https://padlet.com/elwardderi/mu26a4pbawcu How AIS affects accountant job scope en-us 2018-03-20 13:09:05 UTC 2018-03-20 22:24:50 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Hotsun.png elwardderi https://padlet.com/elwardderi/mu26a4pbawcu/wish/243985454 After learning this chapter, I have noticed that all financial and non-financial information which are related towards an organization's performance are very crucial for decision making (be it internal or external users). In terms of job scope in accountancy, these data and information are very important for financial analysis purposes as managers and shareholders will make decisions based on what has been reported. Say if there is not enough reliable sources or data to be examined, thus accountants will be unsure of providing good financial advises to the top management.]]> 2018-03-20 13:13:08 UTC https://padlet.com/elwardderi/mu26a4pbawcu/wish/243985454 elwardderi https://padlet.com/elwardderi/mu26a4pbawcu/wish/243996836 Information system framework is crucial for portfolio management system and capital budgeting system which are two expertise required to have for accountants. Later, accountants will have to master the information generation process before they are capable of presenting their data to users. Apart from recording and distributing financial information, an accountant also must be certain on the reliability of the data because unreliable information are no use to the company.]]> 2018-03-20 13:29:48 UTC https://padlet.com/elwardderi/mu26a4pbawcu/wish/243996836 elwardderi https://padlet.com/elwardderi/mu26a4pbawcu/wish/244003014 In terms of technology advances, there is no doubt that accountancy is a study which will continue to develop over time, especially with the existence of AIS in modern era. These days, accountants are required to perform audits which requires the use of AIS without having to influence the audit report. Thus, there must be a financial expert who would be the independent auditor and a liaison to external parties]]> 2018-03-20 13:38:47 UTC https://padlet.com/elwardderi/mu26a4pbawcu/wish/244003014 elwardderi https://padlet.com/elwardderi/mu26a4pbawcu/wish/244008420 In chapter 2, accountants should be able to justify each transaction with regards to 3 transaction cycles; Expenditure cycle, conversion cycle and revenue cycle. However, these transactions are based on existing and reliable accounting documents. Later on they will be recorded in journals, posted into ledgers and the financial statements. Should there be any point of reference, accountants will refer closely to the reference file and master file which contains account data.]]> 2018-03-20 13:46:04 UTC https://padlet.com/elwardderi/mu26a4pbawcu/wish/244008420 elwardderi https://padlet.com/elwardderi/mu26a4pbawcu/wish/244015719 The flat-file model and database model are 2 of the preferred methods used by companies. Among the purposes of applying these models are to regulate data storage, updates and currency of information. Next, documentation techniques are essential to accountants in order to come up with organised data and representation. Data flow diagram (DFD) and entity relationship diagram (ERD) are systems which are dependent on one another despite serving different functions . ]]> 2018-03-20 13:55:46 UTC https://padlet.com/elwardderi/mu26a4pbawcu/wish/244015719 elwardderi https://padlet.com/elwardderi/mu26a4pbawcu/wish/244033083 As for this case, codes are made to facilitate efficient data processing and is actually beneficial for accountants to categories transactions into simpler basic attributes. Its purpose is to represent large amounts of complex information that would otherwise be unmanageable and may effect the documentation process. In addition to that, alphabetical and mnemonic codes are used for the same purpose as wel]]> 2018-03-20 14:20:22 UTC https://padlet.com/elwardderi/mu26a4pbawcu/wish/244033083 elwardderi https://padlet.com/elwardderi/mu26a4pbawcu/wish/244295718 In this chapter, AIS would underline the important values or professionalism that each accountant should have in making decisions where the benefits must outweigh the disadvantages towards the company. Despite the fact that this is the task of managers, accountants' advises are also important because they are dealing with the figures and speculations for future performances. Then, all accountants should have the necessary information or knowledge regarding the company's code of ethics that applies to the top management as SOX Section 406 requires public companies to disclose to SEC and practice transparency. ]]> 2018-03-20 22:01:35 UTC https://padlet.com/elwardderi/mu26a4pbawcu/wish/244295718 elwardderi https://padlet.com/elwardderi/mu26a4pbawcu/wish/244297590 For AIS, it is important that accountants have efficient knowledge on the passage of SOX as it is a very rigid/strict process which is able to detect any element of intended or non-intended frauds. In addition, accountants should be free on any influence when performing audits to avoid questionable executive compensation schemes and inappropriate accounting practices. Above all, the intention of such strict monitoring is to avoid corruptions. ]]> 2018-03-20 22:11:07 UTC https://padlet.com/elwardderi/mu26a4pbawcu/wish/244297590 elwardderi https://padlet.com/elwardderi/mu26a4pbawcu/wish/244298915 This system consists of policies and procedures adhered by accountants and the management to achieve 4 main objectives; internal control system, Safeguard assets, Ensure accuracy and reliability, Promote efficiency and measuring compliance. To avoid asset destruction, it is wise to have preventive controls, detective controls and corrective method to reduce the possibility of creating errors. Above all, accountants will be closely attached to the practice of COSO whereby it works as a control framework. Some of the objectives are to perform risk assessment, monitoring and controlling activities.]]> 2018-03-20 22:17:47 UTC https://padlet.com/elwardderi/mu26a4pbawcu/wish/244298915