ACCT20007 Subject Guide Sem 2 2019 PDF

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ACC20007 Accounting Information: Risks & Controls SUBJECT GUIDE Semester 2, 2019

Prepared by Matt Dyki [email protected] Department of Accounting Faculty of Business and Economics

Subject Outline Introduction Welcome to ACCT20007 Accounting Information: Risks & Controls This subject is an introduction to the key business processes that generate accounting data and information. It entails the study of the information systems that support business processes and the risks and controls that affect the reliability of accounting transaction data and the quality of information contained in accounting reports. Across the subject, students will be introduced, and asked to use, software commonly adopted by business. This includes SAP (pronounced S.A.P), an Enterprise Resource Planning (ERP) system (there is an assignment based in SAP), Lucidchart, a cloud platform used for diagramming in additional to other relevant software. Pre-requisite Subject: ACCT10002 Introductory Financial Accounting The overall aim of this subject is to: • • • • • •

Describe and explain what is meant by information quality in regards to accounting information. Explain the role of information systems and technology in achieving reliable accounting transaction data and reports Interpret and analyse business process documentation Explain the role of internal controls in managing risks Recommend internal control plans to cover key business process risks and to achieve key business process operation and information control goals Evaluate, analyse and interpret the efficacy of business processes and reliability of accounting data to ensure the quality of information in accounting reports.

Learning Outcomes Learning Outcomes and Generic Skills To view the subject objectives and the generic skills you will develop through successful completion of this subject, please see the University Handbook: https://handbook.unimelb.edu.au/2019/subjects/acct20007

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Academic Staff Contact Details Please see the subject LMS site for full contact details of the teaching staff in this subject. AIRCon Enquires Email: [email protected] The AIRCon enquiries email should be the first “port of call” for all subject related matters, this is a shared mailbox that the senior teaching staff have access too. All subject related matters, questions, information about tutorials, lectures, assignments etc. should be sent to this email address. If your tutor is Matt or Maggie and you have a question about something that happened in your tutorial you are welcome to email them directly, otherwise please use AIRCon enquiries. You can also email Matt directly for things that happen in lectures. Subject Coordinator Contact Details Name: Matt Dyki Email 1: [email protected] Email 2: [email protected] Head Tutor Contact Details Name: Maggie Singorahardjo Email 1: [email protected] Email 2: [email protected] Tutor Contact Details Your tutor contact details can be found on the LMS. Email Protocol Please note that we are only able to respond to student emails coming from a University of Melbourne email address. Please do not use personal email addresses such as Yahoo, Hotmail or even business email addresses. Emails from non-University email addresses may be filtered by the University’s spam filter, which means that we may not receive your email. While academic staff endeavour to address queries received via email, it is more appropriate to resolve substantive questions during lectures and tutorials and normal consultation hours. With this in mind, we encourage students to attend all lectures and tutorials and to familiarise themselves with the consultation hours offered for this subject.

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Lectures Lecture Times Activity name

Day

Start time

End time

Location

Lecture 1

Tues

14:15

15:15

Glyn Davis (MSD)-B117

Lecture 2

Thu

14:15

15:15

Glyn Davis (MSD)-B117

Lecture Participation Requirements It is expected that students attend all lectures. During lectures Poll Everywhere will be used to encourage interaction with staff and students. Students’ email addresses will be used to register an account for Poll Everywhere to take part in the polls and questions used in lectures. This will form part of the class participation requirements under assessment. Lecture Schedule Week Week Starting

Topic

Required Reading

1 29 July

What is good Accounting Information?

2

5 August

Chapter 1 E-Text The Conceptual Framework for Financial Reporting Chapter 2 E-Text Information Systems within the Organization Chapter 3 E-Text Accounting Information Systems and Business Processes Part 1

What is a Business Process and how do we document them

Chapter 5 E-Text Documenting Accounting Information Systems Chapter 4 Suggested reading

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Further Reading

12 August

What is Data? How do we store data? How do we represent storage?

19 August

Risks and Controls Part 1

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Chapter 6 E-Text Database Concepts I Chapter 7 suggested reading Chapter 8 E-Text Internal Controls I

See Readings Online

Chapter 9 E-Text Internal Controls II 5 26 August

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Risks and Controls Part 2

Chapter 8 E-Text Internal Controls I Chapter 9 E-Text Internal Controls II See LMS for Details

2 September

SAP (GBI) Overview and Industry Guest Speaker

9 September

Revenue Cycle: Process and Controls

Chapter 10 Revenue and Cash Collection Process and Controls

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16 September

Expenditure Cycle: Process and Controls

Chapter 11 Expenditure Process and Controls

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23 September

Conversion Cycle: Process and Controls

Chapter 12 Conversion Process and Controls

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(GBI Background)

Mid-semester break: 30 September – 6 October 10 11

12

7 October

Financial Reporting Cycle: Process and Controls

Chapter 13 Administrative Process and Controls

14 October

Current Issue – The future, the now!

