Free Samples
ACC539 Accounting Information Systems
.cms-body-content table{width:100%!important;} #subhidecontent{ position: relative;
overflow-x: auto;
width: 100%;}
ACC539 Accounting Information Systems
0 Download8 Pages / 1,849 Words
Course Code: ACC539
University: Charles Sturt University
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Question:
Ordered materials are delivered directly to storeroom staff. The staff members count all items received and check that the count agrees with the details on the packing slip received with the goods. The packing slip is then initialled, date stamped and used as a receiving report for the order. The stamped packing slip is scanned and emailed to the purchasing team who file it with the purchase order. The stamped packing slip is placed in a file on a shelf in the storeroom.
The purchasing team clear their emails at the beginning of each day. All stamped packing slips are printed and reviewed with the following possible outcomes:
The packing slip is matched to a valid purchase order found in the Open Purchase Order file – it is filed in the filled purchase orders file pending receipt of a valid tax invoice for payment.
The packing slip does not have a corresponding purchase order – it is filed in an outstanding items file and followed up at the end of the month.· The quantity or items on the packing slip are different to the approved purchase order – it is filed in an outstanding items file and followed up at the end of the month.
The purchasing team also receive the invoice directly from the supplier. All invoices are paid on the due date and filed with the purchase order and packing slip to be reconciled at the end of the month
Answer:
Introduction
Platinum Manufacturing Group is a rising electronics manufacturing company. Most of its customer base are small and medium sized businesses. Due to its excellent performance the organization is growing at a steady rate and making a lot of profit. In this current situation there is a need to assess the risks and implement improvements in the organizational process to make the overall system flawless and better (Hopkin, 2018). This study is mainly conducted to assess all the areas of risk the company has. It could be conducted to provide the CEO with a proper report to mitigate the risks which may otherwise cause problem for the organizational work process of the organization (Ruan et al., 2015, pp. 1440).
Raw material purchasing process
The above level 0 Data Flow Diagram provides all the details of the raw material purchasing procedure. The diagram was constructed with the help of Microsoft Word. It has all the necessary information regarding that particular matter. The storeroom staffs initiate the process of raw material acquisition whenever there is a low count. For that, they enter the item inventory number in the purchase requisition list and mail it to the purchasing department. According to Sadgrove (2016), the purchasing department prepares the purchase order based on the received feedback and initiates the process of buying raw materials by emailing the requirements to the supplier. In this process, the purchasing department retains the copy of the order. After receiving the order the supplier sends the supply to the company and after receiving, the purchasing department initiates the payment to the company based on the invoice.
Risk identification
At the present situation, the company is performing quite well but for better functioning, there is a requirement of assessing the risks of the operational processes properly. Risk assessment is a very important procedure in an organization (Bergamaschi et al., 2015, pp. 192). Almost all the business organizations employ specific analysts who perform thorough check-up of all the organizational processes to determine the areas of weakness which may give serious trouble to the organization in the future (Ratnayake&Antosz, 2017, pp. 42). The risk is anything which may have a high or low chance to harm by some hazard or provide some sort of damage to an individual or an organization (Hopkin, 2018). There are various tools, techniques and frameworks to assess and evaluate the risks in an organization. Among all the existing processes, Risk Assessment Matrix is the most effective technique (Ni et al., 2010, pp. 1273). The technique provides a detailed description of all the underlying risks and also provides proper knowledge about how much probability of that risk has to occur (Knutson &Huettel, 2015, pp. 144). Most of the businesses organizations use these particular tool asses the risks in their organizations and based on the result they undertake various important decisions to develop various strategies (Albery et al., 2016, pp. 183). The strategies are developed regarding the severity and the probability of the risk to occur (Sadgrove, 2016). The risk assessment matrix is developed after properly analyzing the work operations and detecting various risks. The risk assessment and mitigation process consists of five main steps (Stergiopoulos et al., 2015, pp. 44). These steps are as follows:
1.Identification of the risks.
2.Quantification of the risks.
Developing strategies to contain the risks.
Implementing the developed strategies.
