Karteikarten
ACCT3201
Karten in diesem Stapel (124)
- 1ACCT3201 Module 6 Sales/Order entryNature of Sales/OE
Functions of Sale/OE
Components and processing
Major decisions
Risks/exposures - 2Nature of S/OEPeople machine that interact to achieve goal of providing goods and services
- 3Functions of S/OE- Info about and promote goods and services to existing and potential customers
- receive orders
- provide goods (timely, accurate and complete) - 4Major eventsCustomer places order
Order is approved/not
Availability checked
Message about approval rejection
availability of goods ordered - 5Major events contd.Warehouse withdraws goods
Warehouse sends inventory to shipping
Shipping assembles customer order
Shipping selects and informs carrier
Carrier collects and delivers goods to customer - 6Flowchart S/OE
- 7BPMN S/OE
- 8Question StructureLevel (Transaction, operational, management, strategic)
Thing (component, type, subsystem, system)
Goal (asset safeguarding, effectiveness, efficiency, compliance)
State or event - 9Did sales clerk X enter the order from Customer Y on (date) within one hour of receiving it?Transactional
Sales Clerk
Effectiveness
Events - 10Things S/OEResources (products/service)
External Agents (customer)
Internal Agents (salesperson, warehouse, shipping)
Locations (Customer premises, front counter) - 11Resource QuestionState Question: What is the sales price now of this slightly spoiled specific instance of Product X? (effectiveness)
- 12External AgentEvent Question: Over the last year, when did Customer A become a bad credit risk? (effectiveness)
- 13Importance of MaterialityThe material aspects denote the critical success factors on which we must focus.
- 14RWS (Control Goals)Effectiveness
Efficiency
Asset Safeguarding
Compliance - 15IS (Control Goals)Input validity
Input completeness
Input Accuracy
Update completeness
Update accuracy - 16Errors and IrregularitiesNature: credit sales to wrong customer
customer credit limit exceeded
illegal sales (e.g., export restrictions)
inappropriate related-party sales
Losses: Uncollectible debtors
legal penalties - 17RWS Exposure Rules and ControlsRules
criteria for authorized customer/sale
Controls
validation of customer/sale
secure database of authorized
customers
validation of customer/sale
well-trained sales/OE personnel
independent review of secure log/exceptions - 18Factoring of S/OESelling
Ordering
Warehousing - 19Systems that S/OE interacts withInventory
Billing/debtors/cash receipts
General Ledger - 20Module 7 Billing, Debtors, Cash, CollectionNature of Bill/Deb/Cash
Major functions
Components of and processing that occurs in a BIll/Deb/Cash
Risks, exposures, rules and controls
Critical success factors - 21Nature of Bill/Debt/CashComponents (resources, agents, locations) that interact to achieve payment for goods and services
- 22FunctionsBilling
Receipt and processing
Managing customer accounts (complete and secure)
Assessing and providing for doubt debt
Writing off bad debt - 23Major events Bill/Debt/CashRWS - ship occurs, cust pays
IS - updates order, invoice sent, debtors subsidiary and GL update, monthly statement sent, payment entered to update cash, debtors subsidiary and GL - 24Major EventsIIRWS Customer defaults
IS - Customer non-payment notice
Credit department assesses collectible
department recommends write-off
Update of debtors subsidiary ledger, GL and customer file - 25Major eventsRWS - Customer return
IS - shipping notifies billing
Credit note to cust.
