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ACCTG 413 - Unit 2
Accounting Information Systems - Chapters 4, 5 & 8
| Term | Definition |
|---|---|
| Acquisition | One company's purchase of all or the majority of another company's shares to gain control over that company. |
| Acquisition-based growth | Growth in a company that occurs as the company purchases and integrates other companies into its infrastructure. |
| Application software | An end-user program that performs specific functions. It may be designed for general use and available for purchase through digital downloads. It may also be custom developed for a specific function. |
| Batch processing | In a transaction processing system, a type of processing in which data is collected as it is generated and then is processed later, at a scheduled time. Because transactions are processed together in a batch—whether at the end of a day, week, or month—it is most suitable for transactions that are not time sensitive. |
| Centralized system | An information system that connects all users to one central location that is built around a server or cluster of servers that all authorized users can access. All the network's main business processing occurs at, and business information is stored in, that one place. |
| Cloud computing | A type of computing that provides access to shared resources over the internet, such as computer processing, software applications, data storage, and other services. In the business context, cloud computing allows companies to minimize computer resources kept on hand, which can be expensive to both purchase and securely store. The costs are absorbed by the cloud provider, which maintains the physical equipment at its facility and provides access to customers via the cloud network. |
| Compensating control | A control that can be used to reduce risk when more expensive or more complex controls are not available. |
| Configurable ERP system | An enterprise resource planning (ERP) system that has some add-ins and features that can be customized for customers' needs. |
| Customer Relationship Management (CRM) module | An ERP system module that captures and stores all customer information. It captures communication with customers like emails and phone calls and can generate leads of prospective customers for sales team members to contact. |
| Customizable ERP system | An enterprise resource planning (ERP) system in which the features are fully customized for an individual customer's needs. |
| Decentralized system | An information system that, rather than having a single location, utilizes multiple locations that each maintain a copy of the data needed for its connected systems. In a decentralized network, there are multiple access points for users, but not all users are connected to all access points. Decentralized systems may be used when there are regional offices that process data, then summarize it and communicate the data back to headquarters. |
| Decision support system (DSS) | An information system that assists in solving nonroutine problems and unstructured decision making. |
| Distributed system | An information system in which all the users and systems are directly connected to one another across the network. In a distributed system, the processing and databases are distributed among several business locations. All users have access to all data, depending on their user access privileges, and all users are connected throughout the business. |
| Enterprise resource planning (ERP) | A solution that offers a single system with aggregated parts that meet the needs of each business function. An ERP system integrates multiple systems into a single, cohesive communication system. |
| ERP | Enterprise resource planning |
| ERP feature | A specific capability for a business process within an ERP system module. Each feature is specifically designed to support the unique requirements of its business processes. Accounts Receivable is an example of a feature within the Financial module of an ERP system. |
| ERP module | A function within an ERP system. ERP modules can be purchased as a full, all-inclusive package or individually to create custom combinations that meet the business's needs. |
| Executive support system (ESS) | An information system that supports strategic decision making. ESS are a subset of decision support systems. |
| Financial module | The most important ERP system module, which captures accounting data and generates financial documents, including financial statements, tax forms, and receipts. Accounting data from all other modules flows to the financial module for reporting |
| Human Resources Management (HRM) module | An ERP system module that manages detailed employee records, training and development, and even time tracking. The HRM module must communicate with the Financial module because employee data and timekeeping are in the HRM module, while payroll processing is in the Financial module. |
| In-house development | A method of developing software in which the software is programmed by a company's own software developers, from scratch. |
| Lift and shift | An acquisition in which the acquiring company moves the acquired systems, physically placing the systems' servers in the data center and maintaining the existing systems as they are. Users have access to all the systems simultaneously. Lift and shift is one of the easiest and lowest-cost ways to integrate systems. |
| Management information system (MIS) | An information system that assists in routine management activities. |
| Merger | The combination of two separate companies into a new legal entity. In a merger, one of the companies generally maintains its leadership and operating environment |
| Online analytical processing (OLAP) | An information system that focuses on leveraging data for information. |
| Online transaction processing (OLTP) | An information system that supports core business functions by handling sales, accounting, purchasing, and more. |
| Operating system (OS) | Systems software that supports a computer's basic functions, such as task management, executing applications, and even starting up and shutting down. Two widely used operating systems are Microsoft Windows and Apple macOS. |
| Organic growth | Growth in a company that occurs when the company uses its own resources and business processes to increase sales, customers, and market share. |
| Out-of-the-box ERP system | An enterprise resource planning (ERP) system that is preconfigured to work one way and that will work that way immediately when implemented. Customers are expected to adapt their business processes to match the system's existing configuration. |
| Production module | An ERP system module that manages production activities, including machine operations and scheduling. The Production module should communicate seamlessly with the Supply Chain Management module. |
