Accounting Systems and Data Analytics

An example of lack of controls would be

• Staff are too busy to undertake a review of controls

• Owners are too busy running the business to see whether systems are working properly

• Staff may not recognise the importance of controls so do not use these correctly

• Staff are unable to design appropriate controls

An example of poor implementation of controls would be

• Staff are too busy to review existing controls

• Poor accounting system which contains minimal controls

• New staff are not made aware of the control systems

• Finance function is separate to management

An example of lack of monitoring would be

• Controls are not clearly included within procedures

• In growing from a small business, the owner cannot control the accounting systems

• Owners do not have the time to assess performance of the systems

• Employees are trusted to follow systems

An example of lack of leadership would be

• Business owners do not have the time to judge whether systems are working

• System is badly designed with minimal controls present

• Controls are not built into procedures so are not followed

• Senior staff do not understand the importance of monitoring

Which of the following (there might be more than one) are examples of financial fraud. Loss of

• Money

• Reputation

• Time

• Inventory

What are the 3 elements of the fraud triangle which need to be present for fraud to take place?

• Opportunity, Motivation and Realisation

• Opportunity, Misappropriation and Rationalisation

• Opportunity, Motivation and Rationalisation

• Objectivity, Motivation and Rationalisation

Reporting on level of sales is an example of

• Descriptive Analytics

• Diagnostic Analytics

• Predictive Analytics

• Prescriptive Analytics

Reviewing trends and highlighting exceptions is an example of

• Descriptive Analytics

• Diagnostic Analytics

• Predictive Analytics

• Prescriptive Analytics

Reviewing data to determine future forecasts

• Descriptive Analytics

• Diagnostic Analytics

• Predictive Analytics

• Prescriptive Analytics

Using data to identify when a product should be discontinued is an example of

• Descriptive Analytics

• Diagnostic Analytics

• Predictive Analytics

• Prescriptive Analytics