Inventory write-off if damaged
Debtors subsidiary and GL updated - 26Postbilling systemsinvoices prepared after goods shipped and sales order matched to shipping data
- 27Pre Billing systemsInvoices prepared immediately on acceptance of customer order (after credit check and inventory availability check)
- 28AR system Balance-forwarddisplays only past-due balance, details of current invoices, other charges, and payments
- 29AR systems - Open-itemdisplays past and current invoices, payments against invoices, and other charges
- 30Components of Bill/Debt/CashResources (Receivables/cash Inventory)
External Agents (Customer, debt collectors)
Internal Agents (Salesperson, billing clerk
cashier, credit clerk, shipping clerk)
Locations (shipping, sales regions) - 31BPMN Bill/Cash/Debt
- 32Component QuestionExternal Agents
State Question: As at the end of last week, what proportion of doubtful debts does Debt Collector Z collect? (effectiveness)
Event Question: During the last reporting period, when did Debt Collector Z commit the fraud? (asset safeguarding) - 33Components ResourcesState Question: As at the end of last week, how long overdue is Customer X’s debt? (effectiveness)
Event Question: Over the last reporting period, when did Customer X’s debt become overdue? (effectiveness) - 34Types Internal AgentsState Question: On average, what value of sales returns was received by each shipping clerk last financial year? (effectiveness)
Event Question: Over the last financial year, when did the monthly sales returns received by shipping clerks begin to increase? (effectiveness) - 35Errors and Irregularities with BillingNature
Incorrect billing of customer
Credits not issued for sales returns
Incorrect discounts/allowances applied
Freight/handling charges properly applied
Losses
Lost revenues
Loss of reputation - 36RWS ExposureRules
criteria for authorized billing
Controls
validation of billing
independent billing authorisation
well-trained billing personnel
supported by shipping notification
correct application of discounts/freight charges, etc. - 37Days of Sales OutstandingMeasures the average number of days of sales invested in debtors.
DSO=AR balance/Average Sales per day - 38Module 8 General LedgerNature
Major Functions
Components
Major decisions
Major Exposures and controls - 39Nature of GLComponents (resources, agents, locations) that interact to provide a high-level representation of the financial status and history of an organization
- 40Functions - GLCapture high-level, summary data
Represent phenomena not represented in other systems/cycles
Process accounting period adjustments and closing entries
Enable the production of high-level management reports and external reports - 41Major EventsRWS: Changes in emergent properties (total value of inventory)
IS: GL accounts are updated - 42Major EventsRWS: Events occurring to things that are not represented by other information systems (e.g., lawsuit settlements,
IS: Update GL - 43Major EventsRWS: Discoveries of errors of representation in information systems (e.g., stockcount does not correspond with inventory figures;
IS: Update GL - 44Major EventsRWS: Time interval elapses; authorized stakeholder has need for information about the organization (e.g., shareholders require reports on performance).
IS: Management reports and external reports produced - 45Components in GLFocus is on state of and events that occur to types of
resources (assets/liabilities)
events (income/expenditure)
agents (responsibility centres)
locations - 46Common Size Statements Financial Ration Analysisexpress balance sheet components as percentage of total assets
express income statement components as a percentage of total revenues - 47Ratios
- 48Ratios Liquidity
- 49Cash flow/working capital
- 50Module 9 Purchasing/Accounts Payable/ Cash DisbursementsNature
Major Functions
Components and Processing
Major Decisions
Risks/Exposures - 51Nature of P/Ap/CDComprises components (resources, agents, locations) that interact to achieve the goal of acquiring needed goods and services from authorized vendors
- 52FunctionsPurchases: needed, authorized, reliable vendors, acceptable quality, acceptable price and terms
- 53Functions ReceiveOnly those ordered, acceptable quality
Return unacceptable, pay for goods - 54Major EventsRWS: Functional employee recognizes need for good/service
IS: Requisition completed
RWS: Authorization given
IS: Requistion authorized - 55Major Events P/AP/CDRWS: Goods/service purchased
IS: Purchase order created, purchase order sent to supplier - 56Major EventsRWS: Good/Service received
IS: Report matched to order, Liability recognized, purchase order marked as close, update inventory, payable, GL - 57Major EventsRWS: Payment for good/service
IS: Vendors invoice received, cheque/EFT sent, update payable's, cash, GL
RWS: Goods returned
IS: Update inventory, payables, GL - 58BPMN Purchasing Process
- 59Asking QuestionsWith components (the lowest level)
our focus will be hereditary variables
With types,subsystems, and systems (higher levels)
our focus will be emergent variables - 60ComponentsResources
Products/Services
