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1.Identify at least 5 of the key consideration that are to be made when reviewing and evaluating the specifications of accounting information systems.  
2.Identify at least 4 of the hardware and software needs of available products and services.
3.What information will you need to evaluate in consultation with the users to determine the security requirements?
4.Identify and briefly describe 4 possible uses for accounting data.
5.What are 5 of the organisation’s procedures and policies that may be analysed to evaluate the scope of strategies for risk management, internal control of expenditure and compliance with statutory requirements?

Key Considerations for Reviewing and Evaluating Specifications of Accounting Information Systems

The main purpose of this assessment is to analyse the internal control aspects of the business for SamVille Enterprises Pty Ltd which is engaged in the business of investments and securities. The assessment would be analysing accounting information system which is utilised by the business for the purpose of ensuring the internal control system of the business is appropriate (Badara & Saidin, 2013). The assessment would be analysing the strength of the internal control system from the perspective of audit.

The management of SamVille Enterprises Pty Ltd is known to followed MYOB accounting software for the purpose of presenting the information appropriately and also generating reports for the same. The management of the company requires effective interpretation of financial information and generation of reports from the application of such a software. However, it is to be noted that the MYOB accounting software depends on the employees and a simple misstatement can be affect the entire reports which is prepared by the management of the company. This can be considered as one of the major weaknesses which is associated with the process.

The management of the company is engaged in the business of providing investment and securities to the customers and therefore the management would be dealing with more cash flows. The MYOB information system should be such that it is updated to the latest version and the necessary devices such as printers, running software are important to be maintained so that the information can process and print reports smoothly (Chang et al., 2014). The reports which are generated from the use of MYOB system are detailed and therefore the users need to have clear of the components of the report which is generated by the business (Repper & Perkins, 2013). The risks of the business are mainly associated with misstatement of financial information for the business. The management of the company has a strong policy as the risks of the business are first identified, assessed, evaluated and then the same are monitored. In such a process, appropriate steps are taken by the management of the company for controlling and minimizing the risks of the business which is related to the reporting process (Khlif & Samaha, 2014). The management can monitor such risks by implementing a monthly scrutiny of the information which is recorded in the reports which is generated.

The internal control system which is prepared by the management of the company is not properly implemented in the system. The percentage of mistakes has enhanced significantly during the period and the same is shown to have increased from 1% to 5.5% which shows that the internal control system is either ineffective or not being followed properly by the management of the company. The accountants of the business are also not following protocols as change in the registered office of the business is not recorded.

The implementation of the plan for the management is not done appropriately as there are certain loopholes which have resulted in increase in the mistakes and there is also a lack of supervision in the business (Vovchenko et al., 2017). The management of the company needs to formulate an implementation plan with a proper schedule so that the same can be implemented accordingly in the management system. There are certain policies which the management of the company has formulated which can assist the business in setting long term and short term goals of the business. The implementation plan along with a schedule for implementing the same is provided in the table which is shown below:

Implementation of Policies

Requirement

Schedule Date

Accounting Information System

The management of the company requires an appropriate accounting system so that reporting framework of the business can be improved

15th Feburary

Financial Handling Policy

This allows the management to effectively manage the cash resources of the business and also take care of all finances associated with the business

10th March

Credit Card Policy

To provide a limit over the expenses of the business and ensure all the expenses are approved by the management

20th March

Expenses Reimbursement Policy

The expenses of the employee on behalf of the business or for official purpose needs to be reimbursed but there should be a guideline for the same

10th April

Hardware and Software Needs of Available Products and Services

The monitoring of sources of data input can have a positive impact on the records for returns and costs which is associated with the business. This would ensure that proper supervision is maintained by the management of the company. The stock and material level of the business can be assessed with the help of the inventory ledger which is maintained by the management of the company. A routine check on the value of stocks in hand would further enhance the creditability of the internal control system.

