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Risks and Controls and SDLC Value: 20% Due date: 30-Apr-2018 Return date: 21-May-2018 Length: Variable Submission method options Alternative submission method Task Question 1. Risks and Controls (10...

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Risks and Controls and SDLC
Value: 20%
Due date: 30-Apr-2018
Return date: 21-May-2018
Length: Variable
Submission method options
Alternative submission method
Task
Question 1. Risks and Controls (10 marks)
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.
Answered Same Day Apr 30, 2020 ACC200 Charles Sturt University

Solution

Abr Writing answered on May 01 2020
140 Votes
1
RISK AND CONTROL AND SDLC
Risks and Controls and SDLC
Introduction
Internal controls are considered to be essential for achieving the long lasting success in the organisation. The internal control helps the organisation to maintain its all operations as per the plans that have been formulated by the organisation. But in every system there remains some potential weakness that hampers the functioning of the system. Thus, the system Development Lifecycle (SDLC) is one such technique that aims at improving the problems and difficulties that arise while implementing a particular system and its various phases. Thus, the cu
ent assignment mainly deals with risk and their effective control and how the System Development Lifecycle improves the various systems in organisation for better efficiency.
Part 1: Risks and Controls
Solution 1: Internal control weakness in the Strings Revenue Cycle
According to the case study given in the cu
ent assignment, there can be identified certain internal control weakness in the revenue cycle of String Pty Ltd. The major internal control weakness can be seen in the form of insufficient management of sales as it is evident from the fact that the unrealized credit sales of the company is 17% which is considered to be too high and pose greater risk in future. These are mainly because of some large online customers that have ordered company’s product for the first time but either have refused or denied from obtaining the delivery of the products and the merchandise (Ellis, 2012).
Further, another weakness in the internal control system of Strings revenue cycle includes its payment policy which can cause risk to future business. The payment policy of the company is that the customer makes the payment within 21 days of the invoicing of the bill, along with a special discount of 2% to those customers who make a quick payment within the 5 days of the delivery of the product. As per the report of the CFO, only half of the customers who purchase products from the company on a regular basis opt for this option. Thus, the other half’s payment remains in doubt as they might extend the payment period from 21 days to any number of months.
Solution 2: Potential impacts of the above mentioned weakness on the organisation
The Strings Pty Ltd. experienced a number of effects from the internal control weakness. The major impacts can be seen in the form of e
ors in the sale made by the company as in the recent times the sales of the company have significantly increased which led to improper management of the sales of different customers. Wrong sales were made to wrong customer. Further, the other impacts include delay in shipping of the items as there was no proper maintenance of stock and the stock was also misplaced in the warehouse of the company. The company maintains a perpetual form of inventory system but since two years the company has not conducted physical counting of the inventory (Vijayakumar & Nagaraja, 2012).
The company’s financial position would be adversely affected by observing its rate of uncollected sales which is 17% because this higher rate would mean a major portion of the company’s sales is uncertain to meet in monetary terms. Also, this would impact the company’s trust on online mode of selling as the uncollected sales are mainly from the online orders and as there is...
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