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Question 1 (60 marks) – Development of Accounting
You are a recent graduate working in a local accounting firm. Your firm provides advice to a large number of clients to assist them with their business. Your managing partner has approached you with a request for more information of the use of Business Intelligence. Using the article by Popescu (2012) as a starting point, provide a 2,000 word research report to your manager that outlines the following:
• What is Business Intelligence (BI) and what tools are available to gather BI?
• How does BI impact on accounting and business decision making?
• Using an example from the travel industry, describe how BI can influence the efficiency and effectiveness of an organization.
Question 2 (40 marks) – Internal Controls
You have recently started in a new organization “Bucks Phyz” as a financial accountant. You have some early concerns over the sales processes of the company and have decided to undertake an initial internal audit of this area of the business. Using the information that you have gathered (the details can be found in Interact, in the Assessment folder in Resources) provide a 1,500 word business report to the Finance Director that addresses the following:
1. What are the main risks involved in the Bucks Phyz’s sales process?
2. How could the internal controls of the Bucks Phyz be further developed to mitigate the identified risks in its sales process?
This assessment task has been designed to develop your abilities to:
• be able to explain the impact of technology on the nature and development of accounting.
• analyze organizational processes for risk, and design appropriate control mechanisms to mitigate identified risk.