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ICAS - ABS > Module 9 > Flashcards

Module 9 Flashcards

1
Q

Business processes are a series of activities that enable a company to

A

Meet one or more of its objectives

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2
Q

Automated business processes vs manual

A

More consistent and efficient and better at identifying exemptions.

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3
Q

Control activities for all processed transactions should be designed to provide management with reasonable assurance regarding (4)

A
  • Effectiveness and efficiency of operations
  • Reliability of management reporting, analysis and decision making
  • Reliability of financial reporting
  • Compliance with applicable laws and regulation
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4
Q

Limitations of business processes (6)

A
  • Obsolescence
  • Cost
  • Collusion
  • Human error
  • Unusual transactions
  • Management override
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5
Q

Computerised control activities (3)

A
  • Master files - access, editing, integrity
  • Configuration of computer system
  • Review of exception reports
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6
Q

Credit sales system - Phase 1

A

Sales order

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7
Q

Credit sales system - Phase 2

A

Order fulfilment/ despatch

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8
Q

Credit sales system - Phase 3

A

Invoicing

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9
Q

Credit sales system - Phase 4

A

Payment Processing

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10
Q

Returns Sales - Phase 5

A

Return received

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11
Q

Returns Sales - Phase 6

A

Credit note processing

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12
Q

Returns Sales- Phase 7

A

Refund made/ receivable cancelled

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13
Q

Credit purchases system - Phase 1

A

Purchase order

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14
Q

Credit purchases system - Phase 2

A

Receipt of goods

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15
Q

Credit purchases system - Phase 3

A

Purchase invoice processing

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16
Q

Credit purchases system - Phase 4

A

Payment processing

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17
Q

Returns purchases system - Phase 5

A

Goods despatch

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18
Q

Returns purchases system - Phase 6

A

Credit note processing

19
Q

Returns purchases system - Phase 7

A

Refund receipt/ payable cancelled

20
Q

Purchases in advance - Phase 1

A

Purchase order

21
Q

Purchases in advance - Phase 2

A

Purchase invoice processing

22
Q

Purchases in advance - Phase 3

A

Payment processing

23
Q

Purchases in advance - Phase 4

A

Receipt of goods`

24
Q

Inventory system - Phase 1

A

Receipt of inventory (receipt of goods - purchases cycle)

25
Q

Inventory system - Phase 2

A

Movement and manufacturing of inventory

26
Q

Inventory system - Phase 3

A

Holding of inventory

27
Q

Inventory system - Phase 4

A

Issuance of inventory (orders despatched - sales cycle)

28
Q

Inventory system - Phase 5

A

Valuation of inventory

29
Q

Perpetual (cycle) inventory count

A

Alternative to full year end count

30
Q

Main controls for perpetual inventory counts (6)

A
  • Must be set programme of counts
  • All items must be counted at least once in the period
  • High risk/ value items should be counted more than once
  • Counter should prepare report showing discrepancies
  • Differences between system and count should be investigated and system figures amended
  • Process for investigating discrepancies
31
Q

If perpetual inventory counts straightforward with few problems,

A

Inventories figures for financial statements may be taken straight from inventory listing on the system

32
Q

HR/ Personnel System - Phase 1

A

Engagement termination of employees and maintenance of master data (HR)

33
Q

HR/ Personnel System - Phase 2

A

Work done and time recorded

34
Q

HR/ Personnel System - Phase 3

A

Calculation of payroll liability

35
Q

HR/ Personnel System - Phase 4

A

Payment of payroll liability

36
Q

Risks when a computerised system used for payroll (4)

A
  • System crashes and payroll cannot be run
  • Unauthorised access to employees’ personal data
  • Unauthorised changes to employee data
  • Unauthorised changes to payroll programme
37
Q

Key controls for fixed assets (4)

A
  • All NCA acquired are identified as an asset
  • NCA accurately recorded in NCAR/ FAR and general ledger
  • All NCA disposals and transfers are identified and FAR is updated accordingly
  • Senior officials responsible for monitoring effectiveness, cost efficiency and operational use of assets
38
Q

Monthly financial reporting (4)

A
  • Month-end journals
  • Month-end reconciliations
  • Production of management accounts
  • Production of year end financial statements
39
Q

Big data

A

Extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interaction

40
Q

Four Vs - big data

A
  • Volume
  • Velocity
  • Variety
  • Veracity
41
Q

Volume

A

Sheer quantity of data - often beyond storage and processing power of traditional IT infrastructure

42
Q

Velocity

A

Rate at which data is created and processed

43
Q

Variety

A

Range of data sources available

44
Q

Veracity

A

Need for big data to be trusted and trustworthy

ICAS - ABS (21 decks)

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