Vendor invoice approval process.

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1) The best way to handle data in a consistent manner within an AIS is to design a coding system for products, as well as a coding system for the general ledger accounts. Describe the four guidelines that result in a better coding system.
2) Discuss the weaknesses in COSO’s internal control framework that lead to the development of the Enterprise Risk Management framework.
3) (TCO C) Classify the following controls as preventive, detective, or corrective.
(1) Periodic bank reconciliation
(2) Separation of cash and accounting records
(3) Maintaining backup copies of master and transaction files
(4) Prenumbering of sales invoices
(5) Chart of accounts
(6) Retina scan before entering a sensitive R & D facility
(7) Resubmission of transactions for subsequent processing
(8) Internal auditor rechecking the debits and credits on the payment voucher
(9) Depositing all cash receipts intact
(10) Qualified accounting personnel

4)
Explain how information technology can be used to improve the vendor invoice approval process.
5) The owner of a small family-owned business currently prepares his own payroll manually but he is considering switching to an AIS. He is skeptical about the security of the information and asked you to educate him about the types of unauthorized changes to payroll data, and explain at least two controls that would maintain the integrity of the payroll master file.
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6)
(TCO F) Explain the preparation of financial statements as the third step in the general ledger and reporting system.
7)
(TCO G) When designing a database, why is it not preferable to store all data in one single table? Why is it better to have multiple separate tables? Give an example of the type of data that would be stored in its own table.
8) (TCO H) As a member of a development team, you’ve been asked to develop and test the new AIS. Discuss the eight basic steps required in the implementation phase of the SDLC in the proper order they should occur.

 

 

Sample Solution

Hydraulic fracturing or ‘fracking’ has been the topic of much debate over recent years in the UK due to the desire to exploit the UK’s significant onshore resources of shale gas . In this essay ‘government’ refers to the Conservative-led governing body of England. Current government policy is aiming to start shale gas fracking as soon as possible. There has been a lot of public opposition to the Government’s stance. Yet, the Government still stands by the belief that fracking will benefit the security of supply and promote the transition ‘to a low carbon economy’ . In this context, ‘adequately regulated’ is the situation where the UK’s regulations ensure that the safety and health of the environment and population will not be degraded in favour of the economy. This essay argues that fracking regulations in the United Kingdom seem procedurally adequate but are not substantively adequate for three key reasons. Firstly, the Government has framed their approach to fracking in a way that is virtually inaccessible to the British public. Furthermore, there is a serious lack of knowledge of the consequences of fracking upon the environment, and the information we do have leaves a lot of ambiguity. Lastly, it is important to analyse England’s substantive and procedural approach and compare it to that of Scotland.

The Government’s manipulation of regulatory ‘dexterity’ and regularity ‘domain’ to create the illusion of adequate fracking regulation

The Government has fought to emphasise the rigorous nature of the UK regulatory controls. However, it has also argued against the need for specialist regulation in this area. This reflects the Government’s strategies of regulatory ‘domain’ (looking at legislation in the abstract) and regulatory ‘dexterity’ (looking at legislation in detail). Framing involves ‘the social construction of reality’. It is an issue ‘which invites interpretation’ and ‘is likely to differ substantially depending on the interests of those involved’ . This underpins a key issue with fracking in the UK; regulatory ‘domain’ and regulatory ‘dexterity’ are ways in which the Government can ‘frame’ fracking issues in a way that promotes their aims, often at the expense of due process, the health of the environment and the health of the British public, as will be exemplified throughout this essay.

When applying arguments of regulatory ‘dexterity’, the Government places emphasis on the market-transforming potential of a new supply of shale gas . These arguments are used to promote fracking as a positive innovation that has different end products and new benefits compared with traditional gas production . The focus of the Government is to eliminate regulation that inhibits its development of fracking. It can therefore be argued that in doing so, the Government is not ensuring that fracking is adequately regulated as the focus is placed on speeding up the fracking process, rather than guaranteeing the protection of the environment and population’s health from the risks of

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