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What evidence does each document provide?
Answer
The three
documents of the AP packet are the purchase requisition, purchase order,
and receiving report (in addition to the invoice itself). The purchase
requisition
originates from inventory control and represents the
inventory requirements. The purchase order originates from the
purchasing department and represents an order
placed. The receiving
report originates from the receiving department and represents the
quantity and types of goods received. Thus, the accounts payable must
determine 1. that the goods ordered were requested by a user-department
(i.e. inventory control), 2. that the purchasing department ordered the
goods from a valid
vendor, 3. that the goods were actually received
in good condition, and 4. that the invoice price is correct. If all
conditions are met, then the invoice should be paid.
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Discussion Question 6
What is central to a successful EDI implementation?
Answer
A
key element of successful EDI is the implementation of a trading
partner agreement to eliminate the discrepancies that require human
involvement to
resolve.
Discussion Question 9
You are
conducting an end-of-year audit. Assume that the terms of trade between a
buyer and a seller are free on board (FOB) destination. What documents
provides evidence that a liability exists and may be unrecorded?
Answer
The Receiving Report is evidence that the items have been received and a
liability has been realized. If the Invoice did not come in by
end-of-year, then
the liability may not have been recognized in the period under review.
Discussion Question 10
How does the general control area of systems development and program change impact day-to-day transaction processing?
Answer
. An undetected program error may affect thousands or even millions of
transactions with devastating consequences to the financial statements.
An
organization’s systems development and program change process is
therefore critical to ensuring that computer applications do what they
are intended to do when
they are placed into service and are
protected from accidental, malicious, or fraudulent modifications over
their service lifetime.
Session 5 Discussion
Session 5 Discussion
by Laura Pokojni Young – Thursday, 15 May 2014, 10:36 AM
Please answer the following:
Hall
Discussion Question 6
What is central to a successful EDI implementation?
Discussion Question 10
How does the general control area of systems development and program change impact day-to-day transaction processing?
Reply
Re: Session 5 Discussion
by Maggie Hunt – Monday, 2 June 2014, 11:23 AM
Discussion Question 6
What is central to a successful EDI implementation?
The core to a successful EDI implementation is to create a trading
partner agreement between a company and supplier(s) in order to
eliminate highly labor-
intensive activities in verification and
reconciliation of purchase orders, receiving reports, supplier’s
invoices in the AP function. For example,Covalentworks is
an EDI
software and solution company that provides web-based /cloud based EDI
services for B2B conducting their expenditure cycles efficiently and
effectively
around the world.
Discussion Question 10
How does the general control area of systems development and program change impact day-to-day transaction processing?
The general control area of systems development and program is based
upon the advanced technology to automate purchases and cash disbursement
cycles, which
eliminate day-to-day transaction processing heavily
depending on human activities in monitoring inventory control, preparing
purchase order, receiving goods
report, reconciling AP packet,
authorizing cash disbursement, and posting general ledger in the manual
environment. The software applications can perform each
of the above
functions in the computer system automatically, which is cost-effective
in human resources and potentially reduces errors in the functions.
Show parent | Reply
Re: Session 5 Discussion
by Laura Pokojni Young – Monday, 2 June 2014, 7:16 PM
Systems
development has a great impact on day-to-day transaction processing. As
you mentioned, the elimination of human activities by automating the
tasks has
a huge impact on efficiency and also decreases the amount of errors due to prior heavy use of human involvement.
Show parent | Reply
Re: Session 5 Discussion
by Parminder Kaloti
Discussion Question 6
What is central to a successful EDI implementation?
The implementation of trading partner agreement in an effort to remove
inconsistencies that need human involvement to be resolved is the key
factor to a
successful EDI. Since the receiving functions and the
payable tasks of reconciling purchase orders, receiving reports, and
supplier invoices required a lot of work
and money it would be helpful to use this system in order to reduce that labor.
Discussion Question 10
How does the general control area of systems development and program change impact day-to-day transaction processing?
The general control area of systems development and program change
impact day-to-day transaction processing tremendously. For example, this
system helps
companies in automating their transactions by
eliminating human error and saving cost and time. The system can
automatically perform many clerical tasks which
result in smaller
and more efficient traditional departments. Additionally it
automatically records the receiving data, matches items against the PO,
closes the
receiving report, updates inventory subsidiary records to
reflect the receipt of inventory items, and updates the general ledger
inventory control account.
Show parent | Reply
Re: Session 5 Discussion
by Laura Pokojni Young – Wednesday, 4 June 2014, 4:45 PM
Great
example – reconciling of this information is indeed very time
consuming. Instituting a successful EDI will create much more efficiency
from a labor
standpoint and over time, cost standpoint as well.
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