| Programming language | A written set of coded instructions that a computer system understands. These instructions can be as simple as opening a file or as complex as performing calculations for a rocket to land on the moon. Structured Query Language (SQL) is an example of a programming language that an accounting professional might use. |
| Real-time processing | In a transaction processing system, a type of processing a transaction is processed as it occurs. This requires the company to have high processing capabilities readily available. |
| Sales Management module | An ERP system module that tracks orders from the time they are received from customers through shipment of products. It is important for the Sales Management module to communicate with the Supply Chain Management and Production modules because sales requirements drive what production will prioritize and when. |
| Software | The interface between hardware components and users that governs how the other components work with one another and provides users with the means of interacting with the system. Software includes mobile apps and internet browsers. |
| Supply Chain Management (SCM) module | An ERP system module that coordinates the entire supply chain, from purchasing of raw materials and supplies to inventory management and warehousing. It also has the ability to manage supplier relationships. |
| Systems integration | The process of joining different systems or subsystems into one larger system and ensuring that they function as one system. |
| Systems software | Specialized software that runs a computer's hardware and other software. Systems software is a platform for other software that coordinates all the activities throughout the system. |
| Transaction processing system (TPS) | An information system that processes day-to-day business activities, provides a foundation for other systems, and captures data that is fed through the higher-level systems. |
| TPS | Transaction processing system |
| SCM | Supply Chain Management |
| OS | Operating System |
| OLTP | Online transaction processing |
| OLAP | Online analytical processing |
| MIS | Management information system |
| HRM | Human Resources Management module |
| EES | Executive support system |
| DSS | Decision support system |
| CRM | Customer relationship management module |
| OLTP & OLAP systems work | together to capture & transform data into useful information |
| OLTP what | processes transactions |
| OLTP how | modifies the database by adding & changing transaction data |
| OLTP when | real time |
| OLTP example | A Julia’s Cookies customer orders six peanut butter cookies on the mobile sales app. The OLTP system immediately records the sales data to the relevant sales database tables. |
| OLAP what | processes reports & analytics |
| OLAP how | queries the database to answer questions |
| OLAP when | real time |
| OLAP example | A Julia’s Cookies manager wants to know how many peanut butter cookies were ordered from the St. Louis store last month. The OLAP system queries the sales database tables to identify all peanut butter cookie sales records for the St. Louis store. |
| Who uses the executive support system | executive leadership |
| Who uses the decision support system | upper-level management |
| Who uses the Management information system | middle management |
| Who uses that transaction processing system | line level employees |
| How executive support systems work | These systems provide customized information & have the smallest group of users - executives |
| How decision support systems work | These systems use both internal & external data. They can model data, do simulations, & perform 'what if' analyses. They can also use artificial intelligence to perform tasks normally requiring human intelligence. The reporting format will be suitable for making a specific decision at a specific point in time. |
| How management information systems work | These systems use data from transaction processing systems to support structured tactical & operational decision reports from TPS. Financial statements are summary reports |
| How transaction processing systems work | Workers like cashiers use TPS for basic business operations. Many of these basic business activities result in accounting transactions. |
| Because an AIS is a TPS | a poor control environment can negatively impact decisions made using MIS, DSS, & ESS |
| Modern TPS | are process based, capturing all data of interest to the company |
| TPS system must: | Be available - if not can lead to loss of customers + Ensure data integrity - essential to quality information |
| Data integrity | the accuracy, completeness, and consistency of data in the system |
| TPS processes data in two ways | Batch processing - Real-time processing |
| Batch processing is best for | transactions that are not time sensitive |
| Example of batch processing | Payroll - typically done each week, every other week, or monthly. The hours worked are recorded in real time & data as collected, but transactions aren't processed until the end of the payroll cycle + Journal Entries |
| Batch processing has 3 main benefits | efficiency - simplicity - quality of data |
| Simplicity in batch processing | Once the batch processing schedules are established, it is easy to maintain the scheduled stream of processing. The processes & systems are less complex, and there is an established audit trail |
| Efficiency in batch processing | There are economies of scale due to optimizing the use of employees & processing many like transactions through a system at the same time |
| Quality of data in batch processing | Since the data flows through the same pre-established steps & schedule, there are fewer errors |
| Real-time processing requires | the company to have high processing capabilities readily available |
| Example of real-time processing | Using venmo or zelle to pay a friend for buying dinner |
| SQL | Structure Query Language |
| Popular software programming languages | JavaScript - Java - HTML - Python - C# (c sharp) - C++ (C plus plus) - Go - Scala |
| Two widely used operating systems | Microsoft Windows - Apple macOS |
| Database management system (DBMS) | software used to define, manipulate, retrieve & manage data in a database |
| DBMS | Database management system |
| Data communication software | software used to provide remote access to exchange data between computers & users |
| Utility programs | Software used for analyzing, configuring, optimizing & maintaining a computer |
| Examples of application software | Microsoft Office suite includes word, outlook, excel, powerpoint & more |
| 2 ways to acquire software | Third-party vendor (purchase licensing) - in-house development |
| Potential issues in third-party vendor software | Disruptions, breaches, copyright issues, updates |
| Risk of third-party software by copyright infringement | If the business isn't adhering to the software licensing policies of the software vendor, the business could face legal allegations & reputational loss |
