Unit Learning Outcomes Assessed.:
1. Critically evaluate the purpose and role of Accounting Information Systems
in today’s business environment.
2. Articulate the various transaction cycles, financial reporting, management reporting systems and e-commerce systems to technical and non-technical stakeholders.
3. Evaluate systems development methodologies and the role of accountants in system development projects.
4. Appraise the risks inherent in computer-based systems/ERP, including the role of ethics and the various internal control processes that need to be in place.
5. Critically evaluate the range of cultural, security, privacy and ethical issues facing individuals and organizations as a result of information systems.
The questions to be answered are:
Question 1
a) Internal controls play an important role in reducing the risks of fraudulent activities in any organization. Further, advanced technology helps accountants in reducing fraud. Explain how an advanced technology transaction processing system reduces fraudulent activities from any organizing. [4 Marks. Words Limit: Up to 200 words]
b) Refer to the given system flowchart, and we have discussed the control weakness and the risk associated with these control weaknesses. Based on these control weaknesses and the associated risk, what types of frauds are possible in this business environment.
Question 2
Required:
1. Some organizations prefer using alternative two. What are the advantages of using alternative two instead of the alternative one? Be specific.
2. What is the difference between purchase requisition and purchase order?
3. Under what circumstances can you envision management using alternative one rather than alternative two?
4. Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved.
Question 3
Required:
a) Discuss the risks for payroll fraud in the HARDA Limited payroll system.
b) What controls would you implement to reduce the risks?
Question 4
Analyse the risks associated with the following business processes of a manufacturing company.
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