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- 1Accounting Information SystemsA set of interrelated activities, documents, and technologies designed to collect data, process it, and report information to a diverse group of internal and external decision makers in organizations
- 25 Aspects of AISInternal Controls
Inputs
Processes
Outputs
Storage - 3Internal ControlsDaily backup of data and separation of duties (custody, authority, and recordkeeping) to maintain control over specific assets
- 4InputsDocuments such as sales invoices and purchase orders
- 5ProcessesComputers and Satellites
- 6OutputsGeneral-purpose financial statements
Internal reports such as variance analyses - 7StorageData can be stored in paper form, electronically, or a mix of both
Master files, transaction files, junction files - 8Master FilesContain data about “things” such as inventory, customers, and vendors
- 9Transaction FilesFocus on “activities” such as earning revenue and incurring expenses
- 10Junction FilesLink other files together
- 113 main groups of information sourcesSponsored/commercial information
Popular/practitioner information
Scholarly information - 12Sponsored/commercial informationSomeone has paid a fee or given other consideration to have their info put on the internet
Main purpose is to sell products and services
Anyone can access free of charge – appears objective - 13Popular/practitioner information Gone through a review process prior to publication
May recount the experiences of a specific company or group of companies, offer suggestions to managers, or present new ideas or ways of thinking
Trustworthy and objective - 14Scholarly information Gone through a review process prior to publication
Written by people with advanced degrees for people with advanced degrees
Contains a clear research question, a review of related literature, a thorough description of the methods used to answer the question, and the results and conclusions of the research project - 155 criteria in the checklist developed by UMUC to evaluate information found on the Interneto Authority
o Accuracy
o Objectivity
o Currency
o Coverage - 16AccountingThe process of identifying, measuring, and communication economic information to permit informed judgments and decisions by users of the information
- 17BookkeepingThe part of accounting devoted to identifying and measuring the economic information
- 18Accounting Cycle1. Obtain information about external transactions from source documents
2. Analyze transactions
3. Record the transactions in a journal
4. Post from the journal to the general ledger accounts
5. Prepare an unadjusted trial balance
6. Record adjusting entries and post to the general ledger accounts
7. Prepare an adjusted trial balance
8. Prepare financial statements
9. Close the temporary accounts to retained earnings (at year-end only)
10. Prepare a post-closing trial balance (at year-end only) - 194 Coding SystemsSequential
Hierarchical
Block
Mnemonic - 20SequentialNumbers items in sequence
- 21Block Common in chart of accounts
Numbers are assigned in blocks where each block is reserved for a particular kind of account (all current assets are in the 500’s etc.) - 22Hierarchical Sophisticated form of block coding
Each digit/block of digits conveys important information to people who know the code (182 23 40 11) - 23Mnemonic Help people remember the meaning of the code
ACC – code of accounting classes - 24Internal Control Definition A process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting and compliance with applicable laws and regulations
- 254 Internal Control Purposes Safeguarding assets
Ensuring financial statement reliability
Promoting operational efficiency
Encouraging compliance with management’s directives - 264 Risks in Brown's Taxonomy of RiskFinancial Risk
Operational Risk
Strategic Risk
Hazard Risk - 27Financial RiskRelated to monetary activities
- 283 Financial RisksMarket Risk
Credit Risk
Liquidity Risk - 29Market RiskChanges in a company’s stock prices, investment values, and interest rates
- 30Credit RiskCustomers’ unwillingness or inability to pay amounts owed to the organization
- 31Liquidity RiskThe possibility that a company will not have sufficient cash and near-cash assets available to meet its short-term obligations
- 32Operational RiskConcern the people, assets, and technologies used to create value for the organization’s customers
- 332 kinds of operational riskSystems Risk
Human Error Risk - 34Systems RiskRisk that IT resources will fail at a critical moment
- 35Human Error RiskThe possibility that people in the organization may make mistakes
