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Assessment 1 Question 1. Risks and Controls (10 marks) length variable The CFO at Strings Pty Ltd (Strings) was impressed by the systems documentation you prepared for Assessment Item 2 and would like...

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Assessment 1
Question 1. Risks and Controls (10 marks) length variable
The CFO at Strings Pty Ltd (Strings) was impressed by the systems documentation you prepared for Assessment Item 2 and would like to engage you to provide some assistance in improving their Revenue Cycle, focussing only on the processes from order to invoicing.
Using the information provided to you by the CFO for Assessment Item 2, prepare a business report addressing:
1. What are the the internal control weaknesses in Strings Revenue Cycle?
2. What are the potential impacts of these weaknesses on the organisation?
3. What specific internal controls could be implemented by Strings in the coming weeks to mitigate the risks posed by the internal control weaknesses you have identified. Your CFO does not want theoretical controls suggested. He wants practical controls that they can implement within the organisation in the coming weeks.
Question 2. Systems Development Lifecycle (10 marks)
The project to implement the Queensland Health Payroll System XXXXXXXXXXis often considered to be one of the largest systems implementation failures in Australia.
Using the Systems Development Lifecycle process (figure 19.1 on page 612 of the Romney text) as a guide, identify 5 deficiencies in the Queensland Health Payroll System project, and provide recommendations on how these deficiencies may be overcome in future projects.
You will need to undertake some research into this project to complete this task. Information with regards to the project can be obtained through the Internet.You should focus your research on the project and auditors reports rather than the more subjective media documentation.
Marks will be allocated for both the content and presentation of your work.
Rationale
This assessment task has been designed to develop and assess your ability to:
· be able to analyse organisational processes for risk, and design appropriate control mechanisms to mitigate identified risk; and
· be able to explain the impact of information technology on the nature and development of accounting.
 
Marking criteria
    Criteria
    HD
    DI
    CR
    PS
    Be able to analyse organisational processes and identify relevant risks.
    Outstanding evaluation of 5 key relevant risks and of how they impact the organisation.
    An analysis of 5 key relevant risks and how they impact the organisation.
    An above satisfactory analysis of 4 relevant risks and an explanation of how they impact the organisation.
    A satisfactory analysis of 3 relevant risks, explaining how they impact the organisation.
    Ability to recommend and discuss relevant internal controls to mitigate the identified risks.
    Provision of relevant recommendations for each identified risk, providing an outstanding level of detail regarding how they each mitigate the risks identified.
    Provision of relevant recommendations for each identified risk, providing a high level of detail regarding how they each mitigate the risks identified.
    Provision of relevant recommendations for each identified risk, providing clear detail regarding how they each mitigate the risks identified.
    Provision of recommendations for each identified risk, providing satisfactory detail regarding how they each mitigate the risks identified.
    Apply concepts underpinning systems planning, development and implementation
    Thorough and detailed analysis of scenario provided. Identification of 5 critical systems development issues and provision of outstanding recommendations that will overcome the issues you have identified.
    Detailed analysis of scenario provided. Identification of 5 critical systems development issues and provision of relevant recommendations to overcome the issues you have identified.
    Analysis of scenario provided. Identification of 5 systems development issues and provision of sound recommendations to overcome the issues you have identified.
    Some analysis of scenario provided. Identification of 5 systems development issues and basic recommendations to overcome the issues you have identified.
    Academic writing skills
    Accurate use of syntax, spelling and punctuation; succinct and effective use of accounting terminology.  A reference list of an extensive range of resources are used and co
ectly formatted using APA style.
    Accurate use of syntax, spelling and punctuation; succinct and effective use of accounting terminology.  A reference lists a
oad range of relevant resources used, co
ectly formatted using APA style.
    Mostly accurate spelling and punctuation. Clarity and coherence of written expression in desired report format.  A reference list is formatted in APA style, with few or no e
ors.
    Some spelling and grammar e
ors. Inaccurate or incomplete report format used.  A reference list is used, formatted in APA style, with minor e
ors.
 