See LMS for Details

21 October

Revision

Lecture Slides A student view set of Lecture slides will be placed on the LMS page for this subject before each week’s lecture. A final version will be posted after the lecture containing details omitted from the first set of materials. Echo360 Lecture Capture Audio and video recordings of lectures delivered in this subject will be made available for review following each lecture. These recordings allow you to revise lectures during the semester, or to review them in preparation for the end of semester exam. You can access recorded lectures by clicking on the Lecture Recordings (or similar) menu item on the LMS page for this subject. Please note that recordings are not a substitute for attendance; rather they are designed for revision. On rare occasions the capture system can fail to record the lecture due to technical reasons. In such cases, the recording will not be made available. In lecture theatres with

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multiple screens only one screen will be captured, any information projected onto the other screen will not be recorded. Please review the Lecture Capture Student Guides page for more information: https://lms.unimelb.edu.au/support/guides/students/lecture-capture-student-guide

Tutorials Tutorial Times Tutorials in this subject commence in Week 1 of the semester Tutorial Participation Requirements Students are expected to participate in tutorials actively. Participation will occur in a multitude of ways, individual, small groups and via Poll Everywhere. Students are marked on their participation according to the tutorial rubric available on the LMS. Twice during semester as part of class participation students, in groups, will be asked to do a 5-minute recap of the topic for that week's tutorial (based on the previous weeks lectures, and topic readings). Materials for the tutorials can be found on the LMS and updated at the end of each week.

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Tutorial Schedule Week

Tutorial Topic

Tutorial Exercises

1

Introductions and Subject admin

2

What is good Accounting Information?

3

What is a Business Process and how do we document them

4

What is Data? How do we store data? How do we represent storage?

Please see the LMS for tutorial materials. Tutorial Materials will be released in the week before the tutorial and solutions posted end of the week.

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Risks and Controls Part 1

6

Risks and Controls Part 2

7

TBA

8

Revenue Cycle: Process and Controls

9

Expenditure Cycle: Process and Controls

10

Conversion Cycle: Process and Controls

11

Financial Reporting Cycle: Process and Controls

12

Current Issue – The future, the now!

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Some tutorial exercises will flow directly on from workshop exercises (particularly weeks 8-11), and it will be expected students have completed the lecture workshop before the tutorial

Assessment Assessment Overview Your assessment for this subject comprises the following: Assessment Task

Maximum 10-minute video presentation with 10-minute Q and A session.

Computerised ERP Practice Set

Individual or Group

Due

Weighting

Group and Individual

Wednesday 9th October at 11pm

20%

Individual

Multiple Submissions Weeks 8,9,10, and 11 due Friday 5 pm that week.

10% (5*2%)

Ongoing discussion board Class Participation Both lectures and tutorials

Individual

Weekly

10%

Individual

During the exam period

60%

3-hour end of semester examination Hurdle requirement: To pass this subject, students must pass the end of semester examination Assessment Details Group Assignment For the group assignment, you will be asked to prepare a maximum of 10-minute video presentation identifying the strengths and weaknesses of a business process, both from a process perspective and impacts on the financial statements. You will also need to develop recommendations to improve the process. The week following the submission of the video presentation, there will be a live Question and Answer session in the week following the submission of the video. It is expected that each member of the group comes from the same tutorial and that each group member contributes equally to the report. Group size will be dependent on the number of students within a tutorial and will be 4-5 students depend on tutorial size. Further details on this assignment will be posted on the LMS.

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Computerised ERP Practice Set For each of the four “Processes” weeks , you will be asked to enter a transaction into SAP. The transaction will form part of the GBI (Global Bike Incorporation) case study. The purpose of this assignment is to familiarise students both with SAP and the common steps in a business process. Each of these are worth 2% of the final grade. Students will be assigned a GBI username, which will form part of the transaction details that need to be entered. Students are urged to be cautious when entering the details of the transaction to ensure they are entering the right information to be tracked for marking purposes. If incorrect details are entered no marks will be awarded, this includes processing other students’ transactions, rather than your own preventing other students from completing the assignment. The final 2% of this assignment will be for participating on the discussion board helping other students with issues, sharing your tips and thoughts. This assessment item will be marked based on completeness (noting accuracy for tracking purposes) not correctness. Class Participation Students participation in both the lectures/workshops and tutorials will be marked. Lecture/Workshop participation will be marked via students use of Poll Everywhere during the workshops. Students will need to have registered with Poll Everywhere to have their participation recorded. Lecture/Workshop participation will account for 3% of a student's final grade. Lecture participation starts in Week 4. Tutorial participation will be divided into two parts, 5% will be based on overall participation, marked against the tutorial rubric available on the LMS. 2% will be two (maximum of 5 minutes) group presentations providing an outline/summary for that week’s topic. Each presentation will be awarded 1% based on a reasonable attempt. Examination A three-hour final examination will be conducted. Satisfactory completion of ACCT20007 requires at least a pass in the final examination (i.e., students must obtain a mark of at least 50% in the final exam). The exam will include questions designed to test the achievement of the learning objectives. The learning objectives provided at the beginning of this outline and those that will be provided at the commencement of each class should be used to guide exam preparation. The exam will focus on testing your ability to apply the concepts introduced in the subject. Further details about the exam will be provided in the final week of lectures.