Monitoring the tasks which are associated with the risks.
The likelihood of risk to occur has some specific scales based on which the result is provided (Pritchard & PMP, 2014). The scale is described below:
1 = Rare
2 = Unlikely
3 = Possible
4 = Likely
5 = Frequent/almost certain
On the other hand, the tool also provides a scale of impact (Ruan et al., 2015, pp. 1445). The scale of impact is as follows:
1 = Insignificant
2 = Minor
3 = Moderate
4 = Major
5 = Catastrophic
The best way to utilize the risk assessment matrix is to properly assess the impact by utilizing a combination of thought and properly provide a rating in the areas where there is a possibility to have the largest impact of the risk (Nishatet al., 2006, pp. 550).
Risk identification of Platinum Manufacturing Group
The organization has a lot of functions which are undergoing to deliver their products to the customers. The manufacturing process involves the storage of various raw materials. The overall functions of the organization were found to be satisfactory and functioning well, however the analysis, showed some important gaps in the purchase and storage of raw materials. The areas of risks are as follows:
Risk 1: The numbers of staffs in the storeroom are low.
Risk 2: Being a large company with a huge turnover the company has not implemented any proper inventory system. The company still relies on the storeroom facility and the counting of the raw materials is done by hand counting method (Ni et al., 2010).
Risk 3: The authorization process of the company is outdated. The authorization for acquiring the raw materials is still done verbal and written method. There is not any further monitoring of the process after getting the initial authorization.
Risk 4: The items received after purchasing are counted by the storeroom staff without any proper supervision. There are no personnel to verify the count of the raw materials by tallying it with the provided permission.
Risk 5: Filing of the received orders is outdated. The filing is still done by using the old age method of paperwork and there is no softcopy of the orders received or sent.
Risk matrix of Platinum Manufacturing Group
The above discussion provided a lot of information about the current work operation and the various risks associated with the operations. The assessed risks and their degree of impact are provided below:
Probability
(Likelihood)
Impact (Seriousness)
Very Low
Low
Medium
High
Very High
Very High
Risk 2
High
Risk 1
Risk 5
Risk 3
Medium
Risk 4
Low
Very Low
The risk matrix analysis provided one key information that the company has some critical risks in the department of purchase and storing. The present situation means a lot of reformation needs to be done so that the future incidents of organizational failures may be avoided (Reason,2016). Most of the risks are in the level of medium to high impact level and their probability of occurrence is very much high.
Internal weaknesses, impacts and solutions
From the above discussion, it was clear that the present situation needs to be changed promptly as the company is already functioning with a lot of underlying risks. For better understanding of the risks, a proper discussion of the risks, their impacts and solutions are provided below:
Internal control weakness
Impact
Control for mitigating the risks
Latest IT development
Low storeroom staffs
The company is developing fast and there is possibility that the staffs may become overwhelmed and commit some mistakes.
Employing more staffs with proper skills in the storeroom section.
Online sources may be implemented for seeking competent candidates for the job.
Installing computer systems.
Lack of inventory system.
May result in misplacement or miscalculation of the objects received in the inventory.
Changing the policy and rules and use the latest ideas so that a proper inventory system may be implemented.
Utilizing computers and internet for developing a powerful and efficient inventory system.
Outdated authorization system of purchase and sales
May result in serious security issues and cause thefts.
Implementing proper supervision and changing the preexisting authorization process and employing trained supervisors.
Installing modern technologies like fingerprint scanners for proper authorization.
Installing communication media like intercoms or video cameras for confirmation of authorizations.
Lack of storeroom supervision
Security risks, lethargy among the staffs and theft.
Developing new posts and employing new skilled supervisors.
Installing CCTV cameras.
Outdated filing system
Misplacement of critical reports of funds, sales and purchases.
Employing IT trained staffs.
Changing the preexisting system by installing computers and advanced IT for proper storage of the various important files of the company.
