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EFGH Flashcards

1
Q

Internal control system definition

A

Key process concerned with risk management and achievement of objectives

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2
Q

management control system objective

A

manage risk identified within an organisation

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3
Q

turnbull report 1999

A

this report provides a summary of the purposes of an internal audit

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4
Q

SPAMSOAP types of controls

A

separation of duties, people, arithmetical checks, management information, supervision, observation, authorisation, phsyical

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5
Q

categories of controls

A

financial, operational, compliance (legal)

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6
Q

cybernetic control systems

A

automated control systems

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7
Q

5 elements of an internal control system

A

-

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8
Q

limitations of internal control

A

skips segregation of duties
management can over ride controls
cost outweighs benefits
control focuses on routine transactions only

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9
Q

function of an internal audit

A

to review internal control systems and examine operations

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10
Q

importance of an internal audit

A

can be outsourced or internal. External audit may rely on internal audit

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11
Q

need for internal audit report

A

so that the board remains informed

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12
Q

stages of internal audit

A

-

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13
Q

internal audit

A

-

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14
Q

external audit

A

statutory audit required by law to ensure compliance with regulations

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15
Q

discuss an external report on internal controls

A

-

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16
Q

internal audit report

A

summarise processes used to review the effectiveness of internal controls, confirm actions been taken to remedy any weaknesses, disclose process used to deal with problems

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17
Q

Cloud technology

A

uses internet to share, access and store physical or virtual resources

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18
Q

SAAS software as a service

A

provides access to a service for a subscription fee

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19
Q

strategic opportunities from cloud technology

A

cost leadership through reduced costs (no need for location)
differentiation through new mobile services (tracking)
helping businesses move into new locations

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20
Q

Cloud technology benefits

A

sharing tech, easier set up, flexibility

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21
Q

cloud technology risks

A

reliance on service providers, system outages, data security

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22
Q

generic vs bespoke software

A 
generic = SAGE
bespoke = individualised for company
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23
Q

8 techniques to gather info

A

interviews, written Qs, Questionaire, observation, workshop, doc analysis, protocal analysis, prototype

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24
Q

advantages of generic software

A

cheaper, quicker, new updates, regular system updates

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25
disadvantages of generic software
may not fit the precise need, incompatible and uncertain (discontinuity)
26
4 stages to evaluate softwares
1) evaluate whether a COTS solution is appropriate 2) define requirements for new software 3) evaluate competing packages 4) implement selected package
27
big data
non transactional data which is collected from everywhere, e.g. facebook, twitter, forums
28
big data, main strategic uses
predictive modelling, cluster analytics, social analytics
29
big data EG
google flu trend
30
pricing strategies, using big data
customers (willingness to pay) cost (exit costs, opportunity costs) competition (differentiation)
31
E business
key business processes occurring through the use of internet technologies
32
E commerce
subset of ebusiness, trading, buying and selling online
33
main changes brought about by ebusiness are
disintermediation: removal of direct selling reintermediation: price comparison websites countermediation: setting up by an established company e.g. tesco direct
34
E business benefits
opportunity to access new markets, target markets more effectively and increase sales
35
E business barriers
Security concerns, set up costs and running costs
36
Cyber security threats
theft of valuable date, assets and disruption
37
cyber security controls
firewalls, flows, data encryption and virus protection
38
software controls
prevents usage of unauthorised or illegal softwares
39
general controls
personell control, login control, physical security
40
application controls
error detection, verification checks, monitor checks
41
customer relationship management
an approach to building and sustaining customer loyalty
42
downstream supply chain
e marketing and e branding
43
upstream supply chain
eprocurement
44
managing for value
using funds effectively to create shareholder value
45
financial expectations of stakeholders
employees needs, customer needs and shareholder needs
46
funding strategies
where to fund and invest money BCG matrix can be used here
47
business partnering
need to have insight and be able to influence and not just focus on finance activities
48
outsourcing
someone else delivering your finance function
49
shared services
setting up a central finance function to serve other business units within an organisaion
50
finance decisions
relating to finance, investment or dividends
51
finance sources
internal: capital and retained profits external: overdraft, leasing, HP, loans
52
TA turnover
turnover/TA
53
debtors turnover
average debtors/ credit sales * 365
54
gearing
long term liabilities/ shareholders funds
55
working capital ratio
CA:CL
56
acid test ratio
CA-stock:CL
57
GP margin
GP/ turnover * 100
58
NP margin
NP / turnover * 100
59
EPS
profit / avg number of equity shares
60
PE ratio
market share price / EPS
61
Dividend cover
NP / dividend paid
62
Interest cover
NP before interest / interest paid
63
what is a budget
a quantitative or financial plan relating to the future
64
main purpose of a budget
planning, control, coordination, communication and motivation
65
budget variance
identify a variance based on a budget and see what caused it
66
marginal accounting
-
67
cost accounting
-
68
organisational structure
how the organisations tasks are divided up
69
functional structure
groups employees based on the functions of jobs they do
70
divisional structure
divides employees by division, location , products, services or clients
71
control processes
these are generic processes | e.g. direct supervision, planning processes, culture and self control
72
external relationships
relationships with other organisations, can ensure success within this organisation
73
boundary less organisations
working together as a network to grow and change
74
outsourcing advantages
gives access to those with better expertise, centralises the firm to focus on the main business activities
75
outsourcing disadvantages
they can see confidential info, may be more cost effective to keep it within the business
76
offshoring
having outsourced business functions done in a diff country
77
shared services
where two firms share their functions e.g. police force and hospital trust sharing their IT functions
78
talent management
means identifying and recruiting people with specific talents
79
knowledge workers
usually a project based or temporary role . individuals that bring expertise and knowledge to a firm.
80
competencies
critical skills and knowledge that an employee must have to work effectively
81
popit
approach to consider for business change: people, organisation, processes and IT
82
baldridge model
focus on Leadership,
83
learning organisations
a learning company is one that facilitates all its members and promotes continuous transformation
84
strategic change model
-
85
lewins force field model
equal and opposing forces, forces for change against forces resisting change
86
change management
unfreeze: create motivation to change change: adjust and implement the change refreeze: make this change into a routine
87
harmons strategy matrix
analyses processes in terms of their complexity and strategic importance
88
process redesign methodology
plan, analyse, redesign, develop and transition
89
project initiation
build a proposal, business case, PID, SWOT and stakeholder analysis
90
project plan contents
plan description, estimation of resources, external dependencies, budget and contingency plans
91
project benefits-
process involving identifying, planning, executing and reviewing
92
building a business case
introduction, exec summary, situation, options considered, analysis of costs, impact and risk assessment and recommendation
93
IRR
percentage return to breakeven on a project
94
NPV
net benefit/loss in present value of a project
95
project manager V project sponsor
provides leadership and owns the risks VS manager who takes care of day to day running of the project.
96
concluding a project
post project review: the last stage with signing off on the project and dissolution of the team post implementation review: was it successful?
97
a business case
assesses what benefits might arise from a project

ACCA (4 decks)

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