Project Management and Software Architecture prevent the need for Recovery from Project Bailout successful projects work best with a good CTO Bullough-Latsch with the right project management resources




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Process flow diagram

A process flow diagram (PFD) is a diagram commonly used in chemical and process engineering to indicate the general flow of plant processes and equipment. The PFD displays the relationship between major equipment of a plant facility and does not show minor details such as piping details and designations. Another commonly-used term for a PFD is a flowsheet Process flow diagram Wiki Process flow diagram
Good Project Management and Software Architecture prevent the need for Recovery from Project Bailout successful projects work best with a good CTO with the right project management resources

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COSO Internal Control Framework COSO Internal Control Framework
index SOX computing
Green computing Green computing
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Process flow diagram Process flow diagram
Programs Programs
Project control systems Project control systems
Project Management Project Management
Sarbanes-Oxley Sarbanes-Oxley
SOX Project Management PM Project Bailout
SOX and information technology SOX and information technology
SOX Section 302: Internal control certifications SOX Section 302: Internal control certifications
SOX Section 404: Assessment of internal control SOX Section 404: Assessment of internal control
SOX Section 802 Criminal Penalties SOX Section 802 Criminal Penalties

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A computer is a machine that manipulates data according to a list of instructions. Computers take numerous physical forms. The first devices that resemble modern computers date to the mid-20th century, although the computer concept and various machines similar to computers existed earlier. The first programmer was Ada . Early electronic computers were the size of a large room, consuming as much power as several hundred modern personal computers. Modern computers are based on comparatively tiny integrated circuits and are millions to billions of times more capable while occupying a fraction of the space. Today, simple computers may be made small enough to fit into a wristwatch and be powered from a watch battery. Personal computers in various forms are icons of the Information Age and are what most people think of as "a computer"; however, the most common form of computer in use today is the embedded computer. Embedded computers are small, simple devices that are used to control other devices — for example, they may be found in machines ranging from fighter aircraft to industrial robots, digital cameras, and children's toys. The ability to store and execute lists of instructions called programs makes computers extremely versatile and distinguishes them from calculators. The Church–Turing thesis is a mathematical statement of this versatility: any computer with a certain minimum capability is, in principle, capable of performing the same tasks that any other computer can perform. Therefore, computers with capability and complexity ranging from that of a personal digital assistant to a supercomputer are all able to perform the same computational tasks given enough time and storage capacity. computer A general purpose computer has four main sections: the arithmetic and logic unit (ALU), the control unit, the memory, and the input and output devices (collectively termed I/O). These parts are interconnected by busses, often made of groups of wires. The control unit, ALU, registers, and basic I/O (and often other hardware closely linked with these) are collectively known as a central processing unit (CPU). Early CPUs were composed of many separate components but since the mid-1970s CPUs have typically been constructed on a single integrated circuit called a microprocessor. Wiki computer

COSO Internal Control Framework

According to the COSO framework, internal control consists of five interrelated components. These components provide an effective framework for describing and analyzing the internal control system implemented in an organization. COSO Internal Control Framework The five components are the following: Control Environment: The control environment sets the tone of an organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control, providing discipline and structure. Control environment factors include the integrity, ethical values, management's operating style, delegation of authority systems, as well as the processes for managing and developing people in the organization. Risk assessment: Every entity faces a variety of risks from external and internal sources that must be assessed. A precondition to risk assessment is establishment of objectives and thus risk assessment is the identification and analysis of relevant risks to achievement of assigned objectives. Risk assessment is a prerequisite for determining how the risks should be managed. Control activities: Control activities are the policies and procedures that help ensure management directives are carried out. They help ensure that necessary actions are taken to address risks to achievement of the entity's objectives. Control activities occur throughout the organization, at all levels and in all functions. They include a range of activities as diverse as approvals, authorizations, verifications, reconciliations, reviews of operating performance, security of assets and segregation of duties. Information and communication: Information systems play a key role in internal control systems as they produce reports, including operational, financial and compliance-related information, that make it possible to run and control the business. In a broader sense, effective communication must ensure information flows down, across and up the organization. Effective communication should also be ensured with external parties, such as customers, suppliers, regulators and shareholders. Monitoring: Internal control systems need to be monitored--a process that assesses the quality of the system's performance over time. This is accomplished through ongoing monitoring activities or separate evaluations. Internal control deficiencies detected through these monitoring activities should be reported upstream and corrective actions should be taken to ensure continuous improvement of the system. Wiki COSO Internal Control Framework


