There is a necessity to have either hardware or software to integrate the accounting information into an automated system for viewing by the proper individuals. Below, Learning Team A will show who needs to access this information, what controls will be implemented, the type of reports to be generated from these hardware or software and importantly what type of information will be available through corporate Intranet and the Internet. Having the proper hardware and software integrating Riordan's data into automated systems will make life easier for those involved with all the accounting cycles, especially accounts receivable. Who Needs Access To What Information
Many different departments of Riordan will need access to different levels of the new system. The accounting clerk needs access to enter and edit billings, payments, and adjustments of credits/debits, but only needs to view reports such as the General Ledger and Month End Reports. The General Accountant and the General Accounting Supervisor, on the other hand will need access to edit these reports. The Director of Accounting and Finance will need access to review and edit these reports as well as reports from other departments in the Finance area, such as Accounts Payable and Credit. The President, CEO, COO, and CFO will need access to view the entire system, from month end reports down to payment reports. Although, upper and middle management will normally not need to view the lower reports, questions arise from the month and year end reports that require investigation using reports such as payment histories and Agings.
The controls that need to be in place for this are preventive, detective, and corrective controls. To integrate the accounts receivable process into an automated system for Riordan Manufacturing, management needs to reduce the likelihood of risks happening in the future. Management needs to identify possible events that represent a problem...