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Topic 5 new technological concepts Short answer questions 1. What is the relationship between XBRL and XML? 2. Discuss the benefits that XBRL can provide to external stakeholders. 3. What are the other developments in technology that can be of a benefit to the Accountants and organisation as a whole? Topic 6 1. What are the eight principles for corporate governance outlined by the ASX Corporate Governance Council? 2. What are the three main objectives of IT governance? Answer: 3. List and briefly discuss at least four specific components of the control environment to be aware of, as mentioned in ASA 315. Answer: 4. Describe the merits and nature of audit committees. Topic 6 System Documentation Topic 6 1. What are the eight principles for corporate governance outlined by the ASX Corporate Governance Council? 2. What are the three main objectives of IT governance? Answer: 3. List and briefly discuss at least four specific components of the control environment to be aware of, as mentioned in ASA 315. Answer: 4. Describe the merits and nature of audit committees. Topic 6 System Documentation 1. Explain how a narrative should be used when preparing a systems flowchart. 2. Explain why systems documentation is important to the organisation and the accounting function. Topic 7 internal controls 1. Explain the importance of information technology (IT) governance. Topic 8 Short answer questions 1. Describe and discuss the front end of the revenue cycle, especially its objectives. 2. Describe and discuss the back end of the revenue cycle, especially its objectives. 3. Why is the revenue cycle strategically important? Topic 8 Short answer questions 1. Describe and discuss the front end of the revenue cycle, especially its objectives. 2. Describe and discuss the back end of the revenue cycle, especially its objectives. 3. Why is the revenue cycle strategically important? 4. Discuss how organisations behave differently when pursuing a cost leadership strategy and a product differentiation strategy. 2. Describe the objectives of the accounts payable phase of the expenditure cycle and how these objectives can be achieved. 3. What are the strategic implications of the expenditure cycle? 1. Describe the objectives of the purchasing phase of the expenditure cycle and how these objectives can be achieved. 5. What are the risks associated with the purchasing phase when it is not correctly managed? Topic 10 1. What are the strategic implications of the general ledger and financial reporting cycle? 2. What are the typical risks encountered during the production of management reports and what are the relevant common controls? 3. What are the common controls for controlling errors in journal entries during the preparation of adjustment journals? Topic 5 new technological concepts Short answer questions 1. What is the relationship between XBRL and XML? 2. Discuss the benefits that XBRL can provide to external stakeholders. 3. What are the other developments in technology that can be of a benefit to the Accountants and organisation as a whole? Topic 6 1. What are the eight principles for corporate governance outlined by the ASX Corporate Governance Council? 2. What are the three main objectives of IT governance? Answer: 3. List and briefly discuss at least four specific components of the control environment to be aware of, as mentioned in ASA 315. Answer: 4. Describe the merits and nature of audit committees. Topic 6 System Documentation Topic 6 1. What are the eight principles for corporate governance outlined by the ASX Corporate Governance Council? 2. What are the three main objectives of IT governance? Answer: 3. List and briefly discuss at least four specific components of the control environment to be aware of, as mentioned in ASA 315. Answer: 4. Describe the merits and nature of audit committees. Topic 6 System Documentation 1. Explain how a narrative should be used when preparing a systems flowchart. 2. Explain why systems documentation is important to the organisation and the accounting function. Topic 7 internal controls 1. Explain the importance of information technology (IT) governance. Topic 8 Short answer questions 1. Describe and discuss the front end of the revenue cycle, especially its objectives. 2. Describe and discuss the back end of the revenue cycle, especially its objectives. 3. Why is the revenue cycle strategically important? Topic 8 Short answer questions 1. Describe and discuss the front end of the revenue cycle, especially its objectives. 2. Describe and discuss the back end of the revenue cycle, especially its objectives. 3. Why is the revenue cycle strategically important? 4. Discuss how organisations behave differently when pursuing a cost leadership strategy and a product differentiation strategy. 2. Describe the objectives of the accounts payable phase of the expenditure cycle and how these objectives can be achieved. 3. What are the strategic implications of the expenditure cycle? 1. Describe the objectives of the purchasing phase of the expenditure cycle and how these objectives can be achieved. 5. What are the risks associated with the purchasing phase when it is not correctly managed? Topic 10 1. What are the strategic implications of the general ledger and financial reporting cycle? 2. What are the typical risks encountered during the production of management reports and what are the relevant common controls? 3. What are the common controls for controlling errors in journal entries during the preparation of adjustment journals