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HI5019 Strategic Information Systems for Business and Enterprise Assignment - Holmes Institute, Australia

Learning Outcomes -

  • Describe the various transaction cycles, financial reporting, management reporting systems and e-commerce.
  • Understand the risks inherent in computer-based systems/ERP, including e-commerce, the role of ethics and the various internal control processes that need to be in place.
  • Appreciate the opportunities for computer fraud and the security measures in electronic commerce that need to be taken to overcome this.

Case Study - Bell Studio

Task - Prepare a report to Chief Operating Officer to evaluate the processes, risks and internal controls for its expenditure cycle. In your report, you need to include the following items:

  • Data flow diagram of purchases and cash disbursements systems.
  • Data flow diagram of payroll system.
  • System flowchart of purchases system.
  • System flowchart of cash disbursements system.
  • System flowchart of payroll system.
  • Description of internal control weakness in each system and risks associated with the identified weakness.

Answer - Strategic information systems for business and enterprise

1. Executive Summary

The study will depict the understanding of different system controls and the weaknesses of those systems in the functional units of Bell studio. The report s therefore made for the chief operating officer by a business analyst of the enterprise. The three operating systems namely the purchase system, cash disbursement system and the payroll system will be discussed in the following report. The emphasising of the system will be done by the flow charts and flow diagrams to give a better underst7anding of the flow of the information within the systems. The diagrams will be checked and monitored rigorously, to check out their weaknesses, analyse different types of risks. The study will end with the concluding part and the short brief of the whole study will be given.

2. Overview

The safeguarding of the operational efficacy is necessary from the risk factors in the market, which is done by internal control system. The Bell studio is an Adelaide based business dealing with wholesaler art. The materials of business purposes are brought from Australia, China, Japan and New Zealand. The bell studio consists of a centralised accounting systems to make integration with different branches to complete the system in more centralised one. The emphasizing of internal flow systems and its weaknesses will be elaborated. The risk factors and the deficit of the internal control systems will be analysed. The total elaboration will be about the integration internal systems and the risks associated with the internal systems of Bell Studio.

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3. Data Flow diagram of purchases and cash disbursements systems

3.1 Data flow diagram of purchase system

Internal Control Processes Assignment.png

3.2 Data flow Diagram of Cash Disbursement System

Internal Control Processes Assignment1.png

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4. Data Flow Diagram of payroll systems

Internal Control Processes Assignment2.png

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5. System Flowchart of purchases system

Internal Control Processes Assignment3.png

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6. System Flowchart of Cash Disbursement system

Internal Control Processes Assignment4.png

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7. System Flowchart of payroll system

Internal Control Processes Assignment5.png

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8. Description of internal control weaknesses in each system and risks associated with the identified weaknesses.

8.1 Description of the weaknesses in the purchase system.

There are many weaknesses in purchase systems internal control functionalities, and the further discussion will be related to the weaknesses of the purchase systems internal control. The first and foremost weaknesses of the purchase system that it is order for it goes manually. The weaknesses if the purchase system is that the request is sent manually which consumes a lot of time (Hansen & Coenen, 2017). The business needs lot of services and the time spend for purchase systems waste the time for other functional systems needed for the business. In case of the instant purchase where the products is received instantly by the use of electronic mail system , the manual process takes much prolonged process.

Secondly, the usage of centralised inventory ledger is not mentioned in the case study. The lack of centralised inventory ledger will decrease the efficiency and productiveness in the functionalities as the other companies will have better inventory systems. The inventory of every organisation must control and monitored so that the risks are eradicated. The demand of the wholesale art is decreasing comparatively in the recent market business, in that case the lack of inventory ledger will constitute if risk factors. The more amounts of inventories also increases the holding cost of inventory, and the storage of such wholesale it can be costly if the holding cost increases. The analysis of the inventory items should be measured by installing inventory management and there should be checking if there is extra supply if products before putting new order for whole sale art. The analysing well increase the productivity and the operation s will be much fecund compared to the stage where there is lack of inventory ledger (Hajiha & Bazaz, 2016).

Thirdly, there are no documents of the purchase or transactions made, there must be availability of report about every purchase and receiving report for those wholesale products. The company had no valid track of the purchases made and there is no receiving report which tends in lack of proof that which type of products are used in the company operations and the type of product purchased (Rahim, Nawawi & Salin, 2017). They will be unable to send valid justification to the inventory management about the products and there is will be no record for the actions as the receiving department has lack of proof. The lack of record keeping will decrease the efficiency of the company.

Fourthly, there is lack of manual reconciling of the invoice, purchase order and receiving report, increasing the possibility of huge mistakes done in reconciliation. In the reconciliation, processes the minor mistakes about the documents are often overlooked (González et al., 2015. The reconciliation become invalid as it cannot check the documents correctly.