Presentation
Whilst the assignment needs to be submitted as one word document, the question 1 and 2 of the assignment are not related and need to each be answered separately. A cover page for each question would be a professional and practical way to split the 2 parts of the assignment within the word document.
Question 1 should be presented as a business report, as detailed in Assignment 2.
Question 2 should be presented as a research report. Resources to assist you with writing a research report are available in Interact under Assessment Resources.
Requirements
APA must be used to reference all sources you have used for your assignment. The CSU Li
ary site provides an on-line guide to APA style referencing. This is the referencing style adopted by the School of Accounting and Finance. The guide can be found at: https:
apps.csu.edu.au
eftool
Review the rules regarding plagiarism and if you are not sure contact your lecturer or student learning skills advisor for advice. There is no excuse for presenting the work of others as your own; this includes cutting and pasting material from the web without properly referencing the source.
Your assignment must be submitted via Turnitin in word format only (not in pdf). As a CSU student you are entitled to a free copy of Microsoft Office 2013 Suite. Details to find out further information can be found below under 'Online Submission'.
Any difficulties in submitting your assignments online electronically using Turnitin should be immediately reported by email. Include your name and student number in the header or footer of all documents submitted. Retain a copy of your assignment for your records.
Assessment 2
Answer the following questions using the ILAC method of problem solving. Length 2000 words
Question 1 [15 marks]
Maria Chiquita graduated from the IvyHeath Cooking College with a major in thermo-mixing. Immediately after graduating, she set up her own cooking business ( ‘Thermodelicious’). In early 2017 things were going really well and she was thinking about expanding her business. She met Amelia Knowsitall, an accountant and financial adviser. They discussed Maria’s expansion plans and Amelia agreed to prepare a business plan for Maria and her growing business. Amelia advised Maria that she was in a sound position to expand and recommended that she bo
ow money to set up a cooking store in a trendy part of Bleak-heath. Maria relied on Amelia and acted on her advice. In July 2017, she bo
owed $49000 from Ripoff Credit, a small credit union that provided a loan and overdraft facilities. Maria then signed a five-year lease, bought seven additional thermomixers and hired Tracey’s Designs & Graphics to design a webpage for her. Then things went sour. Amelia admitted that she had not adequately factored in her pre-existing debts, had underestimated the significant establishment costs associated with setting up a business in Bleak-heath. Amelia explained to Maria that in addition to reviewing Maria’s financial position, she also consulted her tarot cards on the matter and the reading showed that Maria’s business would reach financial glory. Maria has suffered loss as a result of this advice. She is unable to pay Ripoff Credit.
Maria’s boyfriend, Nathaniel, and his girlfriend Paloma were returning home after leaving their favourite pub, The Scandalous Heath. There is a pedestrian path that leads directly to the apartment where Nathaniel lives. It would take about one hour and a forty five minutes to make the journey. Because Paloma is extremely tired and Nathaniel is dying to see his other lover, Consuelo, the pair decide to bo
ow a couple of bikes from their friend Dan Brownie, to ride along the cycleway which runs parallel to the freeway to the city. The cycleway will enable them to reach Nathaniel’s apartment in about 25 minutes. Dan advised them to use the cycleway as opposed to the actual freeway. They are feeling adventurous and decide to disregard Dan’s advice and ride along the freeway. There are several notices which read “DANGER ! DO NOT WALK OR RIDE ALONG THE FREEWAY”. They are not wearing fluorescent or reflective garments and Nathaniel’s bike is missing its red rear reflector. Both bikes lack front lights although Paloma’s has a flashing tailing. In the meantime, a car driven by Julia comes around a bend in the freeway. Julia takes her eyes off the road for a moment as she rummages through her bag to locate her phone which alerted her that she got a new match on' Fling-der', one of her many dating apps. Her car veers to the left, but Julia is unable to manoeuvre the vehicle which crashes into Nathaniel and Paloma’s bikes, injuring Nathaniel. He
oke three of his limbs.
Advise Maria and Nathaniel on any liabilities arising from these facts, citing relevant statutory and case law authority, using the ILAC format.
 