Conclusion and recommendation
The present report was solely conducted to assess the present condition of Platinum Manufacturing Group. As the company is constantly growing and gaining more revenues it is important to assess the operations of the company. Generally the risk assessment procedures are conducted to make some reforms in the existing strategies and policies. This was also same in case of the present company. The risk assessment pointed out that in spite of the growth of the company; the various internal operations are still done in the traditional methods. It may be due to the fact that the company management has not yet considered this portion for up gradation.
The above report provided a lot of important facts about the company’s sales and raw material purchasing section. The risk analysis provided a lot of important gaps in the relevant sector. The company utilizes the old methods of pen and paper technique to manage the product sales and purchases. The most risky factor was the absence of a proper inventory. In light of this present finding it can be said that the company could suffer from critical data leak or resource theft any time. It is highly recommended to implement an efficient inventory with modern IT systems so that the internal critical operations can be made secure.
The above study provides a lot of information regarding the implementation of risk matrix and also helps to understand the various methods to assess the internal risks on an organization. It should be always remembered that the successful companies run on effective risk analysis and risk mitigating methods and it is the sole reason why they always stay at an advantageous position than other companies.
References
Albery, S., Borys, D., &Tepe, S. (2016). Advantages for risk assessment: Evaluating learnings from question sets inspired by the FRAM and the risk matrix in a manufacturing environment. Safety science, 89, (180-189).
Bergamaschi, E., Murphy, F., Poland, C. A., Mullins, M., Costa, A. L., McAlea, E., …&Tofail, S. A. (2015). Impact and effectiveness of risk mitigation strategies on the insurability of nanomaterial production: evidences from industrial case studies. Wiley Interdisciplinary Reviews: Nanomedicine and Nanobiotechnology, 7(6), (839-855).
Hopkin, P. (2018). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
Knutson, B., &Huettel, S. A. (2015).The risk matrix. Current Opinion in Behavioral Sciences, 5, (141-146).
Ni, H., Chen, A., & Chen, N. (2010). Some extensions on risk matrix approach. Safety Science, 48(10), (1269-1278).
Nishat Faisal, M., Banwet, D. K., & Shankar, R. (2006). Supply chain risk mitigation: modeling the enablers. Business Process Management Journal, 12(4), (535-552).
Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. Auerbach Publications.
Ratnayake, R. C., &Antosz, K. (2017). Risk-based maintenance assessment in the manufacturing industry: minimisation of suboptimal prioritisation. Management and Production Engineering Review, 8(1), (38-45).
Reason, J. (2016). Managing the risks of organizational accidents.Routledge.
Ruan, X., Yin, Z., &Frangopol, D. M. (2015). Risk matrix integrating risk attitudes based on utility theory. Risk Analysis, 35(8), (1437-1447).
Sadgrove, K. (2016). The complete guide to business risk management.Routledge.
Stergiopoulos, G., Kotzanikolaou, P., Theocharidou, M., &Gritzalis, D. (2015). Risk mitigation strategies for critical infrastructures based on graph centrality analysis. International Journal of Critical Infrastructure Protection, 10, (34-44).
Free Membership to World’s Largest Sample Bank
To View this & another 50000+ free samples. Please put
your valid email id.
Yes, alert me for offers and important updates
Submit
Download Sample Now
Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.
UploadUnique Document
DocumentUnder Evaluation
Get Moneyinto Your Wallet
Total 8 pages
PAY 5 USD TO DOWNLOAD
*The content must not be available online or in our existing Database to qualify as
unique.
Cite This Work
To export a reference to this article please select a referencing stye below:
APA
MLA
Harvard
OSCOLA
Vancouver
My Assignment Help. (2020). ACC539 Accounting Information Systems. Retrieved from https://myassignmenthelp.com/free-samples/acc539-accounting-information-systems/evidences-from-industrial-case-studies.html.
“ACC539 Accounting Information Systems.” My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/acc539-accounting-information-systems/evidences-from-industrial-case-studies.html.
My Assignment Help (2020) ACC539 Accounting Information Systems [Online]. Available from: https://myassignmenthelp.com/free-samples/acc539-accounting-information-systems/evidences-from-industrial-case-studies.html[Accessed 18 December 2021].