Fifthly, there is decreased digital verification at the time of data updating in the functionalities of the organisation. The digitalised system is very much necessary to be in the market trends as the whole sale art is decreasing in demand. The digitalised system and verifying the data also helps in making the information system of the enterprise being a strong and reliable one (Bastani, Mehralian & Dinarvand, 2015).

Sixthly, the creation of irrelevant documents when there is availability of digital records; the unnecessary preparation of purchase orders will make unnecessary hard copies of records. This increases data redundancy within the purchasing systems, and giving the outer view that then user does not trust the digital records (Watts, Kim & Hahn, 2015).

The overall six pints are analysed to understand the drawbacks of the purchase system of Bell studio.

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8.2 Risk associated with the drawbacks of the purchase systems

The first flaw of the Bell studio purchase system is the delivering of the purchase order to the vendor or the distributor manually without taking support from the digitalised systems. This system of manual process of sending purchase order can take a lot of time and gathering of art inventory. The main drawback in these process can happen by the usage of manual technique is the disruption of the systems and gaining operational risks (Kim & Lennon, 2013).

The lack of centralised inventory system was the second weakness of the purchase system of Bell Studio. The lack of inventory system that is centralised hampers the integration between the different branches of their enterprise (Monczka et al., 2015). This lessens then chances of gaining profit or increasing their resources. Nevertheless, the risk related to the lack of centralised inventory system is the profit risk, cash liquidity risk and inventory management risk.

The third weakness was the lack of documentation and lack of proof in the receiving department, the transactions and purchase made by the company has no proof or valid documentation about the products available in the warehouse the price invoice of the supplier reaches the organisation head. This can result in unwanted investments, loss of money. The risk factor in this case is the accountability factor.

The fourth weakness relates to the cause of numerous risks due to the usage of manual reconciling rather than trusting on the digitalised techniques. The manual reconciling will increase the chance of risks in the company and give opportunity for the company to face forgery with their documentations (Johanson & Mattsson, 2015).

The lack of less digital verification is considered to be the fifth risk verified in Bell studio. The digitalised system will help the keeping of data and information intact. The risk factor applied by in thus case is the risk of system inefficiency.

The sixth weakness can be considered to be the irrelevant making of hard copies or transactions and purchase made by the company. There is presence of digital records even after that there is manual recording's which represents the companies lack of development, and decreased efficacy in the operational activities. The risk can be named as a operational risk.

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8.3 Description of cash disbursement systems and its weaknesses

The cash disbursement system of the Bell Studio main loophole is the mailing of cheque to the vendor The cheque can be misplaces which can cause unnecessary loss of money and involve in other legal issues which the suppliers can take against them m if their payment is not completed. The risk factors in the cash disbursement systems are the misplacement of cheques, legal issue to be raised by the suppliers and the distributors, eventually decreasing the profit margin of the company.

8.4 Risk associated with the identified weaknesses in the cash disbursement system

The first weaknesses within the cash disbursement system are the high possibility of facing legal issues with the distributors and the suppliers (Catubig, Villano & Dollery, 2015). There can be the misplacement of cheques in the process of mailing the cheque to the supplier. The increment in the legal liabilities may increase due to misplacement if cheques. The company even may suffer from loss of profits; the risk therefore falls under the legal risk of Bell Studio.

8.5 Description of the weaknesses in the payroll system

The weaknesses of the payroll system are the recording of the employee working hours in the time card. This gives the possibility of fraud cases in the Bell studio by recording the employee working hours. In the case of bell studio, which has increased to a considerable rate in the present day (Barca et al., 2013).

The second weaknesses evaluated the responsibility of the supervisor, who reviews the time card and records the employee's hours. The supervisor is therefore the also responsible to see their cheque distribution.

8.6 Risk associated with the identified weaknesses in the payroll system

The first weaknesses are the increment in the fraud cases by acquiring the employee hours through the process of recordings. The employee hour is already registered in the payroll system. The risk associated is the payroll system is the weakness of the bell studio and the process of the organisation getting services in the wholesale art business.

The second weaknesses is the fees the employee deserve to get from the supervisor, the payments of the employees are given by the analysis of the time card data. The organisation therefore faces operational risk (Donaldson & Nogee, 2014).

9. Conclusion

In this report, the internal control system of the Bell studio had been evaluated. The internal control system of Bell Studio's three departments had been evaluated through data flow diagrams and the flow chart diagrams of these three departments. Then the weaknesses of the three departments had been identified. Also, the risks associated with it had been described and explained.

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