- 36Strategic RiskRelate to the entity’s decision-making process at the senior management and board of directors level
- 372 Kinds of Strategic RiskLegal and Regulatory Risk
Business Strategy Risk - 38Legal and Regulatory RiskChance that those parties might break laws that result in financial, legal, or operational sanctions
- 39Business Strategy RiskPoor decision making related to a company’s basis for competing in its markets
- 40Hazard RiskDirectors’ and officers’ liability
- 41COSO Internal Control Framework ComponentsMonitoring
Information and Communication
Control Activities
Control Environment
Risk Assessment - 425 Control ActivitiesPreventative
Detective
Corrective
General
Application - 43Preventative ControlsPrevent errors and irregularities from happening
- 44Detective ControlsHelp stakeholders determine when an error or irregularity has occurred
- 45Corrective ControlsFocus on fixing a problem, error, or irregularity after it has occurred
- 46General ControlsApply to an entire information system or significant chunks of the system
• Virus protection or backing up files - 47Application Controls Associated with a specific IT application such as the accounting information system
• Most general ledger software packages such as QuickBooks and Peachtree do not allow users to make journal entries where the debits and credits are unequal - 48Internal Control Exampleso Adequate documentation
o Background checks
o Backup of computer files
o Backup of power supplies
o Bank reconciliation
o Batch control totals
o Data encryption
o Document matching
o Edit checks
o Firewalls
o Insurance and bonding
o Internal audits
o Limit checks
o Lockbox Systems
o Physical security
o Preformatted data entry screens
o Pre-numbered documents - 497 principles of business process management BPMo Understand how business processes interact with/support organizational strategy
o Move away from the “we’ve always done it this way” mentality
o Enlist top management support
o Managing business processes is fundamentally about people, not technology/documents
o Don’t rely on external consultants to the exclusion of internal employees
o When using consultants, make sure the task is well defined, with specific deliverables defined by the company
o Communicate early; communicate often - 50SDLC StepsInitiation/Planning
Requirements Analysis
Design
Build
Test
Implementation
Operations and Maintenance - 51Initiation/PlanningSmall organization might have been using a checkbook as its only accounting information system. But if the organization is growing, its needs for accounting information will quickly outpace the capabilities of a simple checkbook. Someone recognizes an unfilled need.
- 52Requirements AnalysisSystems designers figure out what the new system needs to accomplish. The goal is to develop a clear set of objectives for the new system
- 53DesignHow the system will work
- 54BuildWriting code if the system is built from scratch/ customizing software if purchasing it prebuilt
- 55TestUsers check out the databases or it can be test run on some machines
- 56ImplementationParallel Implementation
Direct Cutover - 57Parallel ImplementationRunning the new and old system simultaneously for a time
- 58Direct CutoverTake down the old system completely and put the new system in its place
- 59Operations and MaintenanceDynamic; Must change with a company. Internal control, accessibility for the disabled, and hardware and software requirements. If a company chooses to incorporate, the system software must change too. Chart of accounts (at a minimum) would change.
- 605 Capability Maturity Model LevelsChaotic
Repeatable
Defined
Managed
Optimized - 61Chaotic Level Unstable and non-cohesive processes
Organization’s processes are jumbled and confused - 62Repeatable LevelInvolves some planning
May result in consistent results over time
Specific deliverables at each milestone - 63Defined Level Standards and procedures are tailored from broader organizational standards
Processes will be described in more detail and with more rigor
Management is expected to understand relationships between processes and to collect detailed metrics of performance - 64Managed Level Management develops metrics to establish goals and control processes
If goals aren’t met, management would look for ways to improve the process to achieve the goal - 65Optimized Level Characterized by a “continuous improvement” mentality in the organization
Organizations look at the “big picture” of process improvement
Información
- Descripción
- Fichas sobre Sin título, creado por Morgan Dolan el 08/01/2015.
- Creado por
- Morgan Dolan
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