Databasepaper

Running head: Database Memorandum Paper

Database Memorandum Paper

Stephanie Mull

CIS/319

July 23, 2010

In my organization our Internal Audit & Compliance (IA&C) is responsible for ensuring there are appropriate checks and balances of the Company's financial and compliance systems and processes. The IA&C Department provides assurance to key stakeholders, including executive management and the Audit Committee of the Board of Directors, on the adequacy of internal controls over the financial, compliance and information technology functions.  

IA&C monitors compliance with Section 404 of the Sarbanes-Oxley Act, maintains a risk profile of the organization to ensure that significant risks are monitored and addressed, administers the organization information hotline, and investigates suspected fraudulent or unethical activities and compliance matters.

The audit process consists of several phases: 

• Planning – This phase allows the audit team to obtain background information on your area and an understanding of your operations, as well as determine the objectives and scope of the audit.

• Field work – This phase includes testing the internal control system and determining if the area is operating in an efficient and effective manner in compliance with the organization policies and procedures.

• Reporting – During this phase, the audit team documents the audit results and findings. The audited area will have an opportunity to review the draft report issued by Financial Audit and will be asked to respond with management action plans. The final report will be issued to appropriate levels of the organization.

• Follow-up – We will return to your area in about 12 months to ensure that management’s action plan has been fully and timely implemented.

The length of the audit can vary. During the Planning phase of the audit, the audit team will provide an estimate of the time needed to complete the audit.

The...