MIS350 Accounting Information Systems

1. MIS350Accounting Information Systems Course Context

2. 3 Themes • Enterprise Resource Planning • Integration of all business processes and associated data within an organization • E-Business • Application of networks to conduct and connect business • Controls • Business practices that keep an organization out of trouble and heading toward achievement of business goals

3. Your Role • Accountant aka Financial Professional (FP*) • Financial • Management • Auditor • As is relates to ERP, it is critical that the FP* understand the integration aspects (process & data) since they will be on various teams installing these systems

4. Your Role - Continued • As it relates to E-Bus, the FP* must understand the integration of business processes and data outside of their current business entity • As it relates to controls, the FP* is charged with enforcing business processes that ensure efficiency and effectiveness of operations, reliable reporting, and compliance with applicable laws and regulations

5. Your Role - continued • Traditional accounting concepts are not enough for an FP* to succeed in today’s business environment

6. Opportunities for the FP* • Sarbanes Oxley • Management must identify, document, and evaluate significant controls • Auditors must audit and report on managements assertion about the organizations’ systems of internal controls • Requires disclosure to the public on a ‘rapid and current basis’ of material changes in an organizations financial condition • The FP* must be internal control cognizant and have the wherewithal and technical skills to substantiate compliance

7. Opportunities for the FP* • Report sponsored by: • American Accounting Association • American Institute of Certified Public Accountants (AICPA) • Institute of Management Accountants • Big 5 or 4 or 3 (E&Y, KMPG, ) • Recommendation • Accounting graduates need to be able to provide services in the area of financial analysis, financial planning, financial reporting, strategic consulting, and systems consulting

8. Opportunities for the FP* • Other AICPA Services • Risk Assessment • Business Performance Measurement • Infprmations Systems Reliability • Electronic Commerce • PrimePlus Services (Financial care for the elderly)

9. Value Chain Analysis – Firm/Industry ‘Firm’ Value Chain vs.

10. Careers Internal Auditor CPA Mgmt Accounting Fin Accounting AICPA Focus Areas Risk Assessment Business Performance measurement Information Systems Reliability Electronic Commerce Assurance & Information Integrity Management Consulting and performance Measurement Technology Services Certified Information technology Professional: using IT to implement business strategy Course Threads Enterprise Systems Business Cycles across the Value Chain, i.e. Order to Cash Purchase to Pay Controlling & Profitability Networked Enterprise Systems/E-Business Process Modeling Data Modeling / Database Management Enterprise Risk Management / Controls Sarbanes-Oxley – Financial Reporting/Disclosure COSCO – Internal Controls COBIT – Control Objectives for IT Computer Fraud & Abuse Controlling Information Systems: Pervasive and General Controls Business Process and Application Controls • Course Tenets • Accounting Information Systems refer to more than the traditional accounting systems that support the financial aspects of a business organization. Holistically, ‘accounting’ refers to “the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results”. • The progressive proactive accounting professional is relied upon by owners and managers to identify and monitor enterprise risks; assure the reliability of information systems used to gather, store, and disseminate key information for decision making; and possess the requisite general business knowledge, coupled with business process measurement and assessment skills, to evaluate the state of the business enterprise and it’s supporting operations