Explain how the increased use of e-commerce, including electronic data interchange (EDI), by businesses has affected the auditor or accountant.
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Explain how the increased use of e-commerce, including electronic data interchange (EDI), by businesses has affected the auditor or accountant.
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- Discuss what information would be most useful for these users of accounting information: Management Employees Investors Creditors Customers Tax authoritiesExternal users of accounting information would include ________________. employees managers investors supervisorsWhat is the relationship between Accounting and an Accountinginformation system? ) • What has happened to the relationship over the years? • What is accounting information? • Name 4 uses of Accounting Information? • Use an example to illustrate the difference between data,information, and intelligence? • Discuss security concerns related to shadow data and businessintelligence technologies. • Discuss the role of accounting professionals in thedevelopment of shadow data. • What is system documentation? • Why is it important to know system documentation? • Explain the 4 elements that makes up the Data Flow Diagrams? • Give an example of who or when one of these documents may berequired • What are Flowcharts? • List an example of an Input/output, processing and storage Symbols • Differentiate between different types of Flowchart? • If you were a new factory employee on your first day at a vastfactory, indicate which level Flowcharts would be required and • If you were a new…
- What is the relationship between Accounting and an Accountinginformation system? • What has happened to the relationship over the years? • What is accounting information? • Name 4 uses of Accounting Information? • Use an example to illustrate the difference between data,information, and intelligence? • Discuss security concerns related to shadow data and businessintelligence technologies. • Discuss the role of accounting professionals in thedevelopment of shadow data. System Documentation • What is system documentation? • Why is it important to know system documentation? • Explain the 4 elements that makes up the Data Flow Diagrams? • Give an example of who or when one of these documents may berequired • What are Flowcharts? • List an example of an Input/output, processing and storage Symbols • Differentiate between different types of Flowchart? • If you were a new factory employee on your first day at a vastfactory, indicate which level Flowcharts would be required and •…What is the difference between a Manual and a Computerized accounting system? What is e-commerce and how would e-commerce improve the revenue/ collection cycle?Cite one reason why there is a continued evolution of information system and how does this affect the roles of accountants or auditors of accounting information system?
- Why do we (businesses) need payment card industry data security standards? Why do we, accountants, want them?Describe how information reduces risk when you make a personal or work-related decision. What are information rules? How do they simplify the process of making decisions? What is the difference between data and information? Give one example of accounting data and one example of accounting information. List the five functions of an MIS. What are the components of a typical business report? Describe the three types of computer applications that help employees, managers, and executives make smart decisions. What purpose do audits and GAAPs serve in today’s business world? How do the major provisions of the Sarbanes-Oxley Act affect a public company’s audit procedures? What is the principal difference between a balance sheet and an income statement? How are current assets distinguished from fixed assets? Why are fixed assets depreciated on a balance sheet? How does the use of money solve the problems associated with a barter system of exchange? For a business firm, what type of activities…Describe one cause for the ongoing development of information systems and how it affects the duties of accountants and auditors of accounting information systems.
- With the increasing complexity of financial transactions, how does the field of accounting incorporate technology and specialized software to streamline processes, enhance data analysis, and ensure compliance with accounting standards and regulations?How do accountants use data analytics to help address business problems in the following areas:Auditing, Tax, Managerial Accounting, Financial reporting?1) Why is it not necessary to model activities such as data entry of information about customers or suppliers, mailing invoices to customers, and recording invoices received from suppliers as events in an REA diagram? 2) How can REA diagrams help an auditor understand a client’s business processes? 3) How would accounts payable be reflected in an REA diagram? Why?