Committee of Sponsoring Organizations of the Treadway Commission (COSO), is a U.S. private-sector initiative, formed in 1985. Its major objective is to identify the factors that cause fraudulent financial reporting and to make recommendations to reduce its incidence. COSO has established a common definition of internal controls, standards, and criteria against which companies and organizations can assess their control systems. The capabilities of an organization in relation to the COSO model could be assessed based on universal states or plateaus that organizations typically target. The descriptions are incremental. The capability descriptions are based on evolution toward generally recognized best practices. Each organization determines which level of "maturity" would be the most appropriate in support of its business needs, priorities and availability of resources. A rating system of “0” to “5” is used. A rating of “5” does not necessarily mean “goodness”, but rather, maturity of capability. The ideal maturity rating for any area is dependent on the needs of the organization. COSO Wiki COSO

Green computing

Green computing is the study and practice of using computing resources efficiently. Typically, technological systems or computing products that incorporate green computing principles take into account the so-called triple bottom line of economic viability, social responsibility, and environmental impact. This differs somewhat from traditional or standard business practices that focus mainly on the economic viability of a computing solution. These focuses are similar to those of green chemistry; reduction of the use of hazardous materials such as lead at the manufacturing stage, maximized energy efficiency during the product's term of use, and recyclability or biodegradability of both a defunct product and of any factory waste. A typical green computing solution attempts to address some or all of these factors by implementing environmentally friendly products in an efficient system. For example, an IT manager might purchase Electronic Products Environmental Assessment Tool (EPEAT)-approved hardware combined with a thin client solution. As compared to a traditional desktop PC configuration, such a configuration would probably reduce IT maintenance-related activities, extend the useful life of the hardware, and allow for responsible recycling of the equipment past its useful life. Green computing An open industry standard called Advanced Configuration and Power Interface (ACPI) provides a standard programming interface that allows an operating system to directly control the power saving aspects of the hardware. This allows the system to automatically turn off components such as monitors and hard drives after set periods of inactivity. In addition, a system may hibernate, in which it turns off nearly all components, including the CPU and the system RAM, greatly reducing the system's electricity usage. To resume from this state, some components, such as the keyboard, network interface card, and USB ports may remain powered, to receive input from the user. ACPI itself is a successor to an earlier Intel-Microsoft standard called Advanced Power Management, which allows a computer's BIOS to control power management functions. In the absence of ACPI or APM support, some external components, such as computer displays, printers, scanners, speakers, and hard drives may be turned off manually when not in use. In this state, though the external periphals may be off, the main system continues to consume electricity. To minimize the impact, the system could run file sharing software or volunteer computing software, donating its resources to a long-term project. Some software programs allow the user to manually adjust the voltages supplied to the CPU, essentially reducing the amount of electricity used by the CPU while it's on and powered. Since many CPUs have "safety-nets" on either side of the spectrum (+/- the voltage parameters of a given CPU), one is able to reduce the amount of volts the processor uses, hence reducing both the amount of heat produced and the amount of electricity consumed. Some CPUs from Intel Corporation and AMD, particularly those intended for use in laptops, have technology to automatically adjust the processor voltages depending on the workload. This technology is called "SpeedStep" with intel processors, "PowerNow!"/"Cool'n'Quiet" with AMD chips, LongHaul with VIA CPUs, and LongRun with Transmeta processors. In 2007, Intel Corporation released a utility called PowerTOP, which measures and reports on a PC's power consumption. This utility is available only for PCs running a Linux operating system. [edit] Newer hardware A low power Alix.1C Mini-ITX embedded board with AMD Geode LX 800 together with Compact Flash, miniPCI and PCI slots, 44-pin IDE interface and 256MB RAMAs of 2007, at least four personal computer vendors (Everex, Linutop, Systemax, and Zonbu) ship dedicated low-power thin client PCs. These systems are designed primarily for the purpose of reducing power consumption, by providing minimal hardware peripherals and low-voltage components. These design decisions limit the computational performance of such machines, which makes them impractical for applications that require a lot of processing power, such as computer gaming and video production. Dedicated low-power PCs generally are physically much smaller than traditional desktop PCs, and as such can be mounted under desks or on walls, creating more usable desk space. The Geode processor from AMD (originally from National Semiconductor), is one example of a CPU that strives for minimal power consumption while maintaining full compatibility with the x86 instruction set. Wiki Green computing


Nationwide is affecting the whole of a nation. Worldwide is spanning the world. Nationwide

