Please answer below discussion and keep it short not longer enough, if possible please provide the references with the link.Step 308 discussionSecurity policies are important factors to limit...

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Please answer below discussion and keep it short not longer enough, if possible please provide the references with the link.

Step 308 discussion

  • Security policies are important factors to limit any breaches in the organization. While there is not an agreed upon, one-size-fits-all set of standards, there are general practices that will help enhance the company's security.

    • First, select an accounting-specific policy and then suggest a breach in this policy; in other word, how might someone be able to get around it?

    • Based on the breach, discuss a strategy for enhancing the policy and strengthening the security of their accounting information.

Step 401

The consolidation process required for the intra-entity transfer of depreciable assets is different from the requirements for inventory and land. Analyze the current consolidation process for an intra-entity transfer of depreciable assets compared to inventory and land. Suggest at least one improvement to the process. Provide an example to support your recommendation.

Step 306

What are some challenges to be aware of when entering data in Excel and using Excel to perform calculations? What would you do to overcome the challenges?

Answered 1 days AfterApr 15, 2024

Answer To: Please answer below discussion and keep it short not longer enough, if possible please provide the...

Sandeep answered on Apr 17 2024
7 Votes
Step 308:
Accounting-Specific Policy:
Require all employees to use multi-factor authentication (MFA) when accessing sensitive accounting information.
Possible Breach:
An employee might attempt to bypass the multi-factor authentication by using weak, easily guessed passwords and failing
to change them regularly.
Strategy for Enhancing the Policy:
· Strengthen Password Policies:
Enforce the use of strong passwords, including a mix of upper and lowercase letters, numbers, and special characters.
Implement password expiration and history policies to require regular password changes and prevent reuse of old passwords.
· Educate Employees:
Conduct regular training on best practices for password management and cybersecurity.
Educate employees on the risks of using weak passwords and encourage the use of password managers for safe storage.
· Monitor Authentication Attempts:
Set up alerts for suspicious login attempts, such as repeated failed logins or attempts from unusual locations or devices.
Investigate any suspicious activities promptly and take corrective actions if necessary.
· Limit Access and Privileges:
Follow the principle of least privilege by granting employees access only to the information they need to perform their duties.
Regularly review user access rights and revoke access for former employees or those who no longer need it.
· Implement Account Lockout Policies:
Enforce account lockout after a specified number of failed login attempts to prevent unauthorized access through brute-force attacks.
Offer secure methods for account recovery to minimize the risk of unauthorized access.
· Utilize Advanced Security Measures:
Consider biometric authentication or hardware-based authentication for enhanced security.
Explore implementing AI-based monitoring for detecting unusual access patterns or behaviour.
By enhancing the policy with these strategies, you can improve the security of sensitive accounting information and reduce the risk of breaches related to weak passwords and authentication issues.
Step 401:
A key distinction between intra-entity transfers of depreciable assets and other types of assets lies in the ongoing impact of depreciation on the depreciable asset until it is either sold or fully depreciated. Under consolidation accounting, when a parent company holds 50% or more controlling interest in a subsidiary, the two entities are treated as one unified entity. In accounting, a parent company and its subsidiary are treated as a single, larger entity, rather than as separate companies with their own financial statements. The initial handling of asset transfers between these entities is generally consistent across different asset types. According to accounting standard ASC 323-10-35-101, if an investor controls an investee through a majority voting interest and engages in a non-arm’s length transaction with the investee, any...

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