Evaluation of Support Software for new computerised accounting and decision support system information You are the principal
Question:
You are the principal of Public Accounting Company, Chartered Accountants, in Australia. One of your clients, SydneyGeelong Limited has asked for your advice on the new computerised accounting and decision support system information. The SydneyGeelong Ltd is a retailer and makes approximately sales per day per store and has stores in NSW and Victoria.
Required:
You are required to advise the Board on the appropriate software for information decision support systems and financial reporting.
Would you give the same advice to a grocery retailer with a single store making sales per day? If not, then why not?
NOTE: In your response should include the aspects of system application, training, economy, efficiency, effectiveness, privacy, cybersecurity, and cybercrime.
Section : Standard Business Reporting SBR
Standard Business Reporting SBR is developed as a standard for Government Reporting in Australia. Rather than using XBRL the Australian Government created its own taxonomy of how items need to be classified for reporting. The decision support system for accounting, financial and payroll software has the SBR codes applied for all government reporting.
Required:
a Identify how SBR works in Australia and list two main areas of Australian professional accounting practices where the application of SBR is currently mandatory.
b Explain the main aimed advantages for the preparers and the users of SBR program in Australia.
c Critically examine as to whether SBR experience in Australia is successful compared to XBRL reporting to deliver its expectations.
Auditing Cases An Interactive Learning Approach
ISBN: 978-0132423502
4th Edition
Authors: Steven M Glover, Douglas F Prawitt