Process flow diagram

A process flow diagram (PFD) is a diagram commonly used in chemical and process engineering to indicate the general flow of plant processes and equipment. The PFD displays the relationship between major equipment of a plant facility and does not show minor details such as piping details and designations. Another commonly-used term for a PFD is a flowsheet Process flow diagram Wiki Process flow diagram


In practical terms, a computer program might include anywhere from a dozen instructions to many millions of instructions for something like a word processor or a web browser. A typical modern computer can execute billions of instructions every second and nearly never make a mistake over years of operation. Large computer programs may take teams of computer programmers years to write and the probability of the entire program having been written completely in the manner intended is unlikely. Errors in computer programs are called bugs. Sometimes bugs are benign and do not affect the usefulness of the program, in other cases they might cause the program to completely fail (crash), in yet other cases there may be subtle problems. Sometimes otherwise benign bugs may be used for malicious intent, creating a security exploit. Bugs are usually not the fault of the computer. Since computers merely execute the instructions they are given, bugs are nearly always the result of programmer error or an oversight made in the program's design. In most computers, individual instructions are stored as machine code with each instruction being given a unique number (its operation code or opcode for short). The command to add two numbers together would have one opcode, the command to multiply them would have a different opcode and so on. The simplest computers are able to perform any of a handful of different instructions, the more complex computers have several hundred to choose from—each with a unique numerical code. Since the computer's memory is able to store numbers, it can also store the instruction codes. This leads to the important fact that entire programs (which are just lists of instructions) can be represented as lists of numbers and can themselves be manipulated inside the computer just as if they were numeric data. The fundamental concept of storing programs in the computer's memory alongside the data they operate on is the crux of the von Neumann, or stored program, architecture. In some cases, a computer might store some or all of its program in memory that is kept separate from the data it operates on. This is called the Harvard architecture after the Harvard Mark I computer. Modern von Neumann computers display some traits of the Harvard architecture in their designs, such as in CPU caches. Programs

Project control systems

Project control is that element of a project that keeps it on-track, on-time, and within budget. Project control begins early in the project with planning and ends late in the project with post-implementation review, having a thorough involvement of each step in the process. Each project should be assessed for the appropriate level of control needed: too much control is too time consuming, too little control is very risky. If project control is not implemented correctly, the cost to the business should be clarified in terms of errors, fixes, and additional audit fees. Control systems are needed for cost, risk, quality, communication, time, change, procurement, and human resources. In addition, auditors should consider how important the projects are to the financial statements, how reliant the stakeholders are on controls, and how many controls exist. Auditors should review the development process and procedures for how they are implemented. The process of development and the quality of the final product may also be assessed if needed or requested. A business may want the auditing firm to be involved throughout the process to catch problems earlier on so that they can be fixed more easily. An auditor can serve as a controls consultant as part of the development team or as an independent auditor as part of an audit. Project control systems Wiki Project control systems

Project Management

Project Management is the discipline of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives. A project is a finite endeavor—having specific start and completion dates—undertaken to create a unique product or service which brings about beneficial change or added value. This finite characteristic of projects stands in sharp contrast to processes, or operations, which are permanent or semi-permanent functional work to repetitively produce the same product or service. In practice, the management of these two systems is often found to be quite different, and as such requires the development of distinct technical skills and the adoption of separate management philosophy, which is the subject of this article. The primary challenge of project management is to achieve all of the project goals and objectives while adhering to classic project constraints—usually scope, quality, time and budget. The secondary—and more ambitious—challenge is to optimize the allocation and integration of inputs necessary to meet pre-defined objectives. A project is a carefully defined set of activities that use resources (money, people, materials, energy, space, provisions, communication, motivation, etc.) to achieve the project goals and objectives. Project Management Wiki Project Management


