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HI5019 T3 2020 SIS for Business

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HI5019 SIS T3 2020 Holmes

ASSESSMENT DETAILS AND SUBMISSION GUIDELINES

Trimester                  T3 2020

Unit Code                 HI5019

Unit Title                  Strategic Information Systems for Business and Enterprise

Assessment Type    Assessment 1: Individual Assignment

Assessment Title     Analysing an Accounting Information System

Purpose of the assessment (with ULO Mapping)

Students are required to:

•   Critically   evaluate   the   purpose   and   role   of   accounting

information systems in today’s business environment [ULO 1].

•   Articulate  the  various  transaction  cycles,  financial  reporting, management  reporting  systems  and  ecommerce  systems  to technical and non-technical stakeholders [ULO 2].

•   Appraise  the  risks  inherent  in  computer-based  systems/ERP,

including  the  role  of  ethics  and  the  various  internal  control processes that need to be in place [ULO 4].

Weight                      20% of the total assessments.

Total Marks             20 Marks.

Word limit                2000 words ± 10%.

Due Date                  The written report is due in Week 7, dated 15th January 2021, on Friday at 11:59 PM.

Submission Guidelines

•    All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page.

•    The assignment must be in MS Word format, double spacing, 12-pt Arial  font  and  2  cm  margins  on  all  four  sides  of  your  page  with appropriate section headings and page numbers.

•    Reference sources must be cited in the text of the report and listed appropriately at the end in a reference list using Harvard referencing style.

•    Include a minimum of ten (10) references, at least five (5) from peer- reviewed journal relevant to the unit.

ASSIGNMENT DETAILS

The Revenue Cycle of XYZ Limited.

After  finishing  your  Master  of  Professional  Accounting,  you  started  your  accounting consultancy in Brisbane, Queensland, Australia. You got a high distinction in HI5019 Strategic Information  System  and  preferred  to  analyse  the  business  processes,  risks  and  internal controls. XYZ is one of your clients, and the CEO of XYZ is delighted with your services.1  The head of the accounting department is concerned about their revenue cycle. Therefore, he has recently  contacted  you  to  evaluate  their  revenue  cycle.  During  the  initial  meeting,  you elaborate him that conceptually, the revenue cycle is a recurring set of business activities and related data processing operations associated with providing goods and services to customers and  collecting  their  cash  payments.  This  definition  reveals  that  the  revenue  cycle  can  be categorised   into   (1)   sales   order   processing   procedures   (SOPP),   and   (2)   cash   receipts procedures (CRP). The SOPP and CRP of XYZ are elaborated below. Therefore, you requested the head of the accounting department to describe the SOPP and the CRP of XYZ Limited separately. This description is given below.

SOPP of XYZ Limited

The  sales  department  receives  the  unstandardised  sales  order  since  customer  orders  are mailed,  e-mailed  or  faxed  to  the  sales  department.  The  sales  clerk  first  converts  the unstandardised  sales  order  into  the  standardised  sales  order.  For  this  purpose,  the  sales representative requests the missing information, if any. When the order is received, the sales clerk  checks  the customer’s  creditworthiness  of  the  customer  from  his  computer  terminal. Three years ago, the sales clerk requested the accounting department to provide him with a list of customers whose account receivables are written off. The sales clerk is still using this information to check the creditworthiness of the customers. The sales clerk is using the same procedure to check the creditworthiness of the new customers.

The  customer’s  order  is  rejected  if  the  customer’s  credit  is  not  verified.  The  sales  order processing  is  started  after  the  credit  verification.  In  particular,  the  sales  clerk  records  the approved standardised sales order in the sales order system through his computer terminal. A  digital  copy  of  the  order  is  distributed  to  the  warehouse  and  the  shipping  department terminals for further processing. The computer system automatically records the sale in the sales journal. The clerk reviews this entry and files the hard copy of the customer order in the sales department.

1  XYZ is a wholesaler of rafting and camping equipment that serves outdoor sports camping retailers throughout the

Queensland.

As indicated above, the receipt of the digital sales order prompts on the computer terminal of the warehouse manager. Further, the stock release and the shipping notice are also accessible at the warehouse terminal. For further processing, the warehouse manager prints out the sales order, the stock release, and the shipping notice. Using the stock release copy, a warehouse clerk picks the selected items from the shelves and sends them to the shipping department along with the stock release and the shipping notice. The warehouse manager then updates the inventory subsidiary ledger and the general ledger control account from his computer terminal.

