Question 1. Risks and Controls
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
The project to implement the Queensland Health Payroll System (2007-2011) is 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.
Rationale
This assessment task has been designed to develop and assess your ability to:
- be able toanalyseorganisational 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.
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.
Attachment:- Overview of the Revenue Cycle.rar