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Accounting Information

Systems

Accounting Information
Systems
Accounting information systems
collect and process transaction data
and communicates the financial
information to interested parties.
There are many types of systems
and they vary widely. A number of
factors shape these systems such as
the type of business, the volume of
data management needs and other
factors

AIS, Business Transactions and


Business Process
Revenue and Return processes, systems
and controls The business transaction that
falls under these business processes are large
volumes of daily sales, returns, and cash inflow
transactions.
Expenditure and return processes, systems
and controls The business transaction that fall
under these business processes are large volume
of expenditure, returns and cash outflow
transactions. Payroll and fixed asset purchase
transactions are under this category

AIS, Business Transactions and


Business Process
Conversion processes, systems,
and controls The business
transaction under this category are
raw materials and work-in-progress
transactions.
Administrative processes,
systems and controls The
business transactions that are
administrative are investments,
borrowing and capital transactions.

AIS, Business Transactions and


Business Process
Administrative processes, systems and
controls (cont.) All these business
transactions result in T-accounts setup in the
General ledger processes, systems and
controls, From the general ledger, both internal
and external financial statements are
developed. Internal financial reports might be
an aging schedule for accounts receivable or a
sales inventory status report. External financial
reports would be the income statement,
balance sheet and statement of cash flows.

Types of Accounting System


Financial Accounting or financial reporting,
is the process of producing information for
external use usually in the form of Financial
Statements. Based on GAAP and IFRS
Management Accounting produces
information primarily for internal use of the
companys management. The information
produced is generally more detailed than that
produced for external use to enable effective
organization control and fulfillment of the
strategic aims and objectives of the company.

Types of Accounting System


Governmental Accounting also
known as public accounting or
federal accounting, refers to the type
of accounting information system
used in the public sector.
Tax Accounting refers to
accounting for the tax related
matters. It is governed by tax rules
prescribed by the tax laws of a
jurisdication

Types of Accounting System


Forensic Accounting is the use of
accounting, auditing and investigative
techniques in cases of litigation or disputes.
Forensic accountants act as expert witness in
courts of law in civil and criminal disputes
requiring an assessment of the financial
effects of a loss or the detection of fraud.
Project Accounting refers to the use of
accounting system to track the financial
progress of a project through frequent
financial reports.

Types of Accounting
Systems
Social Accounting also known as Corporate
Social Responsibility Reporting and Sustainable
Accounting, refers to the process of reporting
implications of an organizations activities on it
ecological and social environment. Social
Accounting is primarily reported in the form of
Environmental Reports accompanying the annual
reports of the company. Social accounting is still
in the early stages of development and is
considered to be a response to the growing
environmental consciousness amongst the public
at large

Accounting Software
is an application software that records and
processes accounting transactions within
functional modules such as accounts payable,
accounts receivable, payroll, and trial balance.
It functions as an accounting information
system. It may be developed in-house by the
company or organization using it, may be
purchased from a third party, or may be a
combination of a third-party application
software package with local modifications. It
varies greatly in its complexity and cost.

Accounting Software Module


Core modules
Accounts receivablewhere the company enters money received
Accounts payablewhere the company enters its bills and pays
money it owes
General ledgerthe company's "books"
Billingwhere the company produces invoices to clients/customers
Stock/inventorywhere the company keeps control of its
inventory
Purchase orderwhere the company orders inventory
Sales orderwhere the company records customer orders for the
supply of inventory
Bookkeepingwhere the company records collection and payment

Accounting Software Module


Non-core modules
Debt collectionwhere the company tracks attempts to
collect overdue bills (sometimes part of accounts receivable)
Electronic payment processing
Expensewhere employee business-related expenses are
entered
Inquirieswhere the company looks up information on screen
without any edits or additions
Payrollwhere the company tracks salary, wages, and
related taxes
Reportswhere the company prints out data
Timesheetwhere professionals (such as attorneys and
consultants) record time worked so that it can be billed to
clients

Accounting Software Module

Non-core modules
Purchase requisitionwhere requests for
purchase orders are made, approved and tracked
Reconciliationcompares records from parties at
both sides of transactions for consistency
Drill down
Journals
Departmental accounting
Support for value added taxation
Calculation of statutory holdback

Types of Accounting
Software
Personal accounting
Personal accounting software is mainly targeted
towards home users, supporting accounts payabletype accounting transactions, managing budgets,
and simple account reconciliation, at the
inexpensive end of the market.

Types of Accounting
Software
Low-end market
At the low-end of the business markets, inexpensive applications
software allows most general business accounting functions to be
performed. Suppliers frequently serve a single national market,
while larger suppliers offer separate solutions in each national
market.
Many of the low end products are characterized by being "singleentry" products, as opposed to double-entry systems seen in
many businesses. Some products have considerable functionality
but are not considered GAAP or IFRS/FASB compliant. Some lowend systems do not have adequate security nor audit trails.

Types of Accounting
Software
Mid-market
The mid-market covers a wide range of business software that may be capable of
serving the needs of multiple national accountancy standards and allow
accounting in multiple currencies.
In addition to general accounting functions, the software may include integrated or
add-on management information systems, and may be oriented towards one or
more markets, for example with integrated or add-on project accounting modules.
Software applications in this market typically include the following features:
[citation needed]
Industry-standard robust databases
Industry-standard reporting tools
Tools for configuring or extending the application (e.g. an SDK), access to program
code.

