MP121 Accounting Information Systems and Life Cycle


Recently you attended a presentation by Dr Peter, renowned entrepreneur and business leader, who spoke at length about the development of an accounting information systems and, what he referred to as the ‘life cycle approach’. After the presentation you returned to your workplace and discussed the virtues of this approach with your boss, Alex.
Alex was extremely interested because he has become aware that the current accounting information systems is inadequate for the developing needs of the business. He asked you to do a number of things for him in your ‘new role’ as the Accounting Information Systems Development 
1. Write a clear and comprehensive report on what would be involved in the adoption of a life cycle approach to adopting a new accounting information system. Specifically identify the stages that would need to be engaged in, and staff likely to be involved. Alex, your boss, also wishes to know whether consultant costs would be incurred?
Part 2:
As the internal auditor for Smart Enterprises, you have been asked to document the company’s expenditure processing system. Based on your documentation, Smart Enterprises hopes to develop a plan for revising the current system to eliminate unnecessary delays in expenditure processing.
You are required to:
1. Please prepare a context diagram to document the expenditure cycle system at Smart Enterprises.
2. Please offer document flowchart to document the expenditure cycle system at Smart Enterprises.
3. Please explain the threats in the expenditure cycle
4. Following the above question, please clarify how to prevent these threats in the expenditure cycle
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