My Assignment Help. ‘ACC539 Accounting Information Systems’ (My Assignment Help, 2020)
My Assignment Help. ACC539 Accounting Information Systems [Internet]. My Assignment Help. 2020 [cited 18 December 2021]. Available from: https://myassignmenthelp.com/free-samples/acc539-accounting-information-systems/evidences-from-industrial-case-studies.html.
×
.close{position: absolute;right: 5px;z-index: 999;opacity: 1;color: #ff8b00;}
×
Thank you for your interest
The respective sample has been mail to your register email id
×
CONGRATS!
$20 Credited
successfully in your wallet.
* $5 to be used on order value more than $50. Valid for
only 1
month.
Account created successfully!
We have sent login details on your registered email.
User:
Password:
In case you are looking for thesis paper writers to back you up with customised solutions online, then take a look here. MyAssignmenthelp.com is all geared up to provide you with an ideal custom writing service that covers all critical thesis topics with precision. Even if you are struggling with term paper outline, feel free to get in touch with us during any time of the day. Our thesis paper writing service covers each and every crucial aspect, adhering to the latest academic guidelines observed in each country and state. We would also like to mention that the term papers are verified via effective plagiarism checkers. So, you will get 100% original solutions on time.
Latest Management Samples
div#loaddata .card img {max-width: 100%;
}
MPM755 Building Success In Commerce
Download :
0 | Pages :
9
Course Code: MPM755
University: Deakin University
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Answers:
Introduction
The process of developing a successful business entity requires a multidimensional analysis of several factors that relate to the internal and external environment in commerce. The areas covered in this current unit are essential in transforming the business perspective regarding the key commerce factors such as ethics, technology, culture, entrepreneurship, leadership, culture, and globalization (Nzelibe, 1996; Barza, 2…
Read
More
SNM660 Evidence Based Practice
Download :
0 | Pages :
8
Course Code: SNM660
University: The University Of Sheffield
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Answers:
Critical reflection on the objective, design, methodology and outcome of the research undertaken Assessment-I
Smoking and tobacco addiction is one of the few among the most basic general restorative issues, particularly to developed nations such as the UK. It has been represented that among all risk segments smoking is the fourth driving purpose behind infections and other several ailments like asthma, breathing and problems in the l…
Read
More
Tags:
Australia Maidstone Management Business management with marketing University of New South Wales Masters in Business Administration
BSBHRM513 Manage Workforce Planning
Download :
0 | Pages :
20
Course Code: BSBHRM513
University: Tafe NSW
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Answer:
Task 1
1.0 Data on staff turnover and demographics
That includes the staffing information of JKL industries for the fiscal year of 2014-15, it can be said that the company is having problems related to employee turnover. For the role of Senior Manager in Sydney, the organization needs 4 managers; however, one manager is exiting. It will make one empty position which might hurt the decision making process. On the other hand, In Brisba…
Read
More
MKT2031 Issues In Small Business And Entrepreneurship
Download :
0 | Pages :
5
Course Code: MKT2031
University: University Of Northampton
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Answer:
Entrepreneurial ventures
Entrepreneurship is the capacity and willingness to develop, manage, and put in order operations of any business venture with an intention to make profits despite the risks that may be involved in such venture. Small and large businesses have a vital role to play in the overall performance of the economy. It is, therefore, necessary to consider the difference between entrepreneurial ventures, individual, and c…
Read
More
Tags:
Turkey Istanbul Management University of Employee Masters in Business Administration
MN506 System Management
Download :
0 | Pages :
7
Course Code: MN506
University: Melbourne Institute Of Technology
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Answer:
Introduction
An operating system (OS) is defined as a system software that is installed in the systems for the management of the hardware along with the other software resources. Every computer system and mobile device requires an operating system for functioning and execution of operations. There is a great use of mobile devices such as tablets and Smartphones that has increased. One of the widely used and implemented operating syste…
Read
More
Tags:
Australia Cheltenham Computer Science Litigation and Dispute Management University of New South Wales Information Technology
Next