INF2004F Summary Notes.docx

Allows management teas to articulate communicate and

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Allows management teas to articulate, communicate and monitor the implementation of strategy (translate strategy into operational objectives) Provides a visual representation of their strategy through strategy maps Makes strategy a continual process by providing a new reporting and feedback framework Considerations when designing Balanced Scorecard: Supposed to address problem of limited focus on performance – focusing on one dimension of performance (as reflected in FS) Financial section of BSC contains lagging indicators of performance whereas the other dimensions provide leading indicators about like future performance BSC is based on assumptions of case and effect relationship Other three dimensions (customer, internal operations & innovation and learning) – leading indicators about future performance Possible – Improvement in one dimension might not improve other areas in subsequent periods. Also, measures developed in one areas may be flawed which can further affect the outcomes leading to e.g. poor customer satisfaction which further affects profitability External factors (macroeconomic factor) might depress earnings In this case – Management re-design the other three leading indicators – include items that have cause-and-effect relationships and revise the determinants of organisational success BSC is a useful tool for testing and refining business strategy- can also be used to manage enterprise risk (including IT risks) by incorporating appropriate risk-based goals and measures Top management, accountants and IS professionals need to work together when developing BSC Training on proper graph design: Very important because management needs to be able to see how the organisation is doing, what aspects need to be strengthened and what aspects need to be revised
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Module 9: Information Technology auditing [chapter 11] Auditing: Process of obtaining and evaluating evidence Regarding assertions about economic actions and events In order to determine how well they correspond with established criteria Different types of audits: - Financial audit: examines the reliability and integrity of financial transactions, accounting records and FS - IT/Internal control audit: reviews the controls of an AIS to assess its compliance with internal control policies and procedures and its effectiveness in safeguarding assets (evaluate systems input and output, processing controls, backup, recovery plan, systems security and computer facilities) - Operational audit: concerned with the economical and efficient use of resources - Compliance audit: determines whether entities are complying with applicable laws/regulations - Investigative audit: examines incidents of possible fraud, misappropriation of assets, waste and abuse or improper governmental activities Major steps (plan, correct evidence, evaluate & communicate results) 1. Audit planning: What you need to do, how you are going to do audit, and who will be doing the audit Identify risks
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