You have been assigned to analyze the accounting information for a Fortune 500 corporation. From the e-Activity, evaluate which tools you would use to analyze its business processes, indicating your rationale. The State Farm Insurance Company operates using a mutual company conducting business throughout the US and Canada. The company business lines include property, casualty, and life insurance companies. Since State Farm is a mutual company, it is collectively owned by State Farm policyholders, and not by shareholders. An analysis of State Farm’s business process can prove to be advantageous to the company’s bottom line. A business process analysis can help State Farm improve how it conducts its day-to-day functions and activities in …show more content…
Today’s customer seeks the convenience of one-stop shopping that we offer. From grocery and entertainment to sporting goods and crafts, Walmart provides a deep assortment that customers appreciate -- whether they're shopping on-line at Walmart.com, through mobile apps or shopping in a store (Our Story: Walmart, n.d.). Because Walmart is in the retail industry, the tool that I would use is the system flow chart. System flowcharts are important system analysis, design and evaluation too. They provide an immediate form of communication among workers and is an excellent way to describe information flows and procedures within an AIS (Romney & Steinbart, 2012). On the other hand, resources, such as accountants, business analysts, and I/T Specialists who rely on documentation tools, will need proper training on these tools. You have been given the responsibility of familiarizing your team with these tools. Evaluate which techniques, in terms of their appropriateness, you would use to get your team ready for its first assignment - the evaluation of a firm’s internal control structure. I think a conference room setting would be appropriate for such training. In this setting each team member will recognize that although there is a facilitator, each member of the team has value and will feel more free to input their opinion as well as any expertise they may have that is relevant to the task at hand. References: Our Story: Walmart. (n.d.). Retrieved April 15, 2014, from
Folk, M., J., Garrsion, H., R., & Noreen, W., E., (2002). Introduction to Managerial Accounting. New York, NY: McGraw-Hill/Irwin.
Discuss the 4 stages of the audit and the major activities performed by the auditor in each phase. Give an example of how each of these specifically applies to the Smackey Dog Food, Inc audit. For instance, examine the apparent internal control weaknesses and possible negative outcome of each.
ProductSAP ERP GBIRelease 6.04LevelUndergraduateGraduateBeginnerFocusAccounting Entries in Manual and Automated SystemsIntegration of Accounting JournalsAuthorsJim MenschingNancy JonesContributorsPatti BrownVersion1.0
In businesses today, it is imperative that the accounting system be tied into every aspect of a business and integrated within all of the information systems in use. Therefore, before any system is updated or changed, the accounting system must be considered and analyzed for compatibility and integration. Kudler Fine Foods hired a consulting firm to “assist in the selection and installation of a
3. As an auditor for Franken’s Markets, you discovered fraudulent activities. In your previous discussions with management, no one with the Franken organization identified fraudulent behavior or activity, and any questions relating to such matters were met with defensive behavior. How might you address this situation?
Garrison, R., Noreen, E., & Brewer, P. (2015). Managerial accounting (Fifteenth ed.). New York, NY: McGraw-Hill Education.
Bagranoff, N. A., Simkin, M. G., & Strand, N. C. (2008). Core Concepts of accounting information systems (10th Ed.). New York, NY:
In this course, students are introduced to the conduct of fraud examinations, including a discussion of specific procedures used in forensic accounting examinations and the reasoning behind these procedures. Topics include an overview of fraud and abuse, forensic evidence, substantive procedures for cash outflow irregularities, substantive procedures for asset irregularities, financial statement fraud, and examination reporting.
When a company, like Walmart, begins to prepare financial statements and reports at the end of an accounting cycle they generally use Generally Accepted Accounting Principles and “the collective process of recording and processing the accounting events” (Definition of ‘Accounting Cycle’, 2012), known as the accounting cycle. There are nine steps involved in the accounting cycle. Walmart would begin the process by collecting and analyzing data from their events and transactions. Next, the company puts those transactions into a general journal. After journalizing their transactions the company posts these entries to the
Discuss the nature of the fraud and the impact to the company as a result of the fraudulent activity.
Accounting Information Systems Controls and Processes, 1st Edition_Leslie Turner, Andrea Weickgenannt (SM+TB+IM +Spatteli,s Pizzeria Solutions+Process
Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2011). Financial accounting: Tools for business decision making (6th ed.). Hoboken, NJ: John Wiley & Sons.
For the outputs you have designated as management accounting, critically evaluate them in terms or what you perceive to be user requirements and suggest two or more ways in which those outputs might be improved.
Information systems changed forever the way accounting tasks are processed. The days of green paper pads are gone, and instead businesses have a centralized place where all accounting transactions are entered and saved. No more looking for paper
Walmart strives to bring good value to its customers under one roof. They provide a wide variety of goods and brands at competitive prices.