| Risk of third-party software by data breaches | Since the business isn't the one creating the code, the business is trusting that the third-party software vendor created the software properly. If the third-party software is not properly secure, the company is vulnerable to hackers & malicious programs |
| Risk of third-party software by disruption | If the third-party vendor closes, the business could be disrupted, as the vendor no longer supports the software. The business should ensure that the third-party vendor provides a source code escrow agreement, which would give the business access to the software's source code under certain circumstances, such as vendor closure. |
| Risk of third-party software by updates | The vendor may require unnecessary updates, giving the vendor an excuse to bill additional hours to its customers that cannot be refused. |
| Potential issues of in-house-developed software | Budgeting, scheduling, technical specifications, external market, fraud |
| Risk of in-house-developed software by budgeting | The company must employ the talent to write necessary code & maintain the system, which can be expensive |
| Risk of in-house-developed software by scheduling | Software may take longer to create than expected |
| Risk of in-house-developed software by technical specifications | Software may not be properly developed |
| Risk of in-house-developed software by external market | By the time the software is developed & implemented, there might be industry & market changes that cause the software to require extensive updates |
| Risk of in-house-developed software by fraud | Software programmers cannot write the code & implement the code within the production environment. By doing so, they could program the software to circumvent fraud controls like allowing unauthorized access or granting unapproved permissions to users |
| Benefit of cloud computing | Minimize computer resources kept on hand, which can be expensive to both purchase & securely store. The provider then takes on those costs on your behalf. |
| Examples of cloud computing software | Google Drive - Dropbox - Office365 - Micros Symphony |
| Cloud | a network of servers accessed via the internet |
| Three development models of cloud solutions | Private cloud - Public cloud - Hybrid cloud |
| Private Cloud | Exclusive for one business & always maintained on a private network. Hardware & software are dedicated solely to that on business. |
| Public Cloud | Available to the public through a provider. If an organization uses a public cloud, it will still be secured; however, the user accesses these services through a web browser. |
| Hybrid Cloud | Mixture between private & public cloud with a divider between the two. In this environment, the data & applications can move between the two environments |
| Advantages of private cloud | Customizable - high security |
| Advantages of public cloud | Readily available - lower costs |
| Advantages of hybrid cloud | Increased flexibility - moderate costs - moderate security |
| Three Cloud Computing Service Models | Software as a service (SaaS) - Platform as a service (PaaS) - Infrastructure as a service (IaaS) |
| Software as a service provides access to | Utilizes the internet to provide customers with applications that are managed by the third-party provider. The software leverages the provider's data storage & IT infrastructure |
| Platform as a service provides access to | Provides customers a platform for software development that is delivered remotely. Developers have access to maintained operating systems, servers, storage, & networks & focus on design & building of application software. |
| Infrastructure as a service provides access to | Provides customers with fully self-service computers, networking, storage & operating systems through virtualized environments. Customers are responsible for managing all of their own operating systems, data & applications. |
| Examples of software as a service | Google Drive - Salesforce - Slack - Microsoft Office 365 - Tableau Server |
| Examples of platform as a service | Google App Engine - OpenShift - Apache Stratos |
| Examples of infrastructure as a service | Amazon Web Services (AWS) - Microsoft Azure - Rackspace |
| Some cloud solutions are | combinations of the cloud computing service models |
| Example of a combination cloud computing service model | Azure SQL database is a both SaaS & PaaS. The underlying data storage is a platform, while the database management system is software. |
| Advantages of SaaS include | Users have access to information from anywhere, at any time & on any device - It doesn't require the maintenance costs & time of owning the hardware & software - It reduces the need for capital expenditures & software costs - It offers more flexible & scalability to meet changing conditions |
| Three risks of using SaaS cloud providers | Reliability - Privacy - Security |
| SaaS reliability risks | If the customer loses internet connectivity, then it cannot use the system to access or maintain data because the system cannot be used offline. If the provider is unreliable in providing the software, monitoring & managing the software, and delivering a secure environment, then the system may fail. |
| SaaS privacy risks | If the provider does not take steps to make data privacy a priority & deliver a secure environment, then it puts the customer's business at risk of litigation & loss of reputation in the event of a breach of the data privacy requirements of state & federal law. |
| SaaS security risks | If the provider does not take steps to make data security a priority, then the customer's system & data may be accessed & used maliciously, resulting in the potential for significant financial loss. |
| The most important part in ERP implementation | Time |
| Start-ups use | Third-party vendor or using SaaS - due to lack of capital & business need to purchase more complex systems |
| #1 payment processing system for start-ups & small businesses | Square - processes magstripes, chip cards, NFC phone tap payments & more |
| Excel is used for | store information - perform data analytics - calculations - budgeting - analyzing sales data - tracking information - performing data visualization |
| SUM function purpose | calculate the sum total of a range of cells or input numbers |
| AVERAGE function purpose | Calculates a simple average of selected cells or input numbers |
| MIN function purpose | Finds the minimum value in the range of selected cells or input numbers |
| MAX function purpose | Finds the maximum value in the range of selected cells or input numbers |
| TRIM function purpose | Removes leading & trailing spaces in the selected cell, which are unnecessary characters |
| IF function purpose | Applies conditional logic to selected cells to determine a true & false outcome |
