- Critically evaluate the purpose and role of accounting information systems in today’s business environment
- Evaluate systems development methodologies and the role of accountants in system development projects
- Appraise the risks inherent in computer-based systems/ERP, including the role of ethics and the various internal control processes that need to be in place
Part A. Accounting Information System as a Discipline
Conceptually, accounting is defined as the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information. In this context, accounting is an essential part of the business world and a constantly evolving profession. The accounting information systems (AIS) as a discipline is one of the outcomes of this evolution. AIS is mainly a computer-based system that makes accountants jobs easier by collecting, storing, and processing financial and accounting data to produce reports that help users make more efficient and effective business decisions. Therefore, AIS must be covered within (or across) the undergraduate/postgraduate accounting curriculum to adequately prepare accounting students for what they will be using in the workplace. This discussion reveals that the AIS curriculum needs the attention of researchers.
Required: Based on the existing recent literature, discuss the transformation of the AIS curriculum [support your discussion with a minimum of four peer-reviewed journal articles].
Part B. The Conversion Cycle.
You are a well-known management accountant in the area. Sara is one of your best friends who is the Managing Director of XYZ Limited.1 Last Friday, you met with Sara, and she was worried about some accounting issues of XYZ Limited. She requested you to provide her with an expert opinion on the components of overhead and the logical cost driver. For this expert opinion, she forwarded you the following information on Monday morning.
For years, XYZ Limited has allocated overhead based on total machine hours. A recent assessment of overhead costs has shown that these costs are now more than 45 per cent of the company’s total costs. Sara is specifically worried about this variance, and as a Managing
1 XYZ Limited is a manufacturer of wooden cutting boards that are sold through a chain of kitchen stores.
As an attempt to better control overhead, XYZ Limited is adopting an activity-based costing system. Each cutting board goes through the following processes. The given data reveals that cutting is the first process. In this process, boards are selected from inventory and are cut to the required width and length. Imperfections in boards (such as knots or cracks) are identified and removed. The second process is assembly. In this process, cut wooden pieces are laid out on clamps, a layer of glue is applied to each piece, and then glued pieces are clamped together until the glue sets.
The third process is shaping. Once the glue has been set, the boards are sent to the shaping process, where they are cut into specific shapes. After being shaped, the cutting boards must be sanded smooth. In this setting, sanding is the fourth process.
The fifth process is finishing. In this process, sanded cutting boards receive a coat of mineral oil to help preserve the wood. The last process is packing. In the packing process, finished cutting boards are placed in boxes of 12. The boxes are sealed, addressed, and sent to one of the kitchen stores.
Suggest the most suitable component of overhead for XYL Limited. Further, determine a logical cost driver for each process.
Part C. System Analysis and Selection Report.
You are running an accounting/management consultancy firm. One of your clients is currently evaluating its information systems. The Managing Director of your client thinks that they need to invest in an Enterprise Resources Planning (ERP) system to support the growth of the business. During your first meeting, the managing director of your client requested you to evaluate their business and recommend ERP software.
You are required to select a listed company of your choice (your firm’s client). The selectedcompany should be a manufacturing firm listed on either The Australian Stock Exchange or the Stock Exchange of your home country. The chosen company is your firm’s client.
- Background of the Selected Business
Evaluate the business process of your client to identify potential weak internal controls and the risk associated with these potential weak controls. And recommend the control techniques that will reduce or eliminate the potential risks.
- Systems Requirements
Briefly discuss the software features and functionalities that your client should consider supporting its business activities. [Hint: your response should be based on Section
- Software Selection
Compare and contrast the features and functionalities of three ERP software packages offered by the ERP vendors. Hint. Try to apply the general functionalities and key elements of ERP systems we discussed in the Week 10 Interactive Tutorial. In the end, identify the most suitable vendor and ERP software package for your client and explain why it is the best option.
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