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Full name and IC No: NUR HIDAYAH BT MOHD ABU BAKAR
Date: 10/09/2020

Assignment (Asgmt) Declaration Form

Semester/Year JULY 2020

Student’s Name NUR HIDAYAH BT MOHD ABU BAKAR

Student’s ID No: 041170619

Course Code BAC303/03

Course Title ACCOUNTING INFORMATION SYSTEMS

Class Code 4-AIS2

Assignment No: 1

No. of pages of this 7

Assignment (including
this page)

Tutor SHAILENDRA SINGH A/L NARANJAN SINGH

Course Coordinator CHOW LAK KEONG

QUESTION 1

Describe TEN (10) factors financial systems adapt to the Covid-19 pandemic.

1. Inform and stay informed to customers and employee

All the business needs to be transparent with customers and employees on all the

changes in operations and services keep. They also have to keep their customers and

employees up to date and during this Covid-19 pandemic. Business have to be

informed about all the relevant updates from local health government just to be aware

of the guidelines and restrictions.

2. Bring the business online

In order to keep the business operational, they have to bring their business in the

online platform. Businesses that were conducted traditionally by having a physical

space for the business and more workers can now bring their business into digital by

delivering products and services online and the workers can work from home. It is

very important for the business to adapt into digital era. Business have to keep their

social media pages active together with their website so that it will be very easy to

stay connected with the customers during this Covid-19 pandemic.

3. Flexible work from home

To keep the employees protected during this pandemic, work from home will be the

best. Business have to make sure the employees will have all the sufficient access to

the required data and servers and also by using offsite server to keep the company
 data safe and secured. Not only that, all the employees can work together from

anywhere.

4. Sustain business customers

In order for the business to keep surviving during this pandemic, business have to

think of a way to sustain the customer base. Maintaining customer trust is important.

It is important to keep customers data safe and privacy is very important. Protecting

customer’s data in the digital platform is very important. By giving rewards and

loyalty to customers, it will help to nurture the relationship with the customers.

5. Motivating the employees

Business have to keep motivating the workers during this pandemic time because

employees might go through stress and anxiety because of the environment changes

by working from home. Sustaining employees are very important. Give attention to all

employees so that they will be more productive by staying positive. Always reward

your employees in order to motivate them so that their performance will increase.

6. Adopt a flexible and opportunistic approach

Business have to adapt or transition business practices to respond to new challenges

that arise especially among competitors.

7. Financial Assets

Business need to adjust cash flow projections. Not only have that, business had to

consider the potential for impairment. Financial assets reported at fair value on the

balance sheet may result in realized and unrealized losses.

8. Deferred Tax Assets

If estimates of earnings of foreign subsidiaries change, companies may have to

reconsider some of their tax strategies, or they may not be able to realize all deferred

tax assets.

9. Goodwill and Other Indefinite-Lived Intangible Assets

Business in areas heavily affected by COVID-19 may see their revenues or net

income affected by the outbreak. This may trigger impairment testing for goodwill

and other intangibles. The reassessment of key accounting estimates and projections

may result in an immediate impairment. Additionally, impairment testing may have to

be done more than once this year if management considers that evolving

circumstances result in more than one triggering event.

10. Inventory

The outbreak may disrupt supply chains and productivity. Companies with reduced or

idle production capacity may be unable to allocate overhead costs to inventory as they

usually do. In addition, inventory that can’t be turned over because of travel

restrictions may have to be evaluated for impairment. Finally, changes in prices and

reduction in the level of demand will also have to be taken into consideration.
QUESTION 2

Describe in detail at least FIVE (5) effects of big data analytics to the accounting
profession.

Big Data is an extremely large sets of unstructured data that comes from a various form
which is gathered from different sources at a rate so fast that it is way beyond the processing
power of a traditional server. Big data is all about complexity and speed, and is therefore
often characterized by the ‘3 Vs’ where volume represents large volumes of data, velocity
represents the high-velocity data flow and variety represents a wide variety of data, especially
in an unstructured or semi-structured form such as images and texts. Five effects of big data
analytics to the accounting profession are stated below.

1. Real-Time Access

Modern accountancy methods require you to deliver tasks strategically within a given
time frame every month. But, the traditional record-to-report methods limit the visibility
of data, thereby making it difficult to complete the tasks every month before the books are
closed. Having real-time access to the accounting data is the only way forward as it keeps
you in sync with the broader business calendar, instantly corrects errors in reports, and
escalates efficiency, saving both time and money. Utilizing big data for analyzing reports
can help make better business decisions and set meaningful performance benchmarks.

2. Data Analytics

Applying data analytics to big data creates several opportunities for accounting firms
to gain significant insights, predict future outcomes, and automate non-routine
financial tasks. An accountant must learn technical and analytical skills to handle
statistics and run large data sets with data mining and statistical analysis tools. In the
era of big data, it’ll help businesses deliver greater value and transform their decision-
making skills.
3. Risk Identification

Providing risk-free financial services to customers is essential for firms these days, as
voluminous data comes with a large number of security threats. Big data enables
accountants to proactively identify issues with real-time access to the data so that
accounting businesses can base their decision-making more on hard evidence and
facts, rather than emphasizing on guesswork and assumptions about customers,
employees, and vendors.

4. Data Visualization

With the help of visualization software such as Tableau, accountants gain the ability
to see large amounts of data, which, in turn, helps users to see patterns, flows,
irregularities, and exceptions more easily. These tools have helped accountants to see
data in ways that were not possible previously using traditional methods. And have
made it easier to link together data from various sources to provide new insights to the
reports. Also, they have made it possible for accountants and CPAs to perform
advanced statistical analysis of data, using more variables, real-time data, and
advanced modeling.

5. Audit Analytics

Internal and external auditors have been at the forefront of the use of big data in the
accounting industry. Nowadays, the traditional approaches to auditing, which include
analysing billions of transactions in a ledger based on sampling, are not used
anymore. Though auditors still work on large data sets, audit analytics enables them
to visualize the wide range of financial and non-financial data. It helps identify
exceptions and pressure points so that auditors can focus on greater areas of risk to
predict outcomes that will improve forecasting.
QUESTION 3

Illustrate a Data Flow Diagram of a customer ordering/fulfilment system with

linkages to the accounting and inventory systems.

DATA FLOW DIAGRAM