| VLOOKUP function purpose | Locates values in Table A that are related to values in Table B by connecting & looking up identical values in the two tables |
| CONCAT function purpose | Concatenates, or combines two or more columns into one new column |
| SUM function format | =SUM([cell name]:[cell namer]) |
| AVERAGE function format | =AVERAGE([number 1],[number2],...) |
| MIN function format | =MIN([number 1],[number 2],...) |
| MAX function format | =MAX([number 1],[number 2],...) |
| TRIM function format | =TRIM([Cell Name]) |
| IF function format | =IF(Conditional Logic,[value if true],[value if false]) |
| VLOOKUP | =IFLOOKUP([Identify Value 1],[Location of Identical Value 2],[Value to Locate],[Should Value 1 and Value 2 be exactly identical or approximately identical]) |
| CONCAT function format | =CONCAT([Cell Name 1],[Cell Name 2],...) |
| Internet of Things (IoT) | connects everyday devises via the internet to send & receive data. Physical objects like sensors & machines are networked together to collect data that is leveraged in decision making. |
| Examples of IoT technologies | Google Assistant - Smart Locks - Cloud-supported Security Cameras - Phillips Hue Light Bulbs - Nest Thermostat |
| Accounting software needs | reliable software that provides core accounting functionality & user-friendly reporting capabilities. The ideal accounting software will also easily scale, or grow, with a company as it expands its operations. |
| Quickbooks is used to manage | financial reporting - time tracking - payroll - general ledger - paying bills |
| Quickbooks assists in tracking | financial health - analyze sales - leverage financial data |
| Use of segregation of duties in small business | A small business should focus on segregating duties where it makes financial sense & implementing compensating controls such as manager supervision |
| Use of physical access in small business | Companies should focus on bring-your-own device policies & procedures that are both flexible for the work environment & address these unique risks. Any company data should be saved on the company's secure network & not on personal device hard drives |
| Use of logical access in small business | practice safety by requiring employees to use strong usernames & passwords that are tied to the functions they are allowed to access |
| Physical Access control activity | Physical access controls prevent unauthorized individuals from accessing physical resources like buildings, computers, hard drives, inventory, and more |
| Logical Access control activity | Logical access controls prevent unauthorized users from accessing systems on a network, workstation, database, or application. These controls can also assign different access privileges to different persons, depending on their roles, and authenticate users’ identities |
| 2 ways companies grow | Organic growth - Acquisition-based growth |
| Companies pursue acquision-based growth because | it allows them to increase their capabilities more quickly |
| Pure merger is unusual | as one of the companies generally maintains its leadership & operating environment |
| Efficient way to complete an acquisition's terms within legal deadlines | Life and shift - after the acquisition is complete, systems are reviewed, & the company determines if & when full integration is necessary |
| Immediate Integration | a focus on priority systems, integrating multiple systems requires converting existing data in the systems to be retired & migrating it into the new system. The original systems are then eliminated |
| Right answer to choosing a systems approach | There isn't a right answer - a business must weigh the advantages & disadvantages of each approach to choose the appropriate method of addressing systems as they grow. |
| Three system configurations | Centralized Systems - Decentralized Systems - Distribution Systems |
| Advantages of centralized systems | It is easiest to set up. - There is better security of the central location as there is only one point of access to protect. - Data is easy to access for authorized users. - There is consistency in processing. - Cost is lower, as there is only one central location to maintain. |
| Disadvantages of centralized systems | Risk of business disruption is greater because any disruption impacts the entire system. - A single system may experience transaction bottlenecks if processing traffic is high because only one system is performing all the processing. - Users in other locations may experience lag time for data access because of network & remote complications |
| Decentralized systems may be used | when there are regional offices that process data, then summarize it & communicate the data back to headquarters. |
| Advantages of decentralized systems | processing power & data storage needed at the central site is reduced - higher responsiveness from the remote locations, as each location has its own system to process & retrieve its data - bottlenecks are reduced because employees aren't competing for processing power - if one system fails, the other systems can still process transactions |
| Disadvantages of decentralized systems | an increase in security risk, as more systems must be protected & monitored - cost of installing & maintaining multiple systems across different locations is higher |
| Distributed system users | have access to all data, depending on their user access privileges, & all users are connected throughout the business |
| Advantages of distributed systems | Communication among the users is increased since all are connected - real-time transaction details are more readily available to users; access & processing speed are faster because the processing workload is spread across the system - reduction or complete elimination of an expensive central processing site results in reduced hardware costs - incremental growth & scalability of systems are possible - processing & data storage distributed across the system, the failure of a single site is not as damaging |
| Disadvantage of distribution systems | this is the most expensive option, as it involves higher maintenance costs - can be difficult to implement as it is the most complex of the three methods |
| Example of ERP features | The financial module is likely to include features such as financial reporting, accounts receivable, general ledger, accounts payable, & more. Each of these features is specifically designed to support the unique requirements of those business processes |
| 6 common ERP modules | financial - supply chain management - production - customer relationship management - sales management - human resources management |
| Important for sales management module | to communicate with the supply chain management & production modules because sales requirements drive what production will prioritize & when |
