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The scope of present report is to introduce one of the relevant information system (IS) and discuss the input, processing and output with respect to the technological application as well as other relevant details. As a brief introduction, my career objective is to become a financial auditor in banking sector. The relevant IS in this context is “FinTech”, which refers to financial technology and its prime applicability is in the field of financial report system and auditing process (Gai, Qiu, & Sun 2018).
Name of IS, vendor, and support for this system
The name of the information system is FinTech, which arises from the combination of terms finance and technology. FinTech refers to computer program software and other information technology call application that enables the banking system and financial service to synchronize data from all sources and integrate them using automated system, for final reporting.
One of the most efficient vendor of FinTech is cognizant technology solutions, which have the headquarter in Teaneck USA. The objective of this vendor is to provide a solution with the right combination of capability, cost, and financial analysis talent, to perform adequate financial reporting and auditing services to their clients. The support for this system mainly require computer system with internet facilities (Leong & Sung 2018). The software are functional in all type of operating system and adequate processing units. Importantly, the functionality of software can only be accessed with licensing from the corresponding vendors.
How the system support the organizational objectives
FinTech offers financial service with respect to collection of information, synchronizing various sources, integrating the information to single platform, using the recommended template for financial reporting, and cross checking for any fraudulent activities. For example, in banking services the financial transactions include sources of information from mobile application, computer devices, peer-to-peer banking service, and international transactions, which can be synchronized, thereby reducing the field time processing off data.
The application prospect of this digital innovation reduces the risk that are prone to the organization as well as enhance the functionality. Importantly, according to Marnewick (2016), it also improve the credibility and transparency in data processing, which in turn improve the relationship with existing stakeholders. Among the large size entrepreneurs this system offers credibility by reducing the time demand for auditing and reporting process, however other medium to small-sized interpreters, the prospect of automation is of high importance.
Input, processing, and output of the system
Typical input for FinTech in banking sector include transaction information, cash flow, liquidity, and market-related values. The stakeholders who are interested in this information are mainly the customers and the stakeholders.
The application of this information system is mainly popular because of the key technologies that are used for processing of data. For small to medium-sized entrepreneurs, key technologies for processing include Internet of Things (IoT) and Big Data analytics. These processing include data from such as routine transaction, communication between business to business and business to consumers, social networking, and other processes. On the other hand, for large-sized entertainers do processing technology include Blockchain and Artificial Intelligence (AI). These processing system uses publicly dagger call Mama digital processing, and artificial neural networking to understand the relationship between contextual data and real-time information. (Marnewick, C. (2016)
The output of the information system is financial analysis, report preparation, analytics for decision making, and financial auditing process.
Technologies that is used
In this section, the discussion will be on one of the key technologies that are is commonly used across the world for financial analysis purpose. This is known as Blockchain technology that have efficient processing functionality to synchronize data from various sources and integrate on single platform for the corresponding analysis (Leong & Sung 2018). The popularity of Blockchain is, it prevent data from copying or modification, without relying on any single source. In other words, this technology efficiently record the transaction between parties in a verifiable and permanent way. The said prospect is advantageous because it prevent fraudulent activities and scope of error in the financial auditing process, thus improves the relationship with stakeholders and enhances the credibility of system.
What would happen if FinTech is not available?
Before FinTech, the financial analysis in auditing process was mainly perform with manual techniques. The contemporary procedure often include non-reliable financial data, inappropriate assessment, inaccuracy in financial forecast, and was mainly dependent on the support personal. While, the procedure of accounting and auditing changes after the entry of information and technology system, as discussed in previous section.
In situation where FinTech will not be available, there are other assurance & accounting advisory services that process the financial information according to the international standard of financial auditing board, revenue assurance committee, sustainability reporting format, regulatory and contractual insurance, as well as agreed procedure which reference to financial accounting advisory board (Hussain, Nadeem, Iqbal, Mehrban, 2019). These procedures can be performed using excel sheet and prescribed template for financial reporting however the accounting process require manual input. The challenge in such context is non-reliability and risk of error in the final statements and reports, which can be easily overruled using FinTech services.
Who are using the system and what reports are generated
The common uses of this information system belongs to both private and public sector organizations. As illustrated above, the utility benefit mainly lies in rendering accuracy and using automation system for analysis of all types of information as well as bringing output in specified template. The users of this system mainly include accountants and auditors having the responsibility to review the transaction, perform analytics, and prepare report for decision-making purposes.
The reports that are generated using this information system mainly comprises of financial statements and auditing reports, for the stakeholder’s analysis. The types of report includes:
- Income statement, which reports the revenues and expenses of organization.
- Balance sheet that includes the debit and credit information within a particular period of time (Mu, Kirsch & Butler 2015).
- Cash flow statement that include inflows and outflows as well as liquidity of capital for an organization, based on various categories.
- Statement of changes for equity, which include the ownership statement, capital, comprehensive income, earnings, and divided into reports.
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