Wen Ting Lu

Firms urged to automate security certificate backup after Globalsign blackout

The article I read this week is about online firms are being urged to reduce their dependency on Globalsign (a cross-certificate allows a certificate to chain to an alternate root) security certificate authority (CA) after an error made customer sites inaccessible. An…[Read more]

I just read the email professor sent out earlier today.. I think my subscription limit might be over the allowance.
When I try to repeat challenge one, it asks me to get an Azure subscription.

I created VM for challenge 1 and it worked fine up to last time I signed in to my Azure account 2 days ago. However, when I log back in today VM is not being listed in the portal and it appears to be gone…..

I did some research online, there are two common reasons why VMs are deleted.
1.VM is created under a trial subscription and the…[Read more]

Are the terms Business Continuity Plan (BCP) and Disaster Recovery Plan (DRP) synonyms or are they different? If they are different, what are the differences?

BUSINESS CONTINUITY PLANNING (BCP) – A process that organization use to plan and test the recovery of its business processes after a disruption. It also describes how an organization will…[Read more]

1. As we’ve seen in the P2P and OTC Processes many different often non-financial business functions are involved with ERP system transactions that post to accounting records. If you are responsible for Finance / Accounting controls for your company how would you manage the risks coming from these non-Financial function jobs?

I would implement p…[Read more]

3. Controls are important to financial and accounting processes. What would be different in the controls of a purely domestic US company vs. an international company? Give 1 – 2 specific examples.

In US, we follow GAAP as the accounting standard, while IFRS is the accounting standard used in over 110 countries around the world. GAAP is c…[Read more]

2. As we continue to learn about business processes and ERP systems we often discuss financial or account related terms and concepts. How much finance and accounting knowledge should IT personnel supporting business applications know and learn? Explain

I think IT personnel supporting business applications should know basic accounting and…[Read more]

You are right, Daniel. It’s very important to take calendar key into consideration. Also, for the system to have a control like this helps the company to monitor and track the transactions. As a customer I would like to have my order shipped to me on time. Especially when doing business with other country, the company must check holidays in that…[Read more]

Great points! It totally depends on what IT positions are you applying for. As a IT auditor, basic accounting knowledge such as be able to analyze financial statements, know the debit and credit side for the general entries. In addition, be able to identify the financial risks when looking at financial reports, etc, It could be difficult for…[Read more]

What controls can be implemented to mitigate the risks associated with outsourcing?

A: Some controls can be implemented to mitigate the risks associated with outsourcings:

-Research the outsourcing company in details including current processes, whether or not it has laws to protect its intellectual property or other private data (preventive…[Read more]

What are the benefits and risks of out-sourcing?

Benefits of out-sourcing

1. SAVE MONEY- I believe the greatest benefit of outsourcing is saving money, no matter which service are company out-sourcing. Outsourcing helps control capital outlay. In addition, outsourcing IT services to a company that specializes in business networks and support…[Read more]

UK BANS APPLE WATCHES IN CABINET MEETINGS

The news I read basically talks about Apple Watches have been banned from government cabinet meetings in UK. There is a concern that Russian spies will utilize Apple Watch as a listening tools.
Russia has chosen hacking to gather intelligence and play a role in government activity
Prime Minister…[Read more]

Hi, Ian

You had a very good analysis! I like how you take the location into consideration.
However, I think Tulsa, OK has higher environmental risk than Denver, CO. Homefacts recorded Tulsa, OK is a Very High Risk area for tornados. According to records, the largest tornado in the Tulsa area was an F5 in 1960 that caused 81 injuries and 5…[Read more]

Hi, Paul

This is a very good question!!
Smaller companies have limited personnel and resources, it can present a challenge for segregation of duties. Something that smaller organization should do are conduct pre-employment screening and implement assignment rotations for personnel and ensure employees are forced to take at least one two-week…[Read more]

Hi, Mansi

It’s interesting that you brought up that customers repackage with stones, papers, cheap phones and send back for refund, etc. I think it’s important to satisfy customer’s needs, however at the same time customer service must determine whether the request is reasonable. For example, if a customer ordered a cellphone, it’s very…[Read more]

1. Assume you’re an outside organization with goal to cause negative things to happen to an organization’s Order to Cash (OTC) process. Where would you attack it? Explain Why and How

I would attack the payment process if I am an outside organization with goal to cause negative things to happen to an organization’s OTC process. The reaso…[Read more]

3. Controls are important in all the OTC processes including invoicing and collections. What would be different in the controls of a purely domestic US company vs. an international company? Give 1 – 2 specific examples.

One example I can think of is the control of money collections due to foreign exchange rate. For international company t…[Read more]

2. Who in an organization should care more about the collections process – Finance or Sales? Explain

I think finance department should care more about the collections process because finance department is responsible for paying vendors or suppliers (accounts payable), accepting payment from customers (accounts receivable), The primary focus o…[Read more]

I agree with you that Shipping is vulnerable in the OTC process. Everything else we are able to control internally to reduce risks from happening. However, because shipping involve third party so we don’t hold much control of it.

4. You’ve now seen the entire Order to Cash (OTC) Process. If you were responsible for the controls of this process – what would keep you up at night (e.g. be your area of most concern)? Explain

My most concern area will be when order is shipped to customer or service is performed. I think shipping or delivering service is the most vul…[Read more]