| HRM module must | communicate with the financial module because employee data & timekeeping are in the HRM module, while payroll processing is in the financial module |
| Consideration in selecting a new ERP system | ensure leadership is willing to intervene when issues impact the implementation project & to champion adoption of the system across the company - choose an ERP solution vendor that has a solid reputation - choose an ERP solution that meets company needs with as little customization as possible - allocate sufficient time & resources for post-implementation training of employees - embed internal controls to create cohesive control environment |
| Which solution to select is | one of the largest decisions businesses make when implementing an ERP system |
| Difference between education & training | Education is learning about generalities so you can later learn specifics of software when you encounter them. Training is learning the specific keystrokes required to operate the software. |
| Most fundamental feature of the financial module | General Ledger - supports the function of posting journal entries by allowing the entry of debits & credits; also must capture beginning balances, debits, credits, ending balances & appropriate audit trail documentation for posted transactions |
| Common accounting reports have different names because | Software is generally developed by computer programmers, not by accountants. Communication between the two during development is often suboptimal |
| 3 ERP systems | Out-of-the-box - Configurable - Customizable |
| Example of out-of-the-box ERP system | Purchasing a base model of a Honda Civic currently available at your local car dealership |
| Example of configurable ERP system | Purchasing a Honda Civic but upgrading the stereo & getting a special paint color, both of which are offered by Honda for additional fees. You will pay more & you may wait for the dealership to order this version to be delivered |
| Example of customizable ERP system | Purchasing a Honda Civic & taking it to a local auto shop to have a customized paint job applied, personalized white leather seats made & a one-of-a-kind spoiler installed. It will cost a lot of money, & it may cost more in the future for maintenance |
| Many ERP system implementations fail due to | incompatibility with existing IT infrastructure, lack of top management support & insufficient planning |
| Types of ERP system implementation costs | Licensing fees - customization - hardware - consultants - training - time |
| Big Data | Extremely large and complex data sets that can be analyzed to reveal patterns and associations. Big data often is so large, generated so fast, and so unstructured that it surpasses the limitations of traditional systems and databases. |
| Binary Code | A two-symbol system in a digital computer environment that uses the digits 1 and 0 to assign a pattern that represents a letter, a digit, or another character. Computer systems operate in binary code, storing data and performing calculations using only binary digits. |
| Confirmation Bias | The tendency to make decisions based on what we already believe. When we ask advice only from people who share our own worldview, we risk hearing only what we want to hear. By using inherently biased data for an analytics task, we risk decision making that omits relevant facts about the big picture. |
| Dashboard | A static or interactive collection of individual visualizations that allow the audience to view multiple pieces of data at one time. |
| Data | Facts or statistics collected together for reference or analysis, including numbers, words, measurements, observations, or even just descriptions. For example, your personal data includes your first and last names, birthdate, address, and more. This information doesn't have to be stored on a computer to be considered data. |
| Data Lake | A vast pool of data in its raw format—before it's cleaned, aggregated, or filtered—that is designed to contain all of a company's data. A data lake acts as a central repository for data that is stored even though its purpose may not yet be known. |
| Data Mart | A subset of a data warehouse that is designed for a specific business function. A department uses a data mart for its individual reporting needs. Companies often have multiple data marts throughout their various business areas. |
| Data Type | A data attribute that indicates to a system how the user will use the data. The system stores the data in the specific data type format. Examples of data types include text, number, and date. |
| Data Warehouse | An enterprise-wide data repository that is designed specifically for reporting and data analysis and contains relevant data that has already been transformed for reporting use. Data warehouses are relational databases; they store historical data that's structured into related tables. Since a data warehouse is designed to be used for reporting, it has a predefined schema, and data ingested into the warehouse must fit that format. |
| Database | A set of logically related tables (files) containing an organized collection of data that is accessible for fast searching and retrieval. |
| Descriptive Analytics | A category of data analytics that uses historical data to examine what has happened. Descriptive analytics provides decision makers with information about historical activities and performance to assist them in making decisions. It is the first phase of data analytics in the Gardner model. |
| Diagnostic Analytics | A category of data analytics that uses historical data to examine why something happened. Diagnostic analytics provides decision makers with insights into descriptive analytics by identifying the influencing factors in the data. It is the second phase of data analytics in the Gardner model. |
| Dynamic Data | Data that may change after it is recorded and must be updated. Dynamic data is like a website: users can update the content at any point in time, causing the data to change when they do so. |
| Geotag | A digitally assigned geographic location associated with a piece of data like a photo and other locational data. Geotags allow management accountants to provide analyses that are more extensive and substantive. |
| Meta Tag | A keyword that helps describe content. For example, a human can categorize the image of a green turtle swimming with meta tags such as "turtle," "green," "swimming," "animal," and "happy." These meta tags convert the image into data that is searchable. |
| Predictive Analytics | A category of data analytics that uses historical and external data to examine what is likely to happen. Predictive analytics provides decision makers with predictions of what may happen based on the data analyzed. It is the third phase of data analytics in the Gardner model. |
