Glossary ...................................................................
Glossary...................................................................
access control: Access control refers to what a person can do in a computer
system or application once she has signed on. Role-based access control
defines a person’s access to transactions according to their job function.accounting controls: Procedures and documentation concerned with
safeguarding of assets, the conduct and recording of financial transactions,
and the reliability of financial records.audit: An independent examination of a company’s books to ensure that the
information recorded is correct and complete.audit committee: A committee, often including members of the board of
directors, responsible for overseeing financial reporting and internal
controls.audit trail:A record of a sequence of transactions that enables an auditor
to see what took place.automated controls:Internal controls that are executed automatically by
computer systems. Manual controls are executed by a person charged with
that task and are typically performed on a subset of transactions. Automated
controls can be executed on every relevant transaction, ensuring greater
accuracy with less effort.Basel II:An international standard for banking that regulators can use when
making regulations on how much capital banks must have to offset potential
risk. The more risk a bank has, the more capital it should have in place to
ensure that it stays solvent. The regulation was the second such standard
issued by the Basel Committee on Banking Supervision, and hence the name
Basel II.board of directors:Publicly traded companies must have a board of direc-
tors. The members of company’s board of directors are elected by its share-
holders. The board of directors is responsible for looking out for the interests
of the shareholders as well as other stakeholders such as employees.C-11:A 2005 Canadian law that establishes a procedure for the disclosure of
wrongdoings in the public sector and ensures protection for the person who
discloses them.27_333174 bgloss.qxp 4/4/08 7:12 PM Page 321