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Fangzhou Hou posted a new activity comment 8 years, 10 months ago
Question: Is information security a technical problem, a business problem that the entire organization must frame and solve, or both? Explain the nature of the problem in the context(s) you chose.
The information security is a technical and a business problem. First of all, the information security of an organization requires some basic…[Read more]
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Fangzhou Hou posted a new activity comment 8 years, 10 months ago
Question: Describe a business process you have experienced (either as an external or internal participant) and what your role was.
Experience: Customer Service Department in the China Construction Bank.
Background: The China Construction Bank (CCB) is the second largest bank in China. There are different teams in the customer service…[Read more]
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Fangzhou Hou commented on the post, Week 2: Questions, on the site 8 years, 10 months ago
I do agree with your opinion that the SOX was needed. The section 302 and 404 requires the management of an organization take the responsibility in confirming the effectiveness and weakness of the internal control for financial reporting in an ICS report, and according to the section 404, an external auditor must also submit a confirmation. In…[Read more]
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Fangzhou Hou posted a new activity comment 8 years, 10 months ago
Question: The Sabanes-Oxley Act in the US and many similar laws in other countries were enacted as result of high profile control failures. Are these laws a sufficient reaction to the failures or are they an overreaction? Explain.
The Sabanes-Oxley Act in the US is a sufficient reaction to the high profile control failures. After a series of…[Read more]
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Fangzhou Hou posted a new activity comment 8 years, 10 months ago
I do agree your points, but I think the upper management should also take the responsibility to enhance the level of ICS. If the decision makers in an organization underestimate the significance of the Iternal Control System, the internal control environment will become weaker. For example, if the upper management didn’t realize the importance of…[Read more]
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Fangzhou Hou posted a new activity comment 8 years, 10 months ago
Question: In your own words, how would you define a control environment?
The control environment includes the factors that have important influence in establishing a policy or project to minimize the potential risks of an organization. It also stands for the understanding, attitude, and action about the internal control of upper management. The…[Read more]