potential financial impact, planned conversions, and economic and regulatory environment); The physical and logical security of information, equipment, and premises; The adequacy of operating management oversight and monitoring; Previous regulatory and audit results and management’s responsiveness in addressing issues; Human resources, including the experience of management and staff, turnover, technical competence, management’s succession plan, and the degree of delegation; and Senior management oversight...

Section 404 requires that auditors report on the effectiveness of a company's internal controls, including their opinion about the controls. There are two key factors that management must use to design and implement internal controls...