This is major step which the management of the company needs to consider while setting plans for the business. The management needs to appoint supervisors who would be ensuring that the policies which are established by the management of the company are being followed. The management can also impose some penalties which would be applicable if there are some breaches in the polices of the business (Arjaliès & Mundy, 2013). This would ensure that the professional accounting standards are maintained as well as this would promote ethical behaviour in the organization.

Conclusion

The above discussion effectively shows the internal control system which is in place in SamVille Enterprises Pty Ltd and on the basis of the same polices are formulated by the management of the company. The assessment recognises certain loopholes in the policies which are already established in the business and on the basis of the same recommends certain measures which can strengthen the internal control of the business further. On an overall estimate, the internal control for SamVille Enterprises Pty Ltd is shown to be weak and therefore changes in the same needs to be made.

You: Hello, how are you doing today? You must have been busy as I did not see you active on the mail thread.

General Managers: I am fine, thank you. Yes, it is that kind of day for me. The reason I called you for this meeting is that I wanted an update on the internal audit process. From your previous report I understood that some changes are required to be made in the internal control system. Is there any other update?

You: Yes, the internal control system is the reason why the mistakes and inefficiency in certain areas have enhanced. You need to recruit more skilled staff or train the existing ones as the mistake percentage is mostly caused due to carelessness and laid-back attitude. The accounting information system is good but you need proper personnel to operate and generate report from the same.

General Managers: Then you are saying that the accounting team is inefficient?

You: No, I meant that they cannot properly handle the system yet and proper training is required. One wrong input can affect the entire report which is generated. In addition to this, the most recent version is available and the same needs to be implemented for MYOB. This will make the system more user friendly and quick to process.

General Managers: Ok, we will have a discussion on that with other directors and implement the same. What else can you tell me?

You: The business has to amend certain policies such as expense reimbursement and credit card policies so that loopholes can be covered. In addition to this, the employee needs to follow all relevant protocols of APES 110 which is all about maintaining professionalism in the business. This would promote ethical behaviour and enhance the practices of the business.

General Manager: But, we have been following the practice of APES 110, but well I will ensure that the same is appropriately followed by everyone.

You: The business needs to be transparent in its approach towards disclosure of revenue and profits and ensure that the taxes are paid up to date and general rules and regulations of accounting standards and conceptual framework are closely followed by the business. I found lack in theses in the records and the information are not much clear to me.

General Manager: Ok I would see to these matters myself and adhere to your report. Please mail me the report as soon as possible.

Reference

Arjaliès, D. L., & Mundy, J. (2013). The use of management control systems to manage CSR strategy: A levers of control perspective. Management Accounting Research, 24(4), 284-300.

Badara, M. A. S., & Saidin, S. Z. (2013). Impact of the effective internal control system on the internal audit effectiveness at local government level. Journal of Social and Development Sciences, 4(1), 16-23.

Chang, S. I., Yen, D. C., Chang, I. C., & Jan, D. (2014). Internal control framework for a compliant ERP system. Information & Management, 51(2), 187-205.

Khlif, H., & Samaha, K. (2014). Internal Control Quality, E gyptian Standards on Auditing and External Audit Delays: Evidence from the E gyptian Stock Exchange. International Journal of Auditing, 18(2), 139-154.

Repper, J., & Perkins, R. (2013). The team recovery implementation plan: A framework for creating recovery-focused services. Implementing Recovery Through Organisational Change, London.

Vovchenko, N. G., Holina, G. M., Orobinskiy, A. S., & Sichev, R. A. (2017). Ensuring financial stability of companies on the basis of international experience in construction of risks maps, internal control and audit. European Research Studies Journal, 20(1), 350-368.

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My Assignment Help. Assessment Of Accounting Information System And Internal Control System For SamVille Enterprises Pty Ltd Essay. [Internet]. My Assignment Help. 2020 [cited 21 July 2024]. Available from: https://myassignmenthelp.com/free-samples/fnsacc606-conduct-internal-audit.

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