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Assessment Policies and Resources Assignment submission The group assignment will be submitted through the LMS. The ERP Practice set transaction case studies will be submitted directly into SAP. Assignment extensions and penalties for late submission Late submission assignments may attract a penalty unless an extension has been granted. Extension requests should be made through the online Assignment Extension form available at http://go.unimelb.edu.au/yh9n All extension requests must be made prior to the assessment due date and supported with appropriate documentation. Note: due to the nature of the group assignment, no extension request will be considered. Students who experience difficulties in completing this assignment will need to liaise with their group, notify teaching staff ([email protected]) and apply for special consideration. Academic Skills Resources The Library and Academic Skills offers a range of workshops and resources to help you with study skills including researching, writing and referencing, presentation skills and preparing for exams: http://library.unimelb.edu.au/libraries/bee http://services.unimelb.edu.au/academicskills Exams The Faculty requires that you are available for the entire examination period. Supplementary exams will not be provided in cases of absence during the examination period, unless the absence is due to serious illness or other serious circumstances. See the Special Consideration web site for more information: http://students.unimelb.edu.au/admin/special The examination period for this semester is likely to commence on Monday, 4th November 2019 (to be confirmed).

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Subject Resources Prescribed References The textbook for this subject is a custom e-text available (Accounting Information, Risks, Processes and Controls) from Wiley Direct. A direct link to the textbook will be made available via the LMS. A custom e-textbook is being used to ensure the most up to date material is contained in the textbook and to keep costs down for students. The source material for the e-book comes from Source from

Source Chapter

Chapter Title

New Chapter No. Custom book

Contemporary Issues in Accounting by Michaela Rankin, Patricia Stanton, Susan McGowan, Kimberly Ferlauto, and Matthew Tilling Copyright © 2012, ISBN: 978-0-730-30026-7

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The Conceptual Framework for Financial Reporting

1

Introduction to Information Systems, 7th Edition R. Kelly Rainer, Brad Prince 2017, ISBN: 978-1-119-36296-8

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Information Systems within the Organization

2

Core Concepts Of Accounting Information Systems, 14th edition by Mark G. Simkin, Jacob M. Rose, and Carolyn Strand Norman Copyright © 2018, ISBN: 978-1-119-37366-7

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Accounting Information Systems and Business Processes Part 1

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Core Concepts Of Accounting Information Systems, 14th edition by Mark G. Simkin, Jacob M. Rose, and Carolyn Strand Norman Copyright © 2018, ISBN: 978-1-119-37366-7

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Accounting Information Systems and Business Processes Part 2

4

Core Concepts Of Accounting Information Systems, 14th edition by Mark G. Simkin, Jacob M. Rose, and Carolyn Strand Norman Copyright © 2018, ISBN: 978-1-119-37366-7

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Documenting Accounting Information Systems

5

Accounting Information Systems, 5th edition, by Alison Parkes, Brett

3

Database Concepts I

6

11

Considine, Yvette Blount, and Karin Olesen Copyright © 2017, ISBN: 978-0730-32504-8 Accounting Information Systems, 5th edition, by Alison Parkes, Brett Considine, Yvette Blount, and Karin Olesen Copyright © 2017, ISBN: 978-0730-32504-8

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Database Concepts II

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Accounting Information Systems, 5th edition, by Alison Parkes, Brett Considine, Yvette Blount, and Karin Olesen Copyright © 2017, ISBN: 978-0730-32504-8

8

Internal Controls I

8

Accounting Information Systems, 5th edition, by Alison Parkes, Brett Considine, Yvette Blount, and Karin Olesen Copyright © 2017, ISBN: 978-0730-32504-8

9

Internal Controls II

9

Accounting Information Systems: Controls and Processes, 3rd edition by Leslie Turner, Andrea B. Weickgenannt, Mary Kay Copeland, ISBN:9781119329565

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Revenue and Cash Collection Process and Controls

10

Accounting Information Systems: Controls and Processes, 3rd edition by Leslie Turner, Andrea B. Weickgenannt, Mary Kay Copeland, ISBN:9781119329565

9

Expenditure Process and Controls

11

Accounting Information Systems: Controls and Processes, 3rd edition by Leslie Turner, Andrea B. Weickgenannt, Mary Kay Copeland, ISBN:9781119329565

11

Conversion Process and Controls

12

Accounting Information Systems: Controls and Processes, 3rd edition by Leslie Turner, Andrea B. Weickgenannt, Mary Kay Copeland, ISBN:9781119329565

12

Administrative Process and Controls

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Additional readings will be made available through readings online on the LMS.

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Academic Integrity Academic Honesty The University maintains high academic standards in its courses and subjects and expects students to conduct themselves in a manner which is fair, honest and consistent with the principles of academic integrity, particularly when undertaking assessment and research. http://academicintegrity.unimelb.edu.au/ Referencing All sources used for a written piece of assessment must be referenced. This is to acknowledge that your material is not based entirely on your own ideas, but is based, in part, on the ideas, information, and evidence of others. This is desirable as you are attending University in order to learn from others. Yo...