Exam (elaborations)
Exam (elaborations) AcF 211 (ACF211)
- Module
- AcF 211 (ACF211)
- Institution
- Lancaster University (LU)
exam preparation for accounting students
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2018 EXAMINATIONSPART II (SECOND AND FINAL YEAR)
ACCOUNTING AND FINANCE
AcF 211 ACCOUNTING INFORMATION SYSTEMS AND AUDITING
(2 hours + 15 minutes reading time)
Select ONE question from Section A (i.e. either Question 1 or Question 2) and ONE question from Section
B (i.e. either Question 3 or Question 4). All questions carry equal marks.
1 Please turn over
, SECTION A
Answer either Question 1 or Question 2
Question 1
(a) i) What is internal control?
(4 marks)
ii) What is an internal control system and what objectives does it serve in an organization?
(11 marks)
(b) According to the Committee of Sponsoring Organisations of the Treadway Commission (COSO) report
1992, an internal control system to minimise the risk of fraud should consist of five components.
Required:
i) List and discuss each of these components.
(20 marks)
ii) In your opinion, which component is the most important and why?
(5 marks)
(c) What is a general ledger coding structure and why is the chosen structure fundamental to the
effectiveness of the accounting information system?
(10 marks)
Total for Question 1: 50 marks
Question 2
A business’s computer system is of vital importance to the efficient running of its operations. There should
be strict controls over its security, and over the application of the system in data processing. In addition,
a business may need specific policies and regulations to guard against computer abuse (the unethical use
of computers) by staff, which is a problem for many organisations.
(a) What is meant by the term general organisational controls? Give examples of the general
organisational controls that a business should implement in respect of the security of its computer
system.
(23 marks)
2 Please turn over
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