Abstract: Cloud Computing promises cost cutting efficiencies to businesses and specifically their accounting departments through the use of third party vendors to store and process information. However this cloud computing innovation of storing and managing data off site also adds risk to the data security of a company. The Committee of Sponsoring Organizations (COSO), the Big Four accounting firms and other industry analysts have identified the benefits and concerns surrounding use of cloud technology and have prepared recommendations for companies who wish to utilize cloud computing on a formal or informal basis in their business operations. This paper will analyze the current advice on the risks of cloud computing in an effort to determine Best Practices for implementing use of and regulation of use of Cloud Computing within an organization.

Keywords: Accounting, Cloud Computing, Technology, COSO, Risk Management, Data Security.

| DOI: 10.17148/IARJSET.2022.9728