The shipping clerk receives the physical stock, the stock release, and the shipping notice from the warehouse manager. The shipping clerk matches them to the corresponding digital sales order displayed on his terminal. If everything matches, he prints out three hard copies of the bill of lading and a packing slip. The shipping clerk sends two copies of the bill of lading and the packing slip, along with the goods, to the carrier. The stock release copy and the shipping notice are sent to the accounts receivable department. The third bill of lading copy is filed in the shipping department.

Account  receivable  clerk  receives  the  stock  release  and  shipping notice  from  the  shipping clerk.  Then,  the  accounts  receivable  clerk  manually  creates  a  hard-copy  invoice,  which  is immediately mailed to the customer. After mailing the invoice, the clerk uses information on the stock release to update the accounts receivable subsidiary ledger and general ledger from his computer terminal. After  the  records  are updated,  the clerk files  the stock  release  and shipping  notice  in  the  accounts  receivable  department.  Sometimes,  the  account  receivable clerk reconciles the quantities from the sales order and adjusts the account receivables.

CRP of XYZ Limited

The  payments  of  customers  come  directly  to  the  general  mailroom  along  with  other  mail items. The mail clerk performs the following tasks:

•   Sorts the mail,

•   Opens the customer payment envelope,

•   Removes the customer’s check and remittance advice, and

•   Reconciles the two documents.

To control the checks and remittance advices, the clerk manually prepares two hard copies of a remittance list. He sends one copy to the accounts receivable department, along with the corresponding  remittance  advices.  The  other  copy  of  the  remittance  list  accompanies  the checks to the cash receipts department. Once the checks and remittance list arrive in the cash receipts department, the treasurer performs the following tasks:

•   Reconciles the documents,

•   Endorses the checks,

•   Manually prepares three hard copies of a deposit slip,

•   Updates the cash receipts journal and the general ledger from his computer terminal,

•   Sends the checks and two copies of the deposit slip to the bank, and

•   Files the third copy of the deposit slip and the remittance in the department.

The  accounts  receivable  clerk  receives  the  remittance  list  and  remittance  advice  from  the mailroom  and  reconciles  these  two  documents.  He  then  updates  the  accounts  receivable subsidiary ledger and the general ledger. Then, account receivable files the two documents in the department.

Required

Based on the above information, prepare a report for the CEO of XYZ Limited to evaluate their revenue cycle. In your report, you need to include the following items:

1.    The CEO asks you to start the report from five general risks involved in the revenue cycle of any business. Further, indicate the physical and IT control against each risk.

2.    Describe   potential   internal   control   weaknesses   in   the   sales   order   processing

procedures and cash receipts procedures of XYZ Limited.

3.    Discuss the potential risks associated with the internal control weaknesses identified in Section (2) above.

4.    Based on Section (3) above, what types are frauds are possible. Hint: we have discussed

different types of frauds in the interactive tutorial and lectures. Your discussion should be based on these contents.

ASSIGNMENT STRUCTURE

The report should include the following components.

1.     Holmes Institute Assignment Cover Sheet

The  Holmes  Institute  Assignment  Cover  Sheet  is  available  at  the  end  of  menu  item

Assessments on the Blackboard.

2.     Executive Summary

The executive summary should be concise and not involve too much detail. It should make commentary  on  the  main  points  only  and  follow  the  sequence  of  the  report.  Write  the executive summary after the report is completed, and once you have an overview of the whole text.

3.     Table of Contents

This needs to show a logical listing of all the sub-headings of the report’s contents. Note this is excluded from the total word count.

4.     Introduction

Typically, the introduction is a short paragraph which includes background, scope and the main points raised in the order of importance. There should be a brief conclusion statement at the end of the introduction.

5.     Main Body Paragraphs with Numbered Sub-headings

This section contains the detailed information which elaborates on the main points raised in the introduction. Each paragraph should begin with an exact topic sentence, then supporting

sentences  with  facts  and  evidence  obtained  from  research  and  finish  with  a  concluding sentence at the end.

6.     Conclusion

This section contains a logical and coherent evaluation based on a thorough and objective assessment of the research performed.

7.     Appendices

This section includes any additional explanatory information which is supplementary and/or graphical to help communicate the main ideas made in the report. Refer to the appendices in the main body paragraphs, as and where appropriate. (Note this is excluded from the total word count.)

Note:  The  report  should  be  grounded  on  relevant  literature,  and  all  references  must  be  cited appropriately and included in the reference list.

