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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

SMAMSOAP types of controls

A

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

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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

skip 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

external audit

A

statutory audit required by law to ensure compliance with regulations

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14
Q

discuss an external report on internal controls

A

-

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15
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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16
Q

cloud technology

A

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

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17
Q

SAAS software as a service

A

provides access to a service for a subscription fee

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18
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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19
Q

cloud technology benefits

A

sharing tech, easier set up, flexibility

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20
Q

cloud technology risks

A

reliance on service providers, system outages, data security

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21
Q

generic vs bespoke software

A 
generic = SAGE
bespoke = individualised for company
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22
Q

8 techniques to gather information

A

interview, written Qs

questionnaire, observation, workshop, doc analysis, protocol analysis, prototype

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23
Q

advantages of generic software

A

cheaper, quicker, new updates, regular system updates

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24
Q

disadvantages of generic software

A

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

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

1 ACCA (4 decks)

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