¶ … agree with accountant B's philosophy in regards to oversight and auditing. Accountant B. expressed concerns regarding timely and effective systems control. These controls are very important in regards to business operations. In addition, tight system controls have implications for society at large. This is particularly true for institutions that are vital to the global and domestic economic health of society. Accountant A seems to favor the ability of accountant to discover mistakes after they have occurred. I believe accountant A has errors in his logic in regards to accounting. This is particularly true because inventory recognition directly impacts the firms financial statements and balance sheet (Friedlob, 1996) In many instances, society depends, in large part, on the accuracy and confidence of accounting information. The financial markets, in particular, depend heavily on the trust and confidence of financial information. Accountant A seems to believe that society has benefited from his firm realizing the business error. To a certain extent, he is indeed correct. However,...
This has extreme implications on the firm overall. For one, its stock price may decline as investors have lost confidence in both the accounting firm auditing the financial statements as well as the business overall (Singh, 1999). The lower stock price may have grave consequences for the firm as moral may decline. In addition, insiders within the company, due to the negative sentiments regarding the company, may depart to competing firms. The departure of key executives will cause still further decline in the stock price, as the cycle continues. As such, accountants must be proactive in regards to their duties and responsibilities to the investing public, the corporations that hire them, and society at large. Finding an error after the fact is beneficial, however, it pails in comparison to a more proactive approach to accounting.
Components of an Accounting Information System Accounting Information Systems An accounting information system is a vital tool for any organization. The system will support the organization in making critical strategic and business decisions. Having a system that captures, records, processes, and records financial data for an organization will also reduce errors in billing and shipping. This paper analyzes the six main components of an accounting information system. An accounting information system is a
Application Development and Interface Customization for Accounting & Finance The core aspects of this area of analysis are supported for embedded SQL, support for standard and embedded interfaces, support for XML and Web integration technologies. Many enterprises program their own native SQL applications for analyzing and reporting their financial results. The use of embedded SQL in financial accounting and analysis has become commonplace as mobile-based platforms have become more commonplace throughout
Creating Organizational Value through the Integration of Information Technology: A Management Perspective Change Management and the Construction of a Receptive Organization Transformational and Participative Leadership A Decentralized Organizational Culture Effective Utilization of Resources Simulations Performance Monitoring Systems Risk Management and Support Strategies When considering the ever-changing and highly competitive global landscape of business today, firms must stay at the cutting edge of their respective fields in order to sustain profitability in the long-term. With the current exponential growth
Accounting Information System Improving Transactional Processing in Accounting Information System (AIS) Propose two (2) innovative technology changes that would be appropriate for a firm's: Revenue (sales to cash collection) cycle Revenue cycle represents the description of the financial progression of a business entity in relation to the accounts receivable from the point of acquisition of products to the stage when the company or business organization receives full payment for the products (Romney, 2012). One
Analyze the appropriateness of HRM technologies and best practices to recommend applications and strategies for your selected organization, in order to improve organizational effectiveness, workforce productivity, and systems integration HRM technologies are essential towards reduction of the cost of operations as well as an increment in the level of consumer satisfaction hence effective management of the resources and available opportunities. Wal-Mart should focus on the quality and efficient automation of the
Optimizing Merged Health Information Systems Although the merger of two comparably sized companies competing in the same industry is a relatively commonplace business strategy, the process is fraught with obstacles and challenges and a significant percentage of merged entities fail outright because of these problems (Murphy, 2019). These types of problems are further compounded when there are sophisticated information systems involved that must also be merged successfully. The purpose of this
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