ANALYSIS STAGE
Select one key business process that feeds accounting or a key accounting process (such as month-end close, consolidations, cost center accounting processes) that has a priority information systems need in the company and complete the following:
A. Reiterate briefly why this business process has a priority. Talk about the business process (i.e., provide a narrative). Give the detailed accounting transactions that occur in this business process along with the account coding / chart of accounts coding related to these entries - CRITICAL FOR THIS SECTION -Compile interview questions for the company in focus and write up the narrative.
B. Complete a Business Model of the process. Make sure to include the entity attributes and key attribute. Flowchart the process and use other methods from this chapter to document the specific business process.
C. Complete a Control Matrix of the process to be used in conjunction with the flowchart created. Explain the present and missing controls in detail.
D. Explain any systems or control weaknesses currently in the business process under evaluation. This will include any higher level controls that are not designated on the flowchart and can recap the concerns from the control matrix.
E. Assess what information systems (business process and accounting information systems) are being used and what processes methods are being used (ERP, enterprise systems, e-Business applications, general ledger and chart of account coding, financial and business reporting, etc) and how they support the process and/or could be improved. Discuss the flow to accounting information systems from this business process (the accounting impact of this process). How is information compiled, distributed, and used throughout the company both internally and externally