ACC 315 6-2 Problem Set Question 3 of 7

Question #66:  Lamar LLC is in the process of updating its revenues and receivables systems with the implementation of new accounting software. James Loden, Inc. is an independent information technology consultant who is assisting Tamar with the project. James has developed the following checklist containing internal control points that the company should consider in this new implementation: Will all data entry clerks and accounting personnel have their own PCs with log‐in IDs and password protection? Will different system access levels for different users be incorporated? Will customer orders be received via the Internet? Has the company identified an off‐site alternative computer processing location? Does the project budget include line items for an upgraded, uninterrupted power source and firewall? Required: In a two (2) page response, describe the control purpose for each point presented in the case.

QUESTION 2 "Internal audit is process improvement and optimisation," says ICAEW member Abigail Harper who sits on ICAEW's internal audit panel. She is an internal audit expert, specialising in the hospitality industry. "When you are looking at the control around due diligence for suppliers, you can use artificial intelligence to collect data, such as credit score ratings. Environmental, Social and Governance (ESG) questionnaires and queries around capacity and scalability to support growth plans, but a human can still decide. Thresholds and criteria can be built within systems that suppliers are automatically approved when met. However, there will always be instances where you have to discuss the exceptions and make decisions." This can be applied broadly - such as employee hiring scenarios or performing employee and supplier performance reviews. (Source: https://www.icaew.com) Required: b. Clarify the difficulties auditors are experiencing nowadays while performing an information…

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Chapter 10   Accounting Information Systems   Short Problem 10-3, page 394: Using the following table as a guide, describe for each function from Figure 10.1: A risk (an event or action that will cause the organization to fail to meet its goals/objectives) A control/process or use of technology that will address the risk.

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QUESTION TWO (2) a) You have recently been employed by Quantum Analytics as the chief risk officer. Given the fierce competition within the financial sector, your institution's core goal is to strategically: create, enhance, and preserve value. How do you help your company achieve the above using risk management as a (i) Liability tool, Santun (ii) Opportunity Tool, (iii) Organization tool, (iv) Compliance tool, and (v) Communication tool? b) A trader enters to a long cotton futures contract when the futures price is 50 cents per pound he contract is for the delivery of 50,000 pounds. How much does the trader gao lose if the cotton price at the end of the contract is i 48.20 cents per pound 51.30 cents per pound? c) Explain carefully the difference between hedging, speculation, and arbitrage.

Provide a short narrative of your analysis of the problem. Explain what theories/ concepts apply, how, and why. Then present the solution/computation. Write a short narrative explaining the meaning of the final answer - its implication to the firm. Write a short recommendation/conclusion based on the analysis and solutions. You solved a current problem only. How can you provide for the future? What about contingencies that may arise? What proactive measures can you take?

Chapter 9 on Decentralized Operations 1. What is the role of management to ensure that the true meaning of "decentralized" is realized?  2. What type of management or leadership is needed to help businesses continue to grow and flourish? Please watch this Ted Talk - How machine learning can teach us to build more effective teams by Drew Humphreys.  After viewing the video, share your thoughts on how you view decentralization of a business operations and the type of leadership that is necessary to ensure success, in all forms. https://www.ted.com/talks/drew_humphreys_how_machine_learning_can_teach_us_to_build_more_effective_teams