                                                                   Marking Criteria                       

Marking criteria

Weighting in

                                                                                                                                        Total Grades       

The general risks involved in the revenue cycle, and the physical and

4% IT controls against each risk.

The potential internal control weaknesses in the SOPP and CRP of XYZ

4% Limited.

The potential risks associated with the internal control weaknesses in                     4%

the SOPP and CRP of XYZ Limited.

The potential frauds in the SOPP and CRP of XYZ Limited.                                       4%

  Presentation and Referencing.                                                                                          4%      

  TOTAL Weight                                                                                                                 20%  

                               Marking Rubric

              Excellent                            Very Good                              Good                              Satisfactory                      Unsatisfactory                                                                               

              (80-100%)                             (70-79%)                              (60-69%)                              (50-59%)                               (0-49%)                                                                                  

The general risks involved in the revenue cycle, and the physical and IT controls against each risk. [4 Marks]

The potential internal control weaknesses in the SOPP and CRP of XYZ Limited. [4

Marks]

Present an excellent discussion on the general risks involved in the revenue cycle, and the physical and IT controls against each risk.

Correctly identify all the potential internal control weaknesses in the SOPP and CRP of XYZ Limited.

Present a very good discussion on the general risks involved in the revenue cycle, and the physical and IT controls against each risk.

Correctly identify most of the potential internal control weaknesses in the

SOPP and CRP of XYZ

Present a good discussion on the general risks involved in the revenue cycle, and the physical and IT controls against each risk.

Correctly identify some of the potential internal control weaknesses in the SOPP and CRP of XYZ

Present a reasonable discussion on the general risks involved in the revenue cycle, and the physical and IT controls against each risk.

Correctly identify one to two potential internal control weaknesses in the SOPP and CRP of XYZ

Present a weak or inadequate discussion on the general risks involved in the revenue cycle, and the physical and IT controls against each                   risk. Fail to identify the potential internal control weaknesses in the SOPP and CRP of XYZ Limited.                                                                                        

The potential risks associated with the internal control weaknesses in the SOPP and CRP of XYZ Limited. [4 Marks]

Correctly identify all the potential risks associated with the internal control weaknesses in the SOPP and CRP of XYZ

Correctly identify most of the potential risks associated with the internal control weaknesses in the SOPP and CRP of XYZ

Correctly identify some of the potential risks associated with the internal control weaknesses in the SOPP and CRP of XYZ

Correctly identify one to two potential risks associated with the internal control weaknesses in the SOPP and CRP of XYZ

Fail to identify the potential risks associated with the internal control weaknesses in the SOPP and CRP

The frauds possible in the SOPP and CRP of XYZ Limited. [4 Marks]

Correctly identify all the frauds possible in the SOPP and CRP of XYZ Limited.

Correctly identify most of the frauds possible in the SOPP and CRP of XYZ Limited.

Correctly identify some of the frauds possible in the SOPP and CRP of XYZ Limited.

Correctly identify one to two frauds possible in the SOPP and CRP of XYZ Limited.

Fail to identify the frauds possible in the SOPP and CRP of XYZ Limited.

Presentation and

Referencing. [4 Marks]

An extensive amount of high-quality evidence from peer- reviewed journal articles and other sources was included and used effectively to

A broad range of quality peer-reviewed journal references and other sources was included and used effectively to support discussion.

An adequate range of peer-reviewed journal references was included and used to support discussion.

An adequate range of peer-reviewed journal references was included and used to a basic extent to support discussion.

Little or no peer- reviewed journal references were included, and these were rarely used to support discussion effectively.

                                                   support discussion.                                           

Academic Integrity

Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines.  Table

1 identifies the six categories of Academic Integrity breaches.  If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources.  Many of these resources can also be found through the Study Sills link on Blackboard.

Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.

Table 1: Six categories of Academic Integrity breaches

Plagiarism                          Reproducing the work of someone else without attribution.

When a student submits their own work on multiple occasions this is known as self-plagiarism.

Collusion                            Working with one or more other individuals to complete an

assignment, in a way that is not authorised.

Copying                              Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work

from being copied, this may also be considered an offence.

Impersonation                   Falsely presenting oneself, or engaging someone else to

present as oneself, in an in-person examination.

Contract cheating              Contracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.

Data fabrication and falsification

Source: INQAAHE, 2020

Manipulating or inventing data with the intent of supporting false conclusions, including manipulating images.