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ACC539 201930 | Internal Controls and Systems Documentation | Accounts

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Part A - 8 Marks

Oriental Traders purchases products from Asia and then resells them to local retailers in Sydney and Melbourne. Demand for the imported products has increased significantly over the last 3 years resulting in Oriental Traders expanding their domestic operations, including a new information system, to assist with managing the increase in purchases. You are a systems analyst who has been engaged by Oriental Traders to prepare the systems documentation to assist with the identification of the current business processes. This will assist them in the identification of a suitable system for the acquisition and payment for products.

Based on the interview with the purchasing manager (provided in Interact, Assessment Resources), prepare a document flowchart to document the acquisition to payment system that currently exists at Oriental Traders.

Part B – 10 marks (maximum word limit 1,200 words)

You have been recently employed as an accountant for the Chipps. The CEO, Mrs Sophia Martin, has tasked you with reviewing their expenditure cycle. To facilitate this, she has provided you with key information relating to Chipps inventory purchasing and management (available in Interact).

Using the information provided to you, prepare a business report to the CEO including identification of:

1.internal control weaknesses relating to Chipps expenditure process; (2.5 marks)
2.the impact these weaknesses could have on the organisation; and (2.5 marks)
3.specific internal controls which could be implemented by Chipps in the coming months to mitigate the weakness posed by the internal control weaknesses you have identified. Mrs Martin does not want theoretical controls suggested. She wants practical controls that Chipps can implement in the short term. (5 marks)

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