Information System

How would an AIS help a company identify the products with the highest profit margin?

Segregation of duties is an important internal control. What functions must be separated? If ideal segregation of duties is not economically feasible, what are some compensating controls that would help reduce the risk of fraud or error?

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Imagine the role of the AIS officer when a leader of the accounting bookkeepers comes to complain that the new information system could possibly result in the loss of five bookkeeper jobs.  The bookkeepers argue that they will get the union involved if needed to protect their jobs.  What should the AIS officer do?

Question Four (5 Marks)

 

Identify each of the following internal controls as primarily preventive, detective or corrective control.

a.      Limit access to petty cash funds.

b.      Reconcile the petty cash fund before replenishing it.

c.       Require two signatures on cheque above a specified limit.

d.      Enable hidden flags or audit trails on accounting software.

e.       Examine credit card statements and corresponding receipts each month, independently, to determine whether charges are appropriate

 

 

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