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Chapter 1 Highlights

Chapter 1 Highlights - 3 CPA audit requires internal...

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Chapter 1 Highlights In this course and every chapter we focus on “reporting” of business activities (accounting transactions are minor part of business reporting) What is Enterprise Resource Planning (ERP) and why you don’t learn about this in your other classes? 1. Integration of all business activities 2. Accounting acts as a glue to hold information about many functional areas 3. 95% of Corporate America is using 4. Major revenue for big four firms 5. …….. What characteristics separate e-business from traditional business? 1. Location does not matter 2. Global markets 3. 24 hour business 4. Automation and less people involved in processes 5. Risk management requires business and technical knowledge Controls and risk assessment are mandatory by law and considered “good business” 1. Sarbanes-Oxley law of 2002 requirements 2. PCAOB (Public Company Accounting Oversight Board)
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Unformatted text preview: 3. CPA audit requires internal controls risk assessment 4. This is a major topic in most accounting courses and most chapters of this book. Components of AIS 1. People 2. Technology 3. Business Processes 4. Accounting and auditing principles 5. Internal controls 6. Databases 7. Reporting 8. Systems development and operation 9. Information for MGT decision making 10. Communication and distribution What is AIS? A system of interrelated subsystems together to respond to demand of business reporting supply chain. Qualities of Information 1. Exhibit 1.2 2. Conflict among these qualities Accountant’s Role in Business Reporting 1. What was event, what was recorded, … 2. How will it impact or recorded? 3. How much will be recorded? 4. What controls are in place? 5. When will it be recorded? 6. Who was involved in this transaction?...
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  • Spring '10
  • r
  • business activities, Public Company Accounting Oversight Board, Company Accounting Oversight, technical knowledge Controls

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Chapter 1 Highlights - 3 CPA audit requires internal...

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