Academic journal article Journal of Accountancy

How to Prepare for the Year 2000 Problem

Academic journal article Journal of Accountancy

How to Prepare for the Year 2000 Problem

Article excerpt

A strong intervention plan is necessary to avoid a catastrophic disruption in an organization's computer operations on January 1, 2000. Internal auditors and management can be better prepared by addressing the questions below.

ORGANIZATIONAL AWARENESS

* Are all areas of the organization aware of the potential ramifications?

* Has management communicated this awareness to employees?

* Is the board of directors aware of the organization's vulnerability?

* Does the company's directors and officers liability insurance cover Year 2000 (Y2K) issues?

RISK ASSESSMENT

* Is there an inventory of systems within the organization?

* Has management conducted a detailed risk assessment for each system?

* Is management able to identify the extent of the problem?

* When could the first Y2K problem occur?

* Has a risk assessment of the legal liabilities been made?

* Has the risk assessment addressed business partners and their systems preparations?

RESOURCES

* What financial resources are needed?

* What staff end systems resources are needed?

* Are there control procedures for outsourced or contracted services?

PROJECT PLANNING

* Has a Y2K project been developed, written and communicated? …

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