Question:
Internal controls have been a critical component for an organization in assuring that the financial information provided to users is properly presented and free of misstatement. In addition, it assures that the proper steps to negate and detect fraudulent activities are used internally.
Taking into consideration recent high profile incidents of fraud within corporations and the Sarbanes Oxley Act of 2002, what role does accounting software play in assuring that proper controls are in place and financial information is protected from fraud and misstatement? How does QuickBooks address the segregation of duties issue?