The Sarbanes-Oxley Act of 2002 can be known as the Public Company Accounting Reform and Investor Protection Act of 2002. Sarbanes-Oxley Act is commonly called SOX or Sarbox. SOX is a United States federal law enacted in response to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of the affected companies collapsed, shook public confidence in the nation's securities markets. Sarbanes-Oxley is named after sponsors Senator Paul Sarbanes and Representative Michael G. Oxley. Auditor conflicts of interest: Prior to SOX, auditing firms, the primary financial "watchdogs" for investors, also performed significant non-audit or consulting work for the companies they audited. Many of these consulting agreements were far more lucrative than the auditing engagement. This presented at least the appearance of a conflict of interest. For example, challenging the company's accounting approach might damage a client relationship, conceivably placing a significant consulting arrangement at risk, damaging the auditing firm's bottom line. Sarbanes-Oxley 1) Public Company Accounting Oversight Board (PCAOB) Title I consists of nine sections and establishes the Public Company Accounting Oversight Board , to provide independent oversight of public accounting firms providing audit services ("auditors"). It also creates a central oversight board tasked with registering auditors, defining the specific processes and procedures for compliance audits, inspecting and policing conduct and quality control, and enforcing compliance with the specific mandates of SOX. 2) Auditor Independence Title II consists of nine sections, establishes standards for external auditor independence, to limit conflicts of interest. It also addresses new auditor approval requirements, audit partner rotation policy, conflict of interest issues and auditor reporting requirements. Section 201 of this title restricts auditing companies from doing other kinds of business apart from auditing with the same clients. 3) Corporate Responsibility Title III consists of eight sections and mandates that senior executives take individual responsibility for the accuracy and completeness of corporate financial reports. It defines the interaction of external auditors and corporate audit committees, and specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance. For example, Section 302 implies that the company board (Chief Executive Officer, Chief Financial Officer) should certify and approve the integrity of their company financial reports quarterly in order to establish accountability. 4) Enhanced Financial Disclosures Title IV consists of nine sections. It describes enhanced reporting requirements for financial transactions, including off-balance-sheet transactions, pro-forma figures and stock transactions of corporate officers. It requires internal controls for assuring the accuracy of financial reports and disclosures, and mandates both audits and reports on those controls. It also requires timely reporting of material changes in financial condition and specific enhanced reviews by the SEC or its agents of corporate reports. 5) Analyst Conflicts of Interest Title V consists of only one section, which includes measures designed to help restore investor confidence in the reporting of securities analysts. It defines the codes of conduct for securities analysts and requires disclosure of knowable conflicts of interest. 6) Commission Resources and Authority Title VI consists of four sections and defines practices to restore investor confidence in securities analysts. It also defines the SEC’s authority to censure or bar securities professionals from practice and defines conditions under which a person can be barred from practicing as a broker, adviser or dealer. 7) Studies and Reports Title VII consists of five sections and are concerned with conducting research for enforcing actions against violations by the SEC registrants (companies) and auditors. Studies and reports include the effects of consolidation of public accounting firms, the role of credit rating agencies in the operation of securities markets, securities violations and enforcement actions, and whether investment banks assisted Enron, Global Crossing and others to manipulate earnings and obfuscate true financial conditions. 8) Corporate and Criminal Fraud Accountability Title VIII consists of seven sections and it also referred to as the “Corporate and Criminal Fraud Act of 2002”. It describes specific criminal penalties for fraud by manipulation, destruction or alteration of financial records or other interference with investigations, while providing certain protections for whistle-blowers. 9) White Collar Crime Penalty Enhancement Title IX consists of two sections. This section is also called the “White Collar Crime Penalty Enhancement Act of 2002.” This section increases the criminal penalties associated with white-collar crimes and conspiracies. It recommends stronger sentencing guidelines and specifically adds failure to certify corporate financial reports as a criminal offense. 10) Corporate Tax Returns Title X consists of one section. Section 1001 states that the Chief Executive Officer should sign the company tax return. 11) Corporate Fraud Accountability Title XI consists of seven sections. Section 1101 recommends a name for this title as “Corporate Fraud Accountability Act of 2002”. It identifies corporate fraud and records tampering as criminal offenses and joins those offenses to specific penalties. It also revises sentencing guidelines and strengthens their penalties. This enables the SEC to temporarily freeze large or unusual payments. Wiki Sarbanes-Oxley

SOX and information technology

The financial reporting processes of many companies depend to some extent on IT systems. Therefore, Information technology controls that specifically address financial risks may be within the scope of a SOX 404 assessment. Chief information officers are typically responsible for the IT organization and IT personnel may be directly involved in SOX compliance efforts. The SOX 404 guidance requires the usage of an internal control framework, such as the COSO framework. The IT Governance Institute's "COBIT: Control Objectives of Information and Related Technology" is also used by many companies as a framework supporting IT SOX 404 efforts. However, there are certain aspects of COBIT that are outside the boundaries of Sarbanes-Oxley regulation. IT application controls (i.e., transaction processing controls) that address specific material misstatement risks are a critical part of the SOX 404 assessment. However, the extent of SOX testing to perform related to IT General Controls (ITGC) has been a topic of contention.[23] By its nature, ITGC has an indirect effect on financial statements. The 2007 SEC guidance states: " only needs to evaluate those ITGC that are necessary for the proper and consistent operation of other controls designed to adequately address financial reporting risks." ITGC efforts will likely be carefully scrutinized in light of the new guidance, which encourages focus on the most critical financial risks. SOX and information technology Wiki SOX and information technology