| Prescriptive Analytics | A category of data analytics that uses historical and external data to examine what should happen or how to act. Prescriptive analytics provides decision makers with insights by providing recommendations on what to do next. It is the fourth phase of data analytics in the Gardner model. |
| Relational Database | A database that organizes structured data in interrelated tables connected by similarities between tables. Data within relational databases is stored in tables that share commonalities—relationships—with one another. Most accounting information systems use relational databases. |
| Scraped | Describes textual data that has been pulled and cleaned from an unstructured format and placed into a structured table. |
| Static Data | Data that doesn't change after it's created. Think of static data as a book: once it's printed, its pages do not change. |
| Structured Data | Data that is stored in a fixed field of a file. Whether it's stored in a spreadsheet or a database, data in a table is considered structured data. |
| Tax Data Hub | A specialized database designed to provide a centralized store for tax-related data. It automatically extracts data from source systems and loads it in a standard format optimized for the tax department. In addition to increasing efficiency, tax data hubs reduce errors and enable data analytics. |
| Unstructured Data | Any data that is not stored in a fixed field of a record or a file. Examples of unstructured data include photographs, emails, PDFs, and text. This type of data cannot be easily stored in a table. |
| Value | The big data characteristic related to the usefulness of data. Value is arguably the most important of the 5Vs of big data because data isn't useful to a business unless it can be converted into valuable information. Given the significant resources allocated to collecting, storing, and analyzing data, it is essential to identify data value. |
| Variety | The big data characteristic related to the diversity of data created or collected. Data variety can refer to the difference between unstructured and structured big data or the different types of unstructured data. Variety is one of the 5Vs of big data. |
| Velocity | The big data characteristic related to the speed at which data is generated. Velocity is one of the 5Vs of big data. |
| Veracity | The big data characteristic related to the accuracy and truthfulness of data—that is, the extent to which the data can be trusted for insights. Data must be accurate, objective, and relevant to be useful and have value. Veracity is one of the 5Vs of big data. |
| Visualization | A graphical representation of information and data. |
| Volume | The big data characteristic related to quantity and scale of data generated every second. Volume is one of the 5Vs of big data. |
| Web 2.0 | The second stage of development of the World Wide Web, specifically associated with user-generated content and user participation on the internet. Web 2.0 is rich in interactive applications and socialization. It is a "read and write" environment, as opposed to the "read-only" environment of the original internet. |
| Business Process Model & Notation (BPMN) | A documentation method that depicts the steps of a business process from start to finish. BPMN is a standardized methodology managed by the Object Management Group, which is an organization that offers certifications for process improvement specialists to become credentialed BPMN analysts. BPMN creates a visualization that can be easier to understand than a narrative description. |
| BPMN | Business Process Model & Notation |
| Checklist | A questionnaire that may consist of questions, items to review, or steps to perform during an audit engagement. |
| Connector | In a process flowchart, a shape that is used when a flowchart is large enough to span multiple pages. Connectors are always filled with a letter, starting with "A." The connector on the first page appears at the end of the flowchart on that page, and the connector on the next page appears at the beginning. The letter inside the two related connectors is the same. Essentially, you end at "A" on one page and begin again at "A" on the next page. |
| Data Flow Diagram (DFD) | A graphical representation of the flow of data in an information system. A DFD describes the processes involved in a system to manage the life cycle of the data, from generation (input) to storage (databases) to reporting (output). |
| DFD | Data Flow Diagram |
| Data Flow Line | In a Gane-Sarson data flow diagram, an arrow that indicates movement of data between external entities, processes, and data stores. The data flow line is labeled with the type of data being transmitted, such as "Purchase order" or "Order data." Data flow lines can have arrows at both ends to depict a two-way flow of information. |
| Data Store Shape | A Gane-Sarson data flow diagram shape that represents a data repository such as a database or data warehouse. The data store retains data for later use. A data store can also be the beginning or ending of a data flow diagram. A "D" and numeric, such as the "D1" label, identifies the data store for quick reference. |
| Decision Shape | A process flowchart shape that represents a yes/no or true/false question that must be answered for the process to continue on the correct flowline. When the flowchart reaches a decision, it splits into two branches—one for the answer "Yes" and one for the answer "No." A decision shape must have a single flowline entering it and two flowlines exiting it. |
| Document Flowchart | A flowchart that shows the flow of documents, such as physical or digital purchase orders, through a process. |
| Documentation | A formal record that describes a system or process. Documentation can serve as a future reference, such as a user guide for training, or as an official record, such as an audit trail. |
| Entity Relationship Diagram (ERD) | A graphical illustration of all the tables in a database and their relationships. ERDs are designed for business end users who don't have the technical skills to read a database schema. ERDs help these users understand the layout and data within a relational database. There are three types of ERD: conceptual ERD, logical ERD, and physical ERD. |
| ERD | Entity Relationship Daigram |
| External Entity Shape | A Gane-Sarson data flow diagram (DFD) shape that represents an input or output of the DFD. These entities are called "external" because they are either entering the system from an external place or exported out of the system to an external place. External entities only provide or receive data; they do not process data. |
| Flowchart | A documentation method that depicts the actions or movements of individuals or items in a system or process as a diagram. Flowcharts present visuals of the management, operations, controls, outside vendors, and systems involved in a business process. A flowchart may be able to fit on a single page, or it might span multiple pages. |
