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Internal Controls and Systems Documentation -Accounting information systems

Assessment item 3

Internal Controls and Systems Documentation -Accounting information systems

Value: 20%

Due Date: 16-May-2019

Return Date: 05-Jun-2019

Length: Part B: maximum of 1,200 words

Submission method options: Alternative submission method

Task

Part A – 8 Marks

 

Oriental Traders purchases products from Asia and then resells them to local retailers in Sydney and Melbourne. Demand for the imported products has increased significantly over the last 3 years resulting in Oriental Traders expanding their domestic operations, including a new information system, to assist with managing the increase in purchases. You are a systems analyst who has been engaged by Oriental Traders to prepare the systems documentation to assist with the identification of the current business processes. This will assist them in the identification of a suitable system for the acquisition and payment for products.

 

Based on the interview with the purchasing manager (provided in Interact, Assessment Resources), prepare a document flowchart to document the acquisition to payment system that currently exists at Oriental Traders.

 

Part B – 10 marks (maximum word limit 1,200 words)

 

You have been recently employed as an accountant for the Chipps. The CEO, Mrs Sophia Martin, has tasked you with reviewing their expenditure cycle. To facilitate this, she has provided you with key information relating to Chipps inventory purchasing and management (available in Interact).

 

Using the information provided to you, prepare a business report to the CEO including identification of:

  1. internal control weaknesses relating to Chipps expenditure process; (2.5 marks)
  2. the impact these weaknesses could have on the organisation; and (2.5 marks)
  3. specific internal controls which could be implemented by Chipps in the coming months to mitigate the weakness posed by the internal control weaknesses you have identified. Mrs Martin does not want theoretical controls suggested. She wants practical controls that Chipps can implement in the short term. (5 marks)

Part B, questions 1, 2 and 3 must be answered in a table in your report. Answer this question using the following headings:

Internal Control Weakness Impact of the weakness Control to mitigate the weakness

 

2 marks will be awarded for the presentation of your report. This includes the content of your executive summary and conclusion, use of appropriate grammar and spelling, application of APA referencing and a report prepared in line with the presentation requirements below.

Online submission via Turnitin is required for this assignment. Details will be provided by your subject lecturer.

Rationale

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This assessment task will assess the following learning outcome/s:

  • be able to evaluate accounting information system architecture and generate models of business events.
  • be able to identify organisational risk and generate systems that control that risk.

Marking criteria and standards

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Marking Criteria HD DI CR PS
Model business processes using systems documentation.
(8 marks)
Appropriate selection and exemplary use of a system tool in the creation of a detailed model of the business processes from the information provided, with consistent application of correct symbols. Uses narrative provided to accurately document the existing system. Appropriate selection and detailed use of a system tool in the creation of a detailed model of the business processes from the information provided, with a consistent application of correct symbols. Uses narrative provided to document the system. Appropriate selection and use of a system tool to create a sound model of the business processes, with a few minor errors. Uses most of the narrative provided to document the system. Selects an appropriate system tool and uses it to capture most of the selected business processes. Some information is either omitted or the model is partially drawn at the incorrect level and lacks some clarity.
Be able to analyse organisational processes and identify relevant risks and their impact.
(5 marks)
Outstanding evaluation of five (5) key relevant risks and a comprehensive explanation of how each of these impact the organisation. An outstanding analysis of at least four (4) key relevant risks and a clear explanation of how each of these impact the organisation. A sound analysis of at least four (4) key relevant risks and a basic explanation of how each of these impact the organisation. A sound analysis of at least three (3) key relevant risks, explaining how each of these impact the organisation.
Ability to recommend and discuss relevant internal controls to mitigate the identified risks.
(5 marks)
Provision of relevant recommendations for each identified risk, providing an outstanding level of detail regarding how the internal control mitigates the risks identified; choosing the most relevant internal control for the current situation and the risks you have identified. Provision of relevant recommendations for each identified risk, providing a high level of detail regarding how the internal control mitigates the risks identified; choosing relevant key internal controls for the current situation and the risks you have identified. Provision of relevant recommendations for each identified risk, providing an above satisfactory level of detail regarding how the internal controls mitigate the risks identified; choosing appropriate controls relevant to the current situation and the risks you have identified. Provision of relevant recommendations for each identified risk, providing satisfactory detail regarding how the internal controls mitigate the risks identified; choosing appropriate controls for the current situation and the risks you have identified.
Academic writing skills.
(2 marks)
Preparation of an outstanding executive summary and conclusion for your client. Outstanding use of syntax, vocabulary, spelling and punctuation; succinct and effective use of vocabulary; correctly formatted using APA style referencing. Outstanding presentation of findings in the correct report format. Preparation of a high quality executive summary and conclusion for your client. A high level use of syntax, vocabulary, spelling and punctuation; correctly formatted using APA style referencing. A high level presentation of findings in the correct report format.

 

Preparation of an above satisfactory executive summary and conclusion for your client. An above satisfactory use of syntax, vocabulary, spelling and punctuation; reference list and in text citations formatted in APA style, with few or no errors. An above satisfactory presentation of findings in report format with minimal errors. Preparation of a basic executive summary and conclusion for your client. Satisfactory use of syntax, vocabulary, spelling and punctuation; reference list and in text citations used, formatted in APA style, with minor errors. Satisfactory presentation of findings, report format attempted, some errors or omissions present.

 

Presentation

Part A and Part B are two (2) separate reports for two different clients. Please note, however, that they need to be submitted as a single file. Where more than one file is submitted, only the last file you have submitted will be marked.

Part A: 

 

The document flowchart needs to be professionally presented to your client.  This includes a cover page to your client in addition to the document flowchart.  Note that no report is required for this part of your assessment.

 

A system tool is required to prepare your document flowchart. This includes software such as Word, Excel, Smartdraw or Edraw. There are many tools that are available to trial for free on the internet.

Part B

Your assignment needs to be presented as a business report to the CEO. A business report includes;

  • a cover page addressed to your desired audience;
  • an executive summary (refer to the note below regarding an executive summary);
  • a table of contents (linked to the headings in the report);
  • headings and sub headings clearly identify what is being discussed;
  • a conclusion, including recommendations as required; and
  • referencing (using APA style).

Note: an Executive Summary is not an introduction. An Executive Summary should be an overview of the entire report, including recommendations, and no longer than one (1) page in length. This may be the only page read by busy managers.

Marks will be deducted where you have exceeded the word count for your Assignment. The word count does not include your:

  • cover page;
  • table of contents;
  • tables of figures; and
  • referencing (in text citations and reference list).

Requirements

APA must be used to reference all sources you have used for your assignment. The Library site provides an on-line guide to APA style referencing. This is the referencing style adopted by the School of Accounting and Finance. The guide can be found at:

Review the rules regarding plagiarism and if you are not sure contact your lecturer or student learning skills advisor for advice. There is no excuse for presenting the work of others as your own; this includes cutting and pasting material from the web without properly referencing the source.

Your assignment must be submitted via Turnitin in word format only.

Any difficulties in submitting your assignments online electronically using Turnitin should be immediately reported by email. Include your name and student number in the header or footer of all documents submitted. Retain a copy of your assignment for your records.

This assignment must be submitted through Turnitin.

It is recommended that your name, student ID and page number are included in the header or footer of every page of the assignment.

Further details about submission in Turnitin are provided in On-line submission.

 

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