External Agents
Vendor/Supplier
Internal Agents
Functional M’gr
Purchasing Clerk - 61External AgentsExternal Agents
State Question: What value of products did we purchase from Supplier A at the end of last year? (effectiveness)
Event Question: Over the last reporting period, how did the number of times Supplier A delivered raw materials late change? (efficiency) - 62TypesResources
State Question: What was the average purchase cost of all instances of Product X at the end of the last month? (effectiveness)
Over the last reporting period, when was a decline in the quality of Product X first noticed? (effectiveness) - 63TypesInternal Agents
State Question: As at the end of last month, on average, how many Receiving Clerks are needed to staff a receiving dock? (efficiency)
Event Question: In the last year, how many times did Purchasing Clerks wrongly approve purchase orders? (efficiency) - 64SubsystemsReceiving
At the end of last month, on average, how long did it take to receive and store a product? (state)
As at the end of last month, what is the average cost of receiving and storing a product? (state)
Paying
What is the average cost of processing the payment on a bill as at the end of last month? (state)
Over the last reporting period, how has the average float time on payments changed? (event - 65Errors and Irregularities with payingPayment made for goods/services not ordered
Payment made for goods/services not received
Discounts lost without justification
Late payment/failure to make payment
Payment for wrong amount
Payment to wrong vendor
Duplicate payments - 66Rule/ControlsRecheck supplier invoice accuracy
Compare invoice against purchase order and receiving report
Procedures to evaluate discounts and track due dates
Only high-quality personnel authorized to pay for goods/services
Funds transfer separated from authorization to pay - 67IS: Errors and IrregularitiesNature
inaccurate, incomplete, untimely, redundant data representing events that occur in the P/AP/CD system
data representing unauthorized or fictitious events that occur to things in the P/AP/CD system
Losses
losses through untimely or wrong decisions
losses through misappropriation of assets - 68Rules and ControlsRules
criteria/procedures for capturing and reporting events
Controls
access controls
input validation controls
well-trained personnel
independent review of secure log/exceptions/personnel - 69Critical Success factorsAdequacy of cash to pay
Timeliness of payments
Identifying suppliers who offer most favorable prices and terms
Payment of suppliers at latest possible date without (losing discounts, undermining relationships) - 70Module 10 ProductionNature
Major Functions
Components and processing
Major decisions
Risks, exposures, rules and controls - 71Nature of Prod.Components (resources, agents, locations) that interact to achieve the goal of designing and producing goods and services
- 72Major FunctionsProduct Design/Engineering
Planning and Scheduling
Production/Manufacturing - 73Product DesignObjectives: meets customers needs, minimizes cost
Outputs: Bill of materials (BOM), operations sheet (list) routing sheet - 74Planning and SchedulingObjectives: efficient, effective, satisfy demand, no excess
Outputs: master production schedule (MPS), production order, materials, requisition, move tickets - 75Major EventsRWS: Manufacturing order released to production; job commenced
IS: WIP process record created for job
RWS: Completion of an operation
IS: Receipt of completed move ticket; WIP record updated at standard cost of labor, materials, technology, overhead - 76Major functionsRWS: Raw materials requisitioned
IS: WIP record for job updated with actual raw materials consumption
RWS: Labor requisitioned and consumed
IS: WIP record for job updated with actual labor used (job time tickets) - 77Major EventsRWS: Direct technology requisitioned and consumed
IS: WIP record for job updated with actual direct technology consumption
RWS: job completed
IS: WIP record for job closed, variances computed, and FG inventory updated - 78BPMN Production
- 79ResourcesResources
State Question: As at the end of last week, what was the spoilage of Raw Material X on Job Y? (effectiveness/efficiency)
Event Question: Over the last quarter, when did the spoilage of Raw Material X start to increase? (effectiveness/efficiency) - 80Types - ResourcesResources
State Question: What was the percentage waste for Raw Materials X as at the end of the last month? (efficiency)
Event Question: Over the last month, how did production hours change because Maintenance Workers were not available when needed? (effectiveness) - 81Types - Internal AgentsInternal Agents
State Question: Which Maintenance Workers have been injured as at the end of last month? (effectiveness)
Event Questions: Over the last month, when had all Production Cell Managers reported improved productivity in their cells? (efficiency) - 82SubsystemsDesigning/Engineering
As at the end of last year, on average, how long did it take to design products?
Over the last year, how did the percentage of products that had design errors change?
