UNIT1 INDIVIDUAL PROJECT PUBLIC ACCOUNTING PROFESSION
Discuss some other changes you think will occur in the way financial information is gathered, processed, and communicated as a result of increasingly sophisticated IT
Ideally,the widespread use of information technology has significantlyinfluenced the collection, processing and communication of financialinformation in various organizations. To start with, sophisticated IThas improved the accuracy of the financial information with softwares such as QuickBooks which are used to manage payrolls andinventory(Ping-Ju, Straub & Liang, 2015).In this case, errors that might be committed by human personnel areconsiderably mitigated. This is essential in providing more preciseand accurate financial statements to the shareholders, investors,executive management, consumers and any other parties interested inknowing the status and general performance of the company.
Equallyimportant, advanced information technology enables organizations tokeep up to date financial records with minimal costs hence making itmore easier for the auditors to access, gather and communicate theirfindings to the relevant parties. It is also important to note thatthe sophisticated IT integrates the business database with thecompany`s accounting program thus facilitating the process ofexamining its financial statements and other transactions carried outby the organization (Ping-Juet al., 2015).
2.Discuss several career opportunities available to students whocombine a study of accounting with course work in AISs, informationsystems, and/or computer science. Can you think of other jobs wherethese skill sets would be desirable?
Thereis a close correlation between a career in accounting with othercourses such as computer science, information systems or AccountingInformation Systems. The first career opportunity is being anaccountant. In this case, they will be responsible for preparingbudgets, tax returns, analyze financial statements and other facetsrelated to accounting processes (Apostolou, Dorminey, Hassell &Rebele, 2014). Additionally, such students can work as consultants invarious organizations and insurance companies as auditors or evenhelp them plan systems which are yet to be incorporated into theiroperations. Apart from that, the students can be system analysts,where they help clients address issues encountered with theircomputers. Lastly, they can have career opportunities in marketing,production, human relations and chief financial officers in largecorporations (Apostolou et al., 2014).
3."When we computerize an AIS, we merely change how the data isprocessed we don`t change what tasks are performed." Do youagree? Give examples to support your position.
Iagree and support the assumption that computerizing an AIS onlychanges the way in which data is processed and not the tasksperformed. To illustrate, accountants performed accounting processesmanually before the invention of technology. For instance, they usedto make financial statements, enter journal entries and balancesheets by hand which was actually tiresome and time-consuming. Today,the AIS has been automated where information is entered into properaccounts after which the accountants can do all the duties previouslydone by hand using computers(Knežević, Stanković & Tepavac, 2012).If a company needs a statement of financial position or incomestatement, all accountants need to do is to log in into the system,locate the required information and download it. This shows howprocessing of data has changed hence making it more cost effectiveand less time consuming unlike in the past where they had to collectthe information before creating a financial statement.
Apostolou,B., Dorminey, J. W., Hassell, J. M., & Rebele, J. E. (2014). Asummary and analysis of education research in accounting informationsystems (AIS). Journalof Accounting Education, 32(2),99-112.
Knežević,S., Stanković, A., & Tepavac, R. (2012). Accounting InformationSystem as a Platform for Business and Financial Decision-Making inthe Company. Management(1820-0222),(65), 63-69. doi:10.7595/management.fon.2012.0033
Ping-JuWu, S., Straub, D. W., & Liang, T. (2015). HOW INFORMATIONTECHNOLOGY GOVERNANCE MECHANISMS AND STRATEGIC ALIGNMENT INFLUENCEORGANIZATIONAL PERFORMANCE: INSIGHTS FROM A MATCHED SURVEY OFBUSINESS AND IT MANAGERS. MISQuarterly,39(2),497-A7.