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ACCA > EFGH > Flashcards

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
Q

disadvantages of generic software

A

may not fit the precise need, incompatible and uncertain (discontinuity)

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26
Q

4 stages to evaluate softwares

A

1) evaluate whether a COTS solution is appropriate
2) define requirements for new software
3) evaluate competing packages
4) implement selected package

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27
Q

big data

A

non transactional data which is collected from everywhere, e.g. facebook, twitter, forums

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28
Q

big data, main strategic uses

A

predictive modelling, cluster analytics, social analytics

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29
Q

big data EG

A

google flu trend

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30
Q

pricing strategies, using big data

A

customers (willingness to pay)
cost (exit costs, opportunity costs)
competition (differentiation)

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31
Q

E business

A

key business processes occurring through the use of internet technologies

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32
Q

E commerce

A

subset of ebusiness, trading, buying and selling online

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33
Q

main changes brought about by ebusiness are

A

disintermediation: removal of direct selling
reintermediation: price comparison websites
countermediation: setting up by an established company e.g. tesco direct

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34
Q

E business benefits

A

opportunity to access new markets, target markets more effectively and increase sales

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35
Q

E business barriers

A

Security concerns, set up costs and running costs

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36
Q

Cyber security threats

A

theft of valuable date, assets and disruption

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37
Q

cyber security controls

A

firewalls, flows, data encryption and virus protection

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38
Q

software controls

A

prevents usage of unauthorised or illegal softwares

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39
Q

general controls

A

personell control, login control, physical security

40
Q

application controls

A

error detection, verification checks, monitor checks

41
Q

customer relationship management

A

an approach to building and sustaining customer loyalty

42
Q

downstream supply chain

A

e marketing and e branding

43
Q

upstream supply chain

A

eprocurement

44
Q

managing for value

A

using funds effectively to create shareholder value

45
Q

financial expectations of stakeholders

A

employees needs, customer needs and shareholder needs

46
Q

funding strategies

A

where to fund and invest money BCG matrix can be used here

47
Q

business partnering

A

need to have insight and be able to influence and not just focus on finance activities

48
Q

outsourcing

A

someone else delivering your finance function

49
Q

shared services

A

setting up a central finance function to serve other business units within an organisaion

50
Q

finance decisions

A

relating to finance, investment or dividends

51
Q

finance sources

A

internal: capital and retained profits
external: overdraft, leasing, HP, loans

52
Q

TA turnover

A

turnover/TA

53
Q

debtors turnover

A

average debtors/ credit sales * 365

54
Q

gearing

A

long term liabilities/ shareholders funds

55
Q

working capital ratio

A

CA:CL

56
Q

acid test ratio

A

CA-stock:CL

57
Q

GP margin

A

GP/ turnover * 100

58
Q

NP margin

A

NP / turnover * 100

59
Q

EPS

A

profit / avg number of equity shares

60
Q

PE ratio

A

market share price / EPS

61
Q

Dividend cover

A

NP / dividend paid

62
Q

Interest cover

A

NP before interest / interest paid

63
Q

what is a budget

A

a quantitative or financial plan relating to the future

64
Q

main purpose of a budget

A

planning, control, coordination, communication and motivation

65
Q

budget variance

A

identify a variance based on a budget and see what caused it

66
Q

marginal accounting

A

-

67
Q

cost accounting

A

-

68
Q

organisational structure

A

how the organisations tasks are divided up

69
Q

functional structure

A

groups employees based on the functions of jobs they do

70
Q

divisional structure

A

divides employees by division, location , products, services or clients

71
Q

control processes

A

these are generic processes

e.g. direct supervision, planning processes, culture and self control

72
Q

external relationships

A

relationships with other organisations, can ensure success within this organisation

73
Q

boundary less organisations

A

working together as a network to grow and change

74
Q

outsourcing advantages

A

gives access to those with better expertise, centralises the firm to focus on the main business activities

75
Q

outsourcing disadvantages

A

they can see confidential info, may be more cost effective to keep it within the business

76
Q

offshoring

A

having outsourced business functions done in a diff country

77
Q

shared services

A

where two firms share their functions e.g. police force and hospital trust sharing their IT functions

78
Q

talent management

A

means identifying and recruiting people with specific talents

79
Q

knowledge workers

A

usually a project based or temporary role . individuals that bring expertise and knowledge to a firm.

80
Q

competencies

A

critical skills and knowledge that an employee must have to work effectively

81
Q

popit

A

approach to consider for business change: people, organisation, processes and IT

82
Q

baldridge model

A

focus on Leadership,

83
Q

learning organisations

A

a learning company is one that facilitates all its members and promotes continuous transformation

84
Q

strategic change model

A

-

85
Q

lewins force field model

A

equal and opposing forces, forces for change against forces resisting change

86
Q

change management

A

unfreeze: create motivation to change
change: adjust and implement the change
refreeze: make this change into a routine

87
Q

harmons strategy matrix

A

analyses processes in terms of their complexity and strategic importance

88
Q

process redesign methodology

A

plan, analyse, redesign, develop and transition

89
Q

project initiation

A

build a proposal, business case, PID, SWOT and stakeholder analysis

90
Q

project plan contents

A

plan description, estimation of resources, external dependencies, budget and contingency plans

91
Q

project benefits-

A

process involving identifying, planning, executing and reviewing

92
Q

building a business case

A

introduction, exec summary, situation, options considered, analysis of costs, impact and risk assessment and recommendation

93
Q

IRR

A

percentage return to breakeven on a project

94
Q

NPV

A

net benefit/loss in present value of a project

95
Q

project manager V project sponsor

A

provides leadership and owns the risks VS manager who takes care of day to day running of the project.

96
Q

concluding a project

A

post project review: the last stage with signing off on the project and dissolution of the team
post implementation review: was it successful?

97
Q

a business case

A

assesses what benefits might arise from a project

ACCA (4 decks)

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