Question 2 [15 marks]
Jay LeCrasstulua owns several Tuvaluanese restaurants in New South Wales. He and his family has solicited your advice as to their contractual liabilities and rights arising out of these circumstances:
On 20 September, Jay meets Rosita over lunch. Rosita owns a small dairy farm called ‘The Mighty Cow'’. After some negotiations, Rosita offers to sell Jay 200 kgs of Wagyu beef for $3500. She also tells him that she will keep the offer open for the next 24 hours. Two hours later, Rosita receives a call from Angelo who offers $3700 for the meat. She immediately accepts Angelo's offer. Jay calls three hours later ( within the 24 hours period) and informs Rosita that he accepts the offer, want his meat delivered and that he will sue her for
each of contract if she does not comply with their deal.
Jay agrees to buy a new truck for home deliveries. He approaches Mario's Trucks and Motors Pty Ltd and makes enquiries about a couple of vehicles. He agrees to purchase a Pantech 2018 for $60,000. After the contract is signed he asks Jeff, the sales manager, if they will provide the first service free of charge. Jeff agrees. Two months after the purchase, the car needs to be serviced and Jeff is reluctant to honour his promise.
Jay commenced negotiations to lease some commercial premises to be used for their new restaurant in Leura. Part of the negotiation concerned the ability of Jay to demolish a wall in order to remodel the interior and build an oven. Nacho, the landlord, shook Jay's hand and told him they had a deal and that he could go ahead and get started. Jay took a large bank loan to finance the re-modelling. Four weeks later, Jay received a letter from Nacho indicating that he did not intend to proceed with the lease. Jay has already spent $ XXXXXXXXXXon the remodelling but has not received a signed lease as yet. He has also hired two
Answered Same Day Apr 17, 2020

Solution

Abr Writing answered on Apr 22 2020
143 Votes
Assessment 1
Table of Contents
Question 1. Risks and Controls    1
1. What are the internal control weaknesses in the string revenue cycle?    1
2. Potential impact of these weaknesses?    2
3. Specific internal controls to be implemented?    2
Question 2: System Development Lifecycle    3
REFERENCES    6
Question 1. Risks and Controls
1. What are the internal control weaknesses in the string revenue cycle?
Considering the case of Strings Pyt ltd where the organization is indulged into the practice of manufacturing different forms of musical instruments and the overall parts that are required in repairing of the musical instruments. At present the demand for musical instruments has raised in the market and mainly the order of new products are taken with the help of email, mobile phone etc. Mainly the sales of the firm are on credit and it has been witnessed that 17% of the sales were not credit during the last 12 months. At present some form of internal weaknesses are present that have adversely affected the business operations.
Within the String revenue cycle the credit period is very high as majority of the products are sold on credit and offering large amount of credit to the customers blocks money of the company like payment is not received immediately and the firm has to wait for large amount of time (Sadgrove, 2016). It has been clearly stated that 17% of the credit sales during the last 12 years old were uncollectible and this is clearly representing that it is a kind of loss situation in case of the company.
Another form of weakness that has been identified is rise in the level of e
ors due to increase in the sales volume where majority of the customers have been sent wrong items. Moreover, situation of delay in shipping is also present as some of the items were not in stock and they were not available in the warehouse also. No such physical count of the inventory has been done by the company from past two years and this is showing the main weakness of the firm. In case if any specific item is missing then is it simply noted down in the log book and at last log book is mainly used for updating the inventory record. This is the main weakness as some form of advanced tools such as IT systems are not undertaking for recording inventory and due to this reason chances of e
ors is very high.
Further, at the time of billing only the items that have actually been sent to customers are undertaken and back orders are not at all considered (Hillson & Mu
ay-Webster, 2017). So, these are some of the main weaknesses that are present in the Strings Revenue cycle. In short, the main loophole present is associated with granting high level of credit that can surely hamper the business performance for longer period of time in case co
ective actions are not taken for managing the company’s performance. Moreover, when goods are not sold on cash basis then in such case business has to face issue linked with inadequacy of funds and in turn it becomes quite difficult to manage the operating expenses. So, this highlights the key weakness in the Strings revenue cycle.
2. Potential impact of these weaknesses?
The range of weaknesses identified will directly affect the overall performance of the organization. Firstly weakness is linked with delivery credit to the customers so in this case it can surely affect the performance of the organization as the liquidity position of the firm will be affected due to this reason (Franks, et al. 2014). Further, no cash will be available with the firm to meet its overall expansion and the company will not at all satisfy its financial if the credit period is long and in short it can have adverse impact on the organizational performance also.
Moreover, the issue linked with rising number of e
ors such as customers are sent wrong item then it will affect the customer satisfaction level where it may be possible in case of repeated mistakes customers will not at all prefer to purchase the products offered by Strings Pty Ltd. Further, majority of the customers will perceive
and negatively and it is not at all good for the business.
Delay in shipping will reduce customer satisfaction level etc. Another issue is perpetual inventory is mainly maintained where the inventory information is noted in the log book. Therefore, in this case chances of recording wrong or in case if the log book is lost then it will be...
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