Planning/Scheduling
During the last year, how did the number of times insufficient production capacity to meet the production schedule change? - 83Errors and Irregularities Design and EngineeringNature
Product fails to meet customer needs
Production difficulties arising from design
Unsafe design
Losses
Loss of firm’s reputation
Production losses
Legal/statutory/contractual penalties - 84Rules/ControlsRules
criteria for Design and Engineering
Controls
design review
design reuse
testing/trialing
consultation
concurrent engineering - 85Irregularities and Errors (Standing data)Nature
inaccurate, incomplete, untimely, redundant data representing the states of things in the production system
data representing unauthorized or fictitious states of things in the production system
Losses
losses through untimely or wrong decisions
losses through misappropriation of assets - 86Rules and ControlsRules
criteria/procedures for capturing, establishing, and maintaining standing data
Controls
access controls
input validation controls
well-trained personnel
independent review of secure log/exceptions/personnel - 87Module 11 InventoryNature
Functions
Components and Processing
Major Decisions
Major exposures and controls - 88Nature of Inventorycomponents (resources, agents, locations) that interact to acquire needed inventory on a timely basis, safeguard inventory, dispatch inventory to production and customers, and control investment in inventory
- 89FunctionsReceive inventory from receiving dock: raw materials for production, wholesale/retail inventory, FG returns from customers
Issue inventory to and receive inventory from production: raw materials and sub assemblies, finished goods - 90FunctionsDispatch FG inventory to shipping dock/sales area
safeguard RM/WIP/FG inventory
Requisition RM/wholesale/retail inventory
manage scrap/spoilage/waste/obsolete inventory - 91Major EventsRWS:RM/Wholesale/Retail inventory recieved from receiving
IS:Receipt issued/perpetual inventory records updated
RWS:RM/sub assembly inventory released to production
IS: Authorized requisition received/perpetual inventory records updated - 92Major EventsRWS: RM/sub assembly/FG inventory received from production
IS: Receipt issued/inventory updated
RWS:FG/wholesale/retail inventory dispatched to shipping dock/sales area
IS: Authorized requisition received/inventory updated - 93Major EventsRWS:Replenishment of inventory required
IS:Requisition issued to purchasing section, Inventory on order updated by purchasing
RWS: Spoilage/scrap/waste occurs
IS: Authorization for write-off, update inventory - 94Major EventsRWS: Transfer inventory among different inventory storage locations
IS: Authroised transfer document recieved, perpetual inventory records updated
RWS: Theft/destruction of inventories
IS: Authorized write-offs, update inventory and GL - 95Inventory factoring
- 96Components in InventoryInternal Agents:Warehouse clerk, Receiving clerk, Dispatch clerk,
Locations: Warehouse, Storage bin
Resources: RM/WIP/FG inventory, Warehouses, Storage bins, Fork lifts
External Agents: Customer, Production worker, Vendor, Purchasing clerk - 97ComponentsExternal Agents
State Question: At the end of last month, how often has production manager A complained about late delivery of subassemblies to the work cells she manages? (efficiency)
Event Question: How long did it take production manager A to process the receipt of raw materials delivered to her? (efficiency) - 98TypesResources
State Question: As at the end of last year, what value of Product X was written off? (effectiveness/efficiency/asset safeguarding)
Event Question: During the last year, when did the rate of deterioration for Product X start to increase? (effectiveness/efficiency) - 99TypesInternal Agents
State Question: As at the end of last year, which Warehouse Clerks have been injured while retrieving inventory from storage bins? (effectiveness/asset safeguarding)
Event Question: Over the last year, when did the rate that warehouse clerks pilfered the inventory start to increase? (asset safeguarding) - 100SubsystemsRequisitioning
As at the end of the last year, how often had stockout situations not been identified?