SOX Section 302: Internal control certifications

Under Sarbanes-Oxley, two separate certification sections came into effect—one civil and the other criminal. 15 U.S.C. § 7241 (Section 302) (civil provision); 18 U.S.C. § 1350 (Section 906) (criminal provision). Section 302 of the Act mandates a set of internal procedures designed to ensure accurate financial disclosure. The signing officers must certify that they are “responsible for establishing and maintaining internal controls” and “have designed such internal controls to ensure that material information relating to the company and its consolidated subsidiaries is made known to such officers by others within those entities, particularly during the period in which the periodic reports are being prepared.” 15 U.S.C. § 7241(a)(4). The officers must “have evaluated the effectiveness of the company’s internal controls as of a date within 90 days prior to the report” and “have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date.” Id.. Under both Section 302 and Section 404, Congress directed the SEC to promulgate regulations enforcing these provisions. (See Final Rule: Management’s Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, Release No. 33-8238 (June 5,2003), available at External auditors are required to issue an opinion on whether effective internal control over financial reporting was maintained in all material respects by management. This is in addition to the financial statement opinion regarding the accuracy of the financial statements. The requirement to issue a third opinion regarding management's assessment was removed in 2007. SOX Section 302: Internal control certifications Wiki SOX Section 302: Internal control certifications

SOX Section 404: Assessment of internal control

The most contentious aspect of SOX is Section 404, which requires management and the external auditor to report on the adequacy of the company's internal control over financial reporting (ICFR). This is the most costly aspect of the legislation for companies to implement, as documenting and testing important financial manual and automated controls requires enormous effort. Under Section 404 of the Act, management is required to produce an “internal control report” as part of each annual Exchange Act report. See 15 U.S.C. § 7262. The report must affirm “the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting.” 15 U.S.C. § 7262(a). The report must also “contain an assessment, as of the end of the most recent fiscal year of the Company, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting.” To do this, managers are generally adopting an internal control framework such as that described in COSO. Both management and the external auditor are responsible for performing their assessment in the context of a top-down risk assessment, which requires management to base both the scope of its assessment and evidence gathered on risk. In late 2006 a new audit standard was proposed by the PCAOB to help alleviate the significant costs of compliance and better focus the assessment on the most critical risk areas. On July 25, 2007, the Public Company Accounting Oversight Board (PCAOB) approved Auditing Standard No. 5 [18] (AS5), which superseded Auditing Standard No 2. (AS2), and has the following key requirements for the external auditor: Assess both the design and operating effectiveness of selected internal controls related to significant accounts and relevant assertions, in the context of material misstatement risks; Understand the flow of transactions, including IT aspects, sufficient enough to identify points at which a misstatement could arise; Evaluate company-level (entity-level) controls, which correspond to the components of the COSO framework; Perform a fraud risk assessment; Evaluate controls designed to prevent or detect fraud, including management override of controls; Evaluate controls over the period-end financial reporting process; Scale the assessment based on the size and complexity of the company; Rely on management's work based on factors such as competency, objectivity, and risk; The auditor is allowed to rely on knowledge from prior audits; Evaluate controls over the safeguarding of assets; and Conclude on the adequacy of internal control over financial reporting. The recently released SEC guidance [19] is generally consistent with the PCAOB's guidance above, only intended for management. After the release of this guidance, the SEC required smaller public companies to comply with SOX Section 404, companies with year ends after December 15, 2007. Smaller public companies performing their first management assessment under Sarbanes-Oxley Section 404 may find their first year of compliance after December 15, 2007 particularly challenging. SOX Section 404: Assessment of internal control Wiki SOX Section 404: Assessment of internal control

SOX Section 802 Criminal Penalties

Section 802(a) of the SOX, 18 U.S.C. § 1519 states: “ Whoever knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of any matter within the jurisdiction of any department or agency of the United States or any case filed under title 11, or in relation to or contemplation of any such matter or case, shall be fined under this title, imprisoned not more than 20 years, or both. SOX Section 802 Criminal Penalties Wiki SOX Section 802 Criminal Penalties
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