ITGC vs ITAC
Definition
control activities performed within the IT Organization or the technology that they support that can be applied to every system that the organization relies upon
Why is it important?
General control concepts can be applied regardless of industry, business line, or size and complexity
of the systems processing environment
Without effective General Computing Controls, reliance on IT systems may not be possible
Systems hardware and software applications support the critical business processes of almost every company
Objective of Application Controls
data is processed as intended
data stored is accurate and complete
data is accurate, complete, authorized and correct
access to data is limited based on business need
Definition
data generated or processed through an IT application, and/or end user computing solution
Types
Data that represents substantive audit evidence to support assertions for significant accounts
Other data provided by the entity
Data supporting the performance of internal controls, including key performance indicators
Categories of Application Control
Validations
Calculations
Edit checks
Interfaces
Authorizations