Discuss the benefits (and drawbacks) of creating financial reports with the use of IT.

Financial Accounting and Reporting – Business Environmental Concepts

Accounting information systems and information technology (IT) are strongly intertwined. The fundamental benefits of information technology are automation, information organization, and communication. Applications Architecture involves the process of ensuring the suite of organization’s applications work together as a composite application according to the goals and objectives of the organization. Information technology (IT) plays an important part in the accounting world.

An AIS is a system that collects, records, stores, and processes data to produce information for decision makers. A well-designed AIS consists of people, procedures and instructions, data, software, information technology infrastructure, and internal controls and security measures.

Conduct a preliminary research concerning the important role of the use of information technology (IT) in accounting and discuss the following questions:

  1. Based on your research, please discuss the benefits (and drawbacks) of creating financial reports with the use of IT.
  2.  Based on your research, please discuss the application of accounting and auditing concepts in an electronic environment.
  3. Based on your research explain whether an AIS become part of the firm’s value chain and add value to the business.
  4. Based on your research, please discuss how the value of the information produced by an accounting information system can be determined. What would a measurement and verification expert think about quantification and verification of such information?
  5. Distinguish between the accounting information system and the management information system.

In your own words, post a substantive response to the Discussion Board question(s) and comment on other postings. Your response should address the DB question(s) and move the conversation forward. You will be graded on the quality of your postings, including mastery of the concept as well as critical thinking. If asked for your opinion, do not simply state that it is a good or bad idea; elaborate on your reasons and argument. Include enough detail to substantiate your thinking as well as your position on the questions or comments.

Grading Criteria
Based on your research, please discuss the benefits (and drawbacks) of creating financial reports with the use of IT. 20%
Based on your research, please discuss the application of accounting and auditing concepts in an electronic environment. 20%
Based on your research explain whether an AIS become part of the firm’s value chain and add value to the business. 20%
Based on your research, please discuss how the value of the information produced by an accounting information system can be determined. What would a measurement and verification expert think about quantification and verification of such information? 15%
Distinguish between the accounting information system and the management information system. 15%
Substantive responses to students posts (at least two replies) 10%
TOTAL 100%
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