| Flowline | In a process flowchart, an arrow that connects shapes together. Each shape in a flowchart must have at least one incoming flowline and one outgoing flowline, unless it's a terminator. The arrow of the line points in the direction of the flowchart flow. A flowline cannot have arrows on both sides. |
| Level 0 Diagram | A data flow diagram that gives a high-level overview of data flows. It must fit on one page, and it provides a snapshot of the data flow that is designed to be understood by all business audiences—from stakeholders to developers. It illustrates the exchange of information between external entities and the system |
| Also referred to as Context Diagram | Level 0 Diagram |
| Level 1 Diagram | A data flow diagram (DFD) that highlights the main functions carried out by the system and drills down further into the DFD process by "decomposing" the system. It breaks down each process into further subprocesses. |
| Level 2 Diagram | The most detailed data flow diagram, which allows the end user to understand the system and process in depth. This type of diagram assists in identifying control weaknesses or inefficiencies. Process numbers include decimal places to indicate subprocesses of a Level 1 process. |
| Merge Shape | A process flowchart shape that connects two or more paths of a flowchart into a single flowline. There is no limit on the number of paths that can merge through this shape. A merge should always have multiple flowlines entering it and a single flowline exiting it. |
| Narrative | A written description of a system or process that describes responsibilities in detail, as well as the processes and controls that are in place. A narrative is often accompanied by a visual depiction, such as a flowchart. |
| Operator Documentation | Documentation that provides information necessary to execute a program and make it work. Often referred to as the "run manual." |
| Organizational Chart | A documentation method that shows the employees in a company and their reporting relationships with one another as a diagram. The chief executive officer (CEO) or the company president is usually at the top of the org chart, with everyone else cascading down from there. Often called an "org chart." |
| Process Flowchart | A flowchart that shows the flow of activity through the company, including the key parties and actions that they perform |
| Also known as a Business Process Diagram | Process Flowchart |
| Questionnaire | A documentation method that includes a list of questions to ask the business team in charge of a process in order to gather information about specific procedures and internal controls. Questionnaires are often used by people outside a business, like auditors, who need to understand what is happening in the business. See also checklist. |
| Swim Lane | Areas within a flowchart that delineate the responsibilities for all activities involved in a business process. Swim lanes provide clarity and accountability by placing activities within the swim lanes of particular individuals, groups, or departments. A flowchart with swim lanes also shows the handoff points between different contributors and can help identify inefficiencies, redundancies, or waste in the process |
| Systems Documentation | Documentation that provides an overview of a computer system. Systems developers need a clear understanding of the system's purpose and design and use systems documentation to help create new systems, maintain existing systems, and troubleshoot problems. |
| Systems Flowchart | A flowchart that illustrates the flow of information through a system, including how information is accessed and where data is stored. |
| Terminator Shape | A process flowchart shape that marks the start or end of a process. It can be filled with either the word "Start" or "End" or a description of the beginning of a process. Every flowchart must start and end with a terminator. |
| User Documentation | Content provided to system users to ensure that they are successful at using the system. |
| Universal purpose of information system | to turn raw data into useful information |
| Examples of data | numbers, words, measurements, observations, or even just descriptions - personal data includes your first & last names, birthdate, address & more |
| Two key topics of data | Data Elements - Data Types |
| 6 Data Elements | Bit - Byte - Field - Record - File - Database |
| Bit | binary digit, which is individual 1 or 0 in binary code (individual piece of information) |
| Byte | group of bits, usually in clusters of eight, that represents an alphabetic or numeric character or symbol (01000100 = D) - composed of bits |
| Field | group of bytes (characters) that identifies a characteristic of an entity. Each field is defined as a specific data type, such as date, text, or number. - composed of bytes |
| Record | group of related fields that describes an individual instance of an entity - composed of fields |
| File | group of records for one specific entity - composed of records |
| Database | set of logically related files - composed of files |
| Examples of data type | text - number - date - text messages - videos - bank statements - tweets - photos |
| Another word for table | File |
| Two types of data | Structured - Unstructured |
| Querying Language | code specific to a database |
| Access structured data | by using filters or querying language to analyze the data |
| Structured data is | easily stored in tables - made up of specific data types like date, numeric & text - stored using less storage space & allows for easy scalability - easier to manage than unstructured data |
| Examples of structured data | When analyzing an asset account in the general ledger, we must add the debits & subtract the credits from the beginning balance to arrive at the ending balance. Most of the databases, data analytics, & data reporting encountered in the accounting industry will leverage structured data |
| Examples of unstructured data | photographs - emails - PDFs |
| The difference between structured & unstructured data | focus on whether the data is already or easily can be stored in a table |
| Example of scraped data | Audio files can be converted to analyzable data by using voice-to-text transcription software to convert audio to a text file script of the content |
| Word Cloud | a visualization of the most popular or commonly used words in the unstructured text data |
| Example of meta tags | a human can categorize the image of the green turtle swimming with meta tags such as 'turtle' 'green' 'swimming' 'animal' & 'happy' - these tags convert the image into data that is searchable |
| ____% of business data is unstructured | 80% - companies primarily use structured data to make their decisions, which means most business decisions are based on only 20% of the company's available data |
| Read-only internet environment | where users mainly consume published content |
| Read-only vs Web 2.0 | viewing versus interacting |
