This is a super compact summary of Accounting Information Systems And Internal Control by Vaassen. All chapters are discussed in understandable English with a logical layout. Perfect preparation for the exam.
Compact summary of the entire book – excellent
preparation for exam.
Accounting information systems and internal
control
Chapter 1 – Organizations and their systems
3 roles in information provision
1. The information manager:
2. The controller: A generalist whose competences concern the entire company, as he is the
one pulling the financial strings.
3. The auditor: Core task is to audit financial statements and to provide reports on
these statements based on his findings.
To realize the strategic organizational goals, strategic management will perform the following
activities:
- Formulating the strategic organizational goals (planning)
- Creating cross-functional collaboration between employees (structuring)
- Allocating task assignments and providing resources to these employees (execution)
- Testing the realization of the goals (evaluation)
- Undertaking corrective or preventive measures if goals are not or are insufficiently
realized (adjusting)
Strategic business goals can be divided into more concrete goals (operational level) that, in turn, can
be further concretized as well. Information provision is never a goal as such. Information is always
provided because there are users of that information.
Using information for 3 purposes:
1. Information for delegation and accountability: Sometimes labor has to be divided. Then
power and responsibilities are delegated between hierarchical management levels to
mitigate problems stemming from managers’ limited spans of control. However, if power
and responsibilities are delegated the need for management control arises.
2. Information for Decision-making: For example: you need information from the warehouse
to know how much to purchase. (vertical)
3. Information for Operating the Business: Making the organization function as intended.
Sharing knowledge to enable the organization to realize its goals, coordinating the
activities of two different organizational units, or communicating a decision made by
management. (horizontal)
Managerial information provision: The systematic gathering, recording and processing of data aimed
at the provision of information for management decision making, for operating the entity and
controlling it, including accountability.
Information: All the processed data that contributes to the recipient’s understanding of applicable
parts of reality.
Information and Communication Technology
Plays an important role in the recording and processing of data, and in information provision.
IT: All the electronic media used to collect, store and process data, to produce information, and to
support or enable communication.
System: An organized way of undertaking actions in order to attain certain goals. An organized way
of inputting data, processing data and providing information aimed at the attainment of
organizational goals.
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