WEEK 8: GENERAL LEDGER

Question 1

general ledger and reporting general threats

Answer 1

GIVE EXAMPLES OF EACH

• threats during input
• threats during processing
• threats during output ( authorisation )

Question 2

controls addressing the errors in updating and generating reports

Answer 2

> data entry processing integrity controls

> reconciliations and control reports

> audit trail and review

Question 3

XBLR

Answer 3

FINANCIAL REPORTING ON THE INTERNET

• Similar to html but different as its tags are extensible
• the tags describe the data rather than just their display
• benefits = single-format filing, therefore easy to compare

Question 4

How Does XBRL affect accountants

Answer 4

Provides greater transparency

Permits automatic and reliable exchange of financial information across different formats and technologies

Does not require a change to existing accounting standards or disclosure requirements

Eliminates the need to re-enter financial data for different users

Lowers the cost of the preparation and distribution of financial statements.
Improves investor- and analyst- access to information

Allows accountants to consolidate and scrutinize internal data for financial reporting purposes

Allows CEOs and CFOs to deliver more transparent information

Question 5

threats and controls for production management reports

Answer 5

> threat = poorly designed 
> controls : 
- *responsibility accounting 
- *balanced scorecard 
- training on proper graph design

Question 6

balanced scorecard components of evaluation

Answer 6

PERSPECTIVES (organisation) :
- financial 
- customer 
- internal operations 
- innovation and learning 
MEASURES 
- targets 
- actual

Question 7

link between balanced scorecard and strategy

Answer 7

Allows managers to examine each area of the organisation through the financial, customer, internal process and learning & growth lenses.

Allows management teams to articulate, communicate & monitor the implementation of strategy (translate strategy into operational objectives)

Provides a visual representation of their strategy through strategy maps

Makes strategy a continual process by providing a new reporting and feedback framework.

Question 8

Important considerations when designing a BSC

Answer 8

• assumption of cause and effects
• measurement criteria
• ability to test strategy
• participation by accountants and IS professionals
• goals&measures