Framework for implementing sarbanes-oxley controls in cryptocurrency trading using enterprise resource planning systems
By: ONASESO, Olatunji Oluwatosin
.
Contributor(s): OTUYA, Chinedu Cory.
Publisher: Gurugram IOSR - International Organization of Scientific Research 2022Edition: Vol.24(5), Sep-Oct.Description: 52-56p.Subject(s): Computer EngineeringOnline resources: Click here
In:
IOSR Journal of Computer Engineering (IOSR-JCE)Summary: Cryptocurrency is gaining popularity in the trade exchange market and has become an acceptable payment
mode among many trading companies. It is without a doubt that crypto assets have the potential for advanced
financial exchange. However, there are missing clarity of form, disclosure, and governance to inform investor
decisions. The digital revolution has also introduced a load of computer malpractices that may challenge the
legitimacy of data generated in the trading markets, especially where cryptocurrency is involved. Fraud is one
major setback facing this digital currency, and there is a need to come up with a framework to curb the
fraudulent activities that may face this market.In this qualitative analysis, we seek to uncover the vices that are
present in cryptocurrency trading, study the classification of crypto assets in the U.S. and various countries and
look at how to implement Sarbanes-Oxley controls in curbing the identified financial frauds.Due to the rise in
cybercrime, digital currency faces a more risky trading platform where fraudsters may steal digital currencies
held by individuals. Individuals may also be deceived into making transactions using the currency and lose their
financial assets for items that don't exist. Several users have reported losing their hard-earned cryptocurrencies
to cyber theft. Since the world embraces the use of these currencies, the risk of possible fraud being carried out
through them increases, it is a trend that needs to have controls in place to ensure that presentations of
company trading in cryptocurrencies are accurate and legit.The Sarbanes-Oxley act of 2002 lays down controls
for curbing fraud in many I.T. departments and its associated systems. This paper defines a framework for
implementing Sarbanes-Oxley Act of 2002 (SOX) controls in cryptocurrency trading using Enterprise Resource
Planning (ERP) systems. Implementation of the COBIT framework in managing financial fraud in enterprise
resource planning systems like Systems Applications and Products (SAP) is a good measure in ensuring SOX
controls help investors make informed choices when making investments.
| Item type | Current location | Call number | Status | Date due | Barcode | Item holds |
|---|---|---|---|---|---|---|
Articles Abstract Database
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School of Engineering & Technology Archieval Section | Not for loan | 2023-0085 |
Cryptocurrency is gaining popularity in the trade exchange market and has become an acceptable payment
mode among many trading companies. It is without a doubt that crypto assets have the potential for advanced
financial exchange. However, there are missing clarity of form, disclosure, and governance to inform investor
decisions. The digital revolution has also introduced a load of computer malpractices that may challenge the
legitimacy of data generated in the trading markets, especially where cryptocurrency is involved. Fraud is one
major setback facing this digital currency, and there is a need to come up with a framework to curb the
fraudulent activities that may face this market.In this qualitative analysis, we seek to uncover the vices that are
present in cryptocurrency trading, study the classification of crypto assets in the U.S. and various countries and
look at how to implement Sarbanes-Oxley controls in curbing the identified financial frauds.Due to the rise in
cybercrime, digital currency faces a more risky trading platform where fraudsters may steal digital currencies
held by individuals. Individuals may also be deceived into making transactions using the currency and lose their
financial assets for items that don't exist. Several users have reported losing their hard-earned cryptocurrencies
to cyber theft. Since the world embraces the use of these currencies, the risk of possible fraud being carried out
through them increases, it is a trend that needs to have controls in place to ensure that presentations of
company trading in cryptocurrencies are accurate and legit.The Sarbanes-Oxley act of 2002 lays down controls
for curbing fraud in many I.T. departments and its associated systems. This paper defines a framework for
implementing Sarbanes-Oxley Act of 2002 (SOX) controls in cryptocurrency trading using Enterprise Resource
Planning (ERP) systems. Implementation of the COBIT framework in managing financial fraud in enterprise
resource planning systems like Systems Applications and Products (SAP) is a good measure in ensuring SOX
controls help investors make informed choices when making investments.
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