Receiving
Over the last year, on average, how has the time to process receipts of raw materials at warehouses changed? - 101Exposures standing dataNature
inaccurate, incomplete, untimely, redundant data representing the states of things in the Inventory system
data representing unauthorized or fictitious states of things in the Inventory system
Losses
losses through untimely or wrong decisions
losses through misappropriation of assets - 102IS rules and controlsRules
criteria/procedures for capturing, establishing, and maintaining standing data
Controls
access controls
input validation controls
well-trained personnel
independent review of secure log/exceptions/personnel
bar codes/scanners - 103Critical Success FactorsDays of sale in inventory: number of days to sell inventory
Inventory turnover: cost of sales/ average inventory level
Number of stock outs, production delays/ backorders - 104Module 12 HR/Payroll and XBRLNature
Major functions
MAjor Events
Devisions
Exposures - 105HR/Payroll NatureComponents (resources, agents, locations) that interact to provide the human resources an organization needs to meet its goals
- 106Functions of HR/PayrollFacilitate identification of an organization's HR needs
Facilitate hiring qualified individuals
Facilitate development - 107FunctionsPerformance evaluation
Organization to compensate
Employee terminations and retirements
Needs of stakeholders - 108Major EventsRWS: HR needs identified
IS: Headcount approved, HR database updated to record approved establishment for each function (budget)
IS: Individual is hired
RWS: HR database is updated to record employee details - 109Major eventsRWS: Change in entitlements or deductions (tax)
IS: Update HR
RWS: Individual works on task
IS: Labor consumption recorded - 110Major EventsRWS: Individual is compensated
IS: Wages paid, entitlements accumulated, GL updated
RWS: Deductions disbursed
IS: Funds transfer transactions. bank account updated, GL updated - 111Major EventsRWS: Personnel development
IS: HR database updated (allowances, compensation)
RWS: Individual is evaluated
IS: HR database updated to reflect promotion/demotion and increments/decrements to compensation - 112Major eventsRWS: Personnel termination or retirement
IS: Authorized transfer document received, perpetual HR/Payroll updated
RWS: Discharge of claims made by other stakeholders (unions/government)
IS: Reports/information provided to other stakeholders - 113Factoring of HR/Payroll
- 114Components of HR/PayrollResources: Personnel, Cash,
External Agents: Government, Unions, Financial institutions
Charities, Clubs
Internal Agents: Employee, Time keeper, Personnel clerk, Payroll clerk
Locations: Departments, Jobs - 115ComponentsInternal Agents
State Question: What level of training in the new payroll system has been given to payroll clerk A? (efficiency)
Event Question: During the last month, how often did payroll clerk A show up for work sick? (efficiency) - 116TypesResources
State Question: During the last year, what was the average number of overtime hours worked by Production Workers? (effectiveness/efficiency)
Event Question: During the last year, how often did pay rates for Production workers change? (efficiency/compliance) - 117SubsystemsHuman Resources
Last year, what was the total cost of employee training?
Labour Consumption
Last year, how often was excessive overtime worked?
Disbursements
Last year, how often were payroll cheques lost? - 118Exposures and RisksExcessive/insufficient headcount authorized
“Ghost” employees created
Hiring unqualified/dishonest employees
Violations of laws (e.g., employment, safety)
Inadequate development of employees
Inaccurate evaluation of employees
Poor compensation/benefits - 119Rules and ControlsProper planning of workforce needs
All employee hires must be authorized
Proper evaluation of prospective employees
Familiarity with labour laws
Monitoring for compliance with labour laws
Careful preparation of development plans for employees
Employee appraisals conducted by qualified managers
Regular review for adequacy of compensation - 120ExposuresTheft/misappropriation of payroll monies
Loss of payroll monies
Late payment of payroll monies
Payment of payroll to wrong individual
Failure to disburse payroll - 121Rules and ControlsUse of electronic funds transfer
Security services employed
Hire high-quality employees
Have separate payroll imprest account
Employee to sign for pay received
Independent observation/monitoring
Separate “complaints” department - 122IS: ExposuresNature
inaccurate, incomplete, untimely, redundant data representing the states of things in the HR/Payroll system
data representing unauthorized or fictitious states of things (e.g., fictitious employees) in the HR/Payroll system
Losses
losses through untimely or wrong decisions
losses through misappropriation of assets - 123IS: Rules and controlsRules
criteria/procedures for capturing, establishing, and maintaining standing data
Controls
access controls
input validation controls
well-trained personnel
independent review of secure log/exceptions/personnel
separate recording of HR data from payroll - 124Critical ReportsEmployee payroll
Entitlement balance report
Payroll activity report
Pay advice slips
Payroll journal
Payroll register
Payroll summary
Group certificates
Informationen
- Beschreibung
- Karteikarten am ACCT3201, erstellt von joel_clement34 am 10/06/2015.
- Erstellt von
- joel_clement34
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