Food Fantastic Company Essay Example | Topics and Well Written Essays - 250 words

Food Fantastic Company - Essay Example Foods Fantastic Company is a publicly traded grocery chain with a chain of 50 stores in the US.The company has embraced technology to a great extent and uses state-of-the-art applications to monitor inventory and maintain its accounting books An ITGC review is necessary because of the degree to which the company is dependent on the data produced by its information systems for accounting and decision-making. Purpose: The purpose of an ITGC review is to ensure the reliability, consistency and security of an information system that is being used as a source of information and legal standing for accounting purposes. The idea behind an ITGC review is to check the data input streams for dependability as it will constitute a legal standing of the company. In addition, the review will cover aspects of fraud, security, back-dated entries and other loopholes that can be used for frauds or unauthorized access to confidential data. Scope: The scope of this audit and review is limited to the surf ace risk assessment of the controls used by FFC. In addition, it covers only the mainstream information system which is used for reporting and decision-making. Any other third-party systems are not covered in this review as long as they do not have any impact on financial reporting. Also, the review has been conducted in accordance with the guidelines defined and accepted as international best practices for ITGC. Findings: The information system control procedures at Foods Fantastic Company do not meet the standards of what can be termed as the best practices in the industry.