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Course
DLA 242

Institution
Stellenbosch University (SUN)

Whether you're a business professional aiming to optimize your company's financial operations or a student seeking comprehensive insights into Acumatica's accounting capabilities, this DLA 242 summary is your go-to resource. With clear explanations, practical examples, and a focus on the intricacie...

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Uploaded on August 27, 2023
File latest updated on August 28, 2023
Number of pages 16
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acumatica

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DLA 242 Introduction to AIS for Accountants

Topic 1
Systems development life cycle/leadership skills
o Acumatica is the leading Cloud ERP solution.

• Students can learn by doing while using this platform.

o System Development Life Cycle (SDLC)

• Intersection implementation and Testing stages

• Assistance USA, Qedo Modern Cloud and the Fharga technical staff

• Adjustments and refinements will be made as new information is found and face unexpected challenges.

 This process will ultimately result in a more robust and reliable system.

 The ability to remain flexible, patient and resilient in the face of such challenges is a skill you must cultivate.
(Learning opportunities)

Interchangeable terms
o Debtors = Customers, Trade Receivables, Accounts Receivable Receivables, Clients

o Creditors = Suppliers, Trade Payables, Payables, Vendors

o Inventory = Stock

Dates
o Lessons refer to a year 202X which relates to the year you are completing the DLA course.

Internal Control
o The purpose of internal controls is to safeguard assets, promote operational efficiency, ensure accurate financial reporting and
facilitate compliance with laws, regulations and internal policies.

o In the context of AIS, the purpose of internal control is:

• Safeguard assets against unauthorised access, theft or misuse

• Ensure the validity, accuracy, completeness and reliability of financial information.

• Promote operational efficiency and effectiveness.

• Ensure compliance with laws, regulations and internal policies.

• Identify and manage risks effectively.

• Detect and prevent errors, fraud and irregularities.

o Key components of internal control in AIS include:

• Control environment

 Sets the tone for the organisation, emphasising the importance of internal control and ethical behaviour.

 Includes factors such as management’s commitment to integrity and ethical values, the organisation structure,
assignment of responsibilities and the overall attitude towards control and accountability.

• Risk assessment

 Involves identifying and evaluating the risks that could impact the achievement of business objectives and the
integrity of financial information.

,  This process enables organisations to prioritise controls and allocate resources effectively.

 Examples: errors, fraud, unauthorised access, system failures or compliance violations

• Control activities

 Specific policies, procedures and practices implemented to mitigate identified risks.

 These controls can be preventative, detective or corrective.

 Examples: Segregation of Duties, Access controls, transaction approvals, reconciliations and regular monitoring
and review of the processes.

• Information and communication

 Internal control relies on effective information and communication systems to ensure that relevant financial
information is captured, processed and communicated accurately.

 This includes the proper design and implementation of accounting systems, clear documentation of policies and
procedures, timely and accurate financial reporting and communication of control responsibilities and
expectations to employees.

• Monitoring

 Involves the ongoing assessment and evaluation of the effectiveness of internal controls.

 Ensures the controls are operating as intended and any deficiencies are identified and promptly addressed.

 Activities may include periodic internal audits, management reviews, data analysis and feedback mechanisms.

o Internal controls encompass a set of measures designed to provide reasonable assurance that business objectives are achieved,
financial, reports are accurate, and operations comply with rules and regulations.

o Effective internal control in accounting information systems assures stakeholders (management, shareholders, auditors and
regulatory bodies) that financial information is reliable, and the organisation's operations are conducted in a controlled and
ethicalmanner.

General vs. Application Controls
o Two distinct types of controls that serve different purposes and operate at different levels within a business IT system. They work in
tandem to safeguard the company's IT infrastructure and AIS, ensuring layered security and maintaining the integrity of financial
information.

• General controls

 Overreaching controls that apply to overall IT resources and data of which the AIS is part.

 Encompass protecting the underlying hardware, operating systems, and network infrastructure.

 It further includes access controls, change management processes, backup and recovery procedures, physical
security measures, comment network security and IT governance frameworks.

• Application controls

 Governs Ann monitors the operations and daughter processing within a specific software application or system.

 These controls are tailored to the functionality and requirements of the specific application and aim to achieve
specific control objectives.

 Within the context of an AIS The control objectives are safeguarding data entry (input), processing of
transactions(processing) and financial information (output).

 This assures the output's ultimate validity, accuracy and completeness.

 Application controls encompass a variety of measures designed to prevent, detect and correct errors or
irregularities within distinct accounting processes.

 Examples: Validation cheques or logical programmable controls on data entry fields, Segregation of duties,
transaction authorization workflows, formalised error handling and correction processes and automated
reconciliations.

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