Question 1 - Internal Controls: (Report)
You have recently started in a new organisation as a Financial Accountant. Part of this role involves supervising the Accounts Payable department. You have early concerns around Internal Controls within the existing process. You have decided to undertake an initial internal audit of the AP process, specifically focussing on accuracy, completeness and validity of the process. The scope of the investigation is to review:
a) Master file data
b) Purchase transactions
c) Purchase returns
d) Purchase discounts
e) Payments
Provide a report to your manager, the Financial Controller, identifying potential internal control risks that may exist in each of the areas above (a-e). You must also recommend appropriate Internal Control measure to mitigate the risks.
Question 2 - System Development Life Cycle:
HTH Corporation has been growing rapidly, as has their technology. Systems have been added on an as-needs basis which has resulted in a "patchwork quilt" of over 20 best of breed legacy systems. Many of these legacy systems are over 10 years old. To improve the quality of their business-decision information, HTH has decided to implement a solution that will bring their disparate systems together in one seamless dataflow.
Using the framework provided in step 1 of the SDLC, provide HTH Corporation with a summary (no more than 1000 words) of what they should do next. You can use headings and subheadings as part of your summary. Include in your answer an overview of who from HTH Corporation should be involved and any outcomes/ deliverables that HTH should expect from this step.