ACT506 – Accounting Information Systems Assignment Answer

 

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Assessment Brief:

• Referencing Styles: Harvard
• Words: 9
• Course Code: ACT506
• Course Title: accounting information system
• University: Charles Darwin University
• Country: AU

 

Task:

Select a company from ASX (www.asx.com). Once your group agrees on the company, you need to investigate and report on the implementation of a new accounting system based on a suite software application from a single provider. Specifically, your review will cover each of the following areas:

1. Identify and record system requirements.
2. Evaluate alternative systems.
3. Evaluate acceptance test systems.
4. Implementing reporting systems and records.
5. Monitor reporting systems.
6. Review reporting procedures.

Before you attempt the questions, please familiarize yourself and your group member with the selected company’s organizational structure, the scope of activities, policy and procedures, and financial reports etc.

1).  Identify and record system requirements.

a) With reference to the selected company organizational structure, the scope of activities, policies, and procedures, prepare a checklist of requirements for the selection of a new system. Please include security and records requirements within these specifications. Please provide the checklist as a separate document.

b) From your understanding of the selected company’s policies and procedures relating to debtor management and payroll, suggest recording processes that might be adopted as part of a new system. Suggest three financial tools/reports that you will use in order to identify and monitor taxation and other liabilities.

2).  Evaluate alternative systems.

It has been determined that the desired accounting information system for the selected company requires the following:

• A single suite of applications that will update all sub-systems in real-time.
• Integrated payroll capability, which will discharge all reporting requirements.
• Integrated inventory capability.
• Adaptable reporting to meet statutory and management requirements.
• Compatible with the selected company’s commitment to sustainable practices.