SUBJECT -Accounting information systems
Question 2 (40 marks) â InternalControls:
You have recently started in a new organisation as a FinancialAccountant. Part of this role involves supervising the GeneralAccounting Team. This team is responsible for the day to dayaccounting functions and period end reporting to management. Youhave early concerns about internal controls within the existingprocess. You have decided to undertake an initial internal audit ofthe General Ledger and Reporting process, specifically focusing onreliability, completeness and validity of the process. The scope ofthe investigation is to review:
a) Master file data
b) General Ledger Postings
c) Period End Postings
d) Reporting
Provide a 1,500 word business report to your manager, theFinancial Controller, identifying potential internal control risksthat may exist in each of the areas above (a-d). You must alsorecommend appropriate internal control measures to mitigate theidentified risks.
SUBJECT -Accounting information systems
Question 2 (40 marks) â InternalControls:
You have recently started in a new organisation as a FinancialAccountant. Part of this role involves supervising the GeneralAccounting Team. This team is responsible for the day to dayaccounting functions and period end reporting to management. Youhave early concerns about internal controls within the existingprocess. You have decided to undertake an initial internal audit ofthe General Ledger and Reporting process, specifically focusing onreliability, completeness and validity of the process. The scope ofthe investigation is to review:
a) Master file data
b) General Ledger Postings
c) Period End Postings
d) Reporting
Provide a 1,500 word business report to your manager, theFinancial Controller, identifying potential internal control risksthat may exist in each of the areas above (a-d). You must alsorecommend appropriate internal control measures to mitigate theidentified risks.
