Assignment
PROJECT INFORMATION:
As a new employee of a local accounting firm, your first client is Orlando University Bookstore. Jack Stone, the manager, would like some advice on several aspects of the bookstore's accounting information systems.
PROJECT REQUIREMENTS:
This project is split into four parts with one part due each week of the course. Based on your readings, use of technology, current literature, and other sources do the following:
1. Create a flowchart based on the following description of how Orlando University Bookstore orders textbooks. Identify strengths and weaknesses of the book order process, and provide suggestions for any weaknesses you have identified.
2. Mr. Stone has given you an excel file detailing all of the textbooks the Orlando University Bookstore sold in the previous month (Sales Report.xlsx ). Analyze your findings regarding the bookstore's sales, and what you would do next with any textbooks that are no longer profitable.
3. Using the COSO Internal Control: Integrated Framework, conduct a comprehensive risk assessment for the Orlando University Bookstore. Consider what risks the bookstore faces, and what control activities you would advise to mitigate these risks.
4. Prepare a PowerPoint presentation discussing what recommendations you would make to your client, given the information you have gathered in parts 1 -3, and what you have learned in this course.
Writing Activity:
All written documents and sources used are to be submitted in APA format.
Technology/Collaborative Activity:
You will be presenting and discussing your findings to the class using the voice-over feature in PowerPoint or YouTube. Please be sure the audio is clear and the file or link is accessible in the Week 4 Presentation discussion board.
You will be using Excel to create spreadsheets.
You will be using IDEA software to analyze data.
You will be using the symbols found in Microsoft Word or PowerPoint to prepare a flowchart.
Assignment:
Part 1: Submit a flowchart and 2-page report detailing the bookstore's process for ordering textbooks.
Part 2: Submit your IDEA results and a 2-page report analyzing the sales report, and what should be done with textbooks that are no longer profitable.
Part 3: Submit a 2-page memo to the manager summarizing your comprehensive risk assessment, and how you suggest the risks identified be mitigated.
Part 4: Present and discuss your recommendations to the bookstore's manager, given the information you gathered in parts 1-3, and what you have learned in this course.
Ordering textbooks in a university bookstore is a massive undertaking that requires good organizational, communication, and coordination skills. The process begins with faculty deciding which textbooks they want to use. Professors communicate relevant information about the textbook (title, author, ISBN, edition, publisher, copyright date) to a department chair or secretary, who consolidates all the orders. That communication may take place with a paper form or an e-mail. In either case, the departmental representative prepares a standard university book requisition form in triplicate: one copy for the requesting faculty member, one for the department, and one for the bookstore. The bookstore receives and consolidates requisition forms from all across the university and prepares purchase orders for textbook publishers. Each purchase order has three copies: one for the publisher, one for the purchasing department, and one for the accounting department. When the publisher sends the books, the bookstore's receiving department prepares two copies of a receiving report; one is filed to indicate that the goods were received, while the second is forwarded to the accounting department. The publisher sends a billing statement (invoice) directly to the accounting department. Once all three documents have been matched and verified, the accounting department writes a check or sends an electronic funds transfer to the publisher. The bookstore staff then sort the books based on class and stock the shelves, where the books await purchase by students.
Attachment:- Sales-Report.rar