Types of Accounting
Software

High-end market

The most complex and expensive business accounting software is


frequently part of an extensive suite of software often known as
enterprise resource planning (ERP) software.
These applications typically have a very long implementation period,
often greater than six months. In many cases, these applications are
simply a set of functions which require significant integration,
configuration and customization to even begin to resemble an
accounting system.
The advantage of a high-end solution is that these systems are
designed to support individual company specific processes, as they are
highly customizable and can be tailored to exact business requirements.
This usually comes at a significant cost in terms of money and
implementation time.

Types of Accounting
Software
Vertical market
Some business accounting software is designed for specific
business types. It will include features that are specific to that
industry.
The choice of whether to purchase an industry-specific
application or a general-purpose application is often very
difficult. Concerns over a custom-built application or one
designed for a specific industry include:
Smaller development team
Increased risk of vendor business failing
Reduced availability of support

Types of Accounting
Software
Vertical market
This can be weighed up against:
Less requirement for customization
Reduced implementation costs
Reduced end-user training time and costs
Some important types of vertical accounting software are:
Banking
Construction
Medical
Nonprofit or fund accounting[9]
Point of sale (retail)
Real estate investment trust
Child care management software
Management for Bookselling

Information Technology
Audit
Aninformation technology audit,
orinformation systems audit, is an examination
of the management controls within anInformation
technology(IT) infrastructure. The evaluation of
obtained evidence determines if the information
systems are safeguarding assets, maintainingdata
integrity, and operating effectively to achieve the
organization's goals or objectives.
IT audits are also known as "automated data
processing (ADP) audits" and "computer audits".
They were formerly called "electronic data
processing(EDP) audits".

Purpose of Computer Audit


to evaluate the system's internal control
design and effectiveness
efficiency and security protocols, development
processes and IT governance or oversight.
evaluate the systems that are in place to
guard an organization's information.
information technology audits are used to
evaluate the organization's ability to protect
its information assets and to properly dispense
information to authorized parties.

Computer Audit
Evaluate the Following
Will the organization's computer systems
be available for the business at all times
when required? (known as availability)
Will the information in the systems be
disclosed only to authorized users?
(known as security and confidentiality)
Will the information provided by the
system always be accurate, reliable, and
timely? (measures the integrity)

Types of Computer Audit


Technological innovation process audit. This audit constructs a
risk profile for existing and new projects. The audit will assess the
length and depth of the company's experience in its chosen
technologies, as well as its presence in relevant markets, the
organization of each project, and the structure of the portion of the
industry that deals with this project or product, organization and
industry structure.
Innovative comparison audit. This audit is an analysis of the
innovative abilities of the company being audited, in comparison to
its competitors. This requires examination of company's research and
development facilities, as well as its track record in actually
producing new products.
Technological position audit: This audit reviews the technologies
that the business currently has and that it needs to add. Technologies
are characterized as being either "base", "key", "pacing" or
"emerging".

Five Categories of Computer


Audit
Systems and Applications: An audit to verify that systems and applications
are appropriate, are efficient, and are adequately controlled to ensure valid,
reliable, timely, and secure input, processing, and output at all levels of a
system's activity.
Information Processing Facilities: An audit to verify that the processing
facility is controlled to ensure timely, accurate, and efficient processing of
applications under normal and potentially disruptive conditions.
Systems Development: An audit to verify that the systems under
development meet the objectives of the organization, and to ensure that the
systems are developed in accordance with generally accepted standards
forsystems development.
Management of IT and Enterprise Architecture: An audit to verify that IT
management has developed an organizational structure and procedures to
ensure a controlled and efficient environment forinformation processing.
Client/Server, Telecommunications, Intranets, and Extranets: An audit
to verify thattelecommunicationscontrols are in place on the client (computer
receiving services), server, and on thenetworkconnecting the clients and
servers.

Fundamental Types of
Controls
Protective/Preventative Controls
Detective Controls
Reactive/Corrective Controls.

Two Types of Auditors and


Audits
Internal - IS auditing is usually a part of
accounting internal auditing, and is frequently
performed by corporate internal auditors.
External -An external auditor reviews the
findings of the internal audit as well as the
inputs, processing and outputs of information
systems. The external audit of information
systems is frequently a part of the overall
external auditing performed by a Certified
Public Accountant (CPA) firm.

IT Audit Process
The following are basic steps in
performing the Information Technology
Audit Process:[4]
1.
2.
3.
4.
5.

Planning
Studying and Evaluating Controls
Testing and Evaluating Controls
Reporting
Follow-up

Professional Certifications
Certified Information Systems Auditor(CISA)
Certified in Risk and Information Systems
Control(CRISC)
Certified Internal Auditor(CIA)
Certification and Accreditation Professional(CAP)
Certified Computer Professional(CCP)
Certified Information Privacy Professional(CIPP)
Certified Information Systems Security
Professional(CISSP)
Certified Information Security Manager(CISM)

Professional Certifications
Certified Public Accountant(CPA)
Certified Internal Controls Auditor(CICA)
Forensics Certified Public
Accountant(FCPA)
Certified Fraud Examiner(CFE)
Chartered Accountant(CA)
Certified Commercial Professional
Accountant(CCPA)
Certified Accounts Executive(CEA)

Professional Certifications
Certified Professional Internal Auditor(CPIA)
Certified Professional Management
Auditor(CPMA)
Chartered Certified Accountant(CCA)
GIAC Certified System & Network
Auditor(GSNA)[
Certified Information Technology
Professional(CITP), to certify, auditors
should have 3 years experience.

Assignment
Research on a company that has
Social Accounting as part of their
financial statement published in
WWW.

Seatwork
Based on your research in Social
Accounting, what do you think is the
most common theme or goal of the
companies in using CSR?
(Not less than 200 words)

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