| Examples of Web 2.0 | tiktok - facebook - podcats - user-created wikis - youtube |
| CAPTCHA | Completely automated public turing test to tell computers & humans apart - known as a challenge-response authentication |
| Example of static data | A paper book - once printed, it doesn't change |
| Example of dynamic data | A website - users can update the content at any point in time, causing the data to change when they do so |
| Steps of making customer calls structured data | Use software to convert unstructured calls into scripts - save the scripts as text files - analyze call scripts using a word cloud tool - scan the words to create a word bank (or word cloud) |
| Database & library | Like books in a library, data related to the same topic is stored in a table or group of tables. |
| Queries | requests for data that is stored within a database |
| Results of a query | the requested data being displayed on the screen or sent to a new location like a new table or report that the user specifies |
| Querying Languages | Queries are written in a querying language that is unique to the database management system |
| Example of querying language | Structured Query Language (SQL) |
| Schema | A logical diagram of a database's structure & organization. It depicts relationships between tables & acts as both a blueprint for database administrators when setting up a new database & a guide for users who access an established database |
| Database Scalability | The capability of a database to manage increasing demands. |
| 2 ways database can be scaled | vertically - horizontally |
| Vertical Scalability | Adding more capacity to the existing machine (increase in height of built structure) |
| Horizontal Scalability | Spreading the database across multiple machines that all work together to manage the database (increase in structures by adding more servers) |
| Production Database | A database that is connected to an information system that is used for transactions in a business process. It is 'live' - the data is created & stored in real time as a result of transactions being processed. |
| Example of production database | At an investment firm, it supports orders that traders place on the stock market by recording the order data in real time. |
| The backbone of operations | Production Database |
| Benefits of data lakes | Cost-effective - houses structured & unstructured data - adapts to new types of data as it is ingested |
| Data lakes require | someone with deep technical knowledge of data - like a data scientist - to transform the data into useful information |
| Data warehouses are | relational databases; they store historical data that's structured into related tables |
| Data ingested into the warehouse must | fit that format - as it is designed to be used for reporting & has a predefined schema. |
| Data mart is used for | its individual reporting needs. Companies often have multiple data marts throughout their various business areas. |
| Data warehouses are updated | on a scheduled basis & do not contain real-time data, as would a production database or data lake. |
| Types of data lakes | Unstructured & structured data from across the company (raw data) |
| Purpose of data lakes | Cost-effective storage of big data |
| Users of data lakes | Data scientists |
| Activities of data lakes | Storing big data - Big data analytics (data science) |
| Scope of data in data lakes | All data in a company |
| Types of data in data warehouses | Historical data in a structured format designed for a relational database (processed data) |
| Purpose of data warehouses | Aggregated big data for analytics & business decisions |
| Users of data warehouses | Data analysts |
| Activities of data warehouses | Supporting business analysis - Read-only queries for aggregating or extracting data |
| Scope of data in data warehouses | Only data relevant to reporting & analytics |
| Documentations are used for | complying with laws & regulations - troubleshooting & maintenance - consistency across employees' work & how employees are trained - capturing usable information for process improvements - documenting & evaluating internal control activities |
| SOX requires public companies to document | their internal control procedures. This is essential for identifying risks related to fraud & errors, as well as issues with business processes. It also helps internal & external auditors evaluate controls to comply with SOX. |
| Documentation levels hierarchy | systems documentation > program documentation > operator documentation > user documentation |
| Systems developers need | a clear understanding of the system's purpose & design & use systems documentation to help create new systems, maintain existing systems & troubleshoot problems |
| Primary Users of systems documentation | developers - auditors |
| The most often primary users of systems documentation | Developers |
| Auditors use systems documentation to | understand the architecture & design of the system they are auditing |
| Elements Captures by systems documentation | system architecture - technical design - user interface design - inputs & outputs - high-level processing logic - how the system interacts with other systems in the business |
| Forms of Documentation in systems documentation | narrative descriptions - flowcharts - data flow diagrams - entity relationship diagrams (ERDs) |
| ERD | Entity Relationship Diagram |
| Primary Users of program documentation | programmers |
| Elements Captured by programming documentation | programming logic - data input & information output - program source code |
| Forms of Documentation in program documentation | flowcharts - source code listings - record layouts - entity relationship diagrams (ERDs) |
| Difference between systems & program documentation | systems documentation is shows the 'what' - program documentation shows the 'how' |
| Primary Users of operator documentation | exclusively computer operators |
| Elements Captured by operator documentation | required equipment & supplies - execution commands - error messages - verification procedures - expected output - troubleshooting guidelines - protocols for backup & recovery of data |
| Forms of Documentation in operator documentation | narrative descriptions - flowcharts |
| NOC | Network Operations Center |
| Primary Users of user documentation | end users of the system - auditors reviewing documentation to compare how the system should be used to how employees are actually using it |
| Elements Captured by user documentation | how to use the system (tutorials) -system functionalities & features - tips (frequently asked questions) - common errors & how to resolve them - instructions for inputting data into the system - instructions to request reports from the system - procedures for verifying data accuracy |
| Forms of Documentation in user documentation | narrative descriptions - flowcharