MIS350 Accounting Information Systems Course Context

3 Themes Enterprise Resource Planning –Integration of all business processes and associated data within an organization E-Business –Application of networks to conduct and connect business Controls –Business practices that keep an organization out of trouble and heading toward achievement of business goals

Your Role Accountant aka Financial Professional (FP*) –Financial –Management –Auditor As is relates to ERP, it is critical that the FP* understand the integration aspects (process & data) since they will be on various teams installing these systems

Your Role - Continued As it relates to E-Bus, the FP* must understand the integration of business processes and data outside of their current business entity As it relates to controls, the FP* is charged with enforcing business processes that ensure efficiency and effectiveness of operations, reliable reporting, and compliance with applicable laws and regulations

Your Role - continued Traditional accounting concepts are not enough for an FP* to succeed in today’s business environment

Opportunities for the FP* Sarbanes Oxley –Management must identify, document, and evaluate significant controls –Auditors must audit and report on managements assertion about the organizations’ systems of internal controls –Requires disclosure to the public on a ‘rapid and current basis’ of material changes in an organizations financial condition –The FP* must be internal control cognizant and have the wherewithal and technical skills to substantiate compliance

Opportunities for the FP* Report sponsored by: –American Accounting Association –American Institute of Certified Public Accountants (AICPA) –Institute of Management Accountants –Big 5 or 4 or 3 (E&Y, KMPG, ) Recommendation –Accounting graduates need to be able to provide services in the area of financial analysis, financial planning, financial reporting, strategic consulting, and systems consulting

Opportunities for the FP* Other AICPA Services –Risk Assessment –Business Performance Measurement –Infprmations Systems Reliability –Electronic Commerce –PrimePlus Services (Financial care for the elderly)

Value Chain Analysis – Firm/Industry ‘Firm’ Value Chain vs.

Careers –Internal Auditor –CPA –Mgmt Accounting –Fin Accounting AICPA Focus Areas –Risk Assessment –Business Performance measurement –Information Systems Reliability –Electronic Commerce –Assurance & Information Integrity –Management Consulting and performance Measurement –Technology Services –Certified Information technology Professional: using IT to implement business strategy Course Threads –Enterprise Systems –Business Cycles across the Value Chain, i.e. Order to Cash Purchase to Pay Controlling & Profitability –Networked Enterprise Systems/E-Business –Process Modeling –Data Modeling / Database Management –Enterprise Risk Management / Controls Sarbanes-Oxley – Financial Reporting/Disclosure COSCO – Internal Controls COBIT – Control Objectives for IT Computer Fraud & Abuse –Controlling Information Systems: Pervasive and General Controls –Business Process and Application Controls Course Tenets Accounting Information Systems refer to more than the traditional accounting systems that support the financial aspects of a business organization. Holistically, ‘accounting’ refers to “the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results”. The progressive proactive accounting professional is relied upon by owners and managers to identify and monitor enterprise risks; assure the reliability of information systems used to gather, store, and disseminate key information for decision making; and possess the requisite general business knowledge, coupled with business process measurement and assessment skills, to evaluate the state of the business enterprise and it’s supporting operations