Effect of Technological Advancement in Internal Control

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Introduction

It is quite impossible to think a life without technology and gadgets. The transformation of peoples’ idea into reality is very salient and indeed commendable. A simple machine of yesterday that helps a lot in completing heavy tasks were even enhanced to bring convenience not only in the work place but also in the day to day activities. In the era of the high paced technological advancement, human beings modify nature in order to meet the growing needs and shape the future for humanity. The innumerable discoveries of different matters and the solutions to enigmatic problems were brought by the advance technology and enhanced educational system. Dilemma from almost all fields was given solution through careful study and analysis. Examples such as advanced DNA manipulations which allows scientist to create life with sets of conditions, development of super fast bullet trains for faster mobility, transmittal of information and knowledge through internet and social cyberspace which brought improved business communication and dealings.

In particular, innovation has a great impact in the Business world. Creation of different systems to cater the ever-changing needs of businesses is a great entry point to optimize the wide range of market and provide services beyond customer’s expectations.

Specifically, banks are very much convivial with the introduction of advance technology. Imagine the end to end process of banks where manual recording, accounting and reconciliation is being done. Dealing with voluminous accounts, transaction and client’s request have never been that amiable for the work of employees’ until different bank systems were introduced.

With this in mind, the researcher would like to find out how effective the introduction of advanced technology is in the Bank’s internal control system by conducting a study on the “Effectiveness of Technological Advancement on the Internal Control of selected Commercial banks” in Metro Manila. The...
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