tailieunhanh - Lecture Accounting information systems: Controls and processes (3rd Edition): Chapter 12 - Turner, Weickgenannt, Copeland

Chapter 12 - Administrative processes and controls. This chapter presents the following content: An introduction to administrative processes, source of capital processes, investment processes, risks and controls in capital and investment processes,. | Chapter 12 Administrative Processes and Controls Chapter 12 An introduction to administrative processes Source of capital processes Investment processes Risks and controls in capital and investment processes General ledger processes Risks and controls and risks in general ledger processes Reporting as an output of the general ledger processes Ethical issues related to administrative processes and reporting Corporate governance in administrative processes and reporting Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Real World Alcoa, Inc. – Aluminum Producer Known for accomplishments in sustainability Innovators in transportation, aerospace, construction, and electronics industries 2012 named to Fortune magazine’s list of Most Admired Companies for the 29th consecutive year The first Dow Jones Industrial company to report quarterly earnings Finely tuned their accounting processes and information systems allow for closing within 2 days of period end Can produce consolidated reports within one week Gain competitive advantage for delivering timely information to stakeholders Three administrative processes described in this chapter: Source of capital processes Investment processes General ledger processes Administrative Processes Administrative processes are transactions and activities that either are specifically authorized by top managers or are used by managers to perform administrative functions. First set of processes: Examples include sale of stocks or bonds, the initiation of loans, bonds or notes payable, and the . | Chapter 12 Administrative Processes and Controls Chapter 12 An introduction to administrative processes Source of capital processes Investment processes Risks and controls in capital and investment processes General ledger processes Risks and controls and risks in general ledger processes Reporting as an output of the general ledger processes Ethical issues related to administrative processes and reporting Corporate governance in administrative processes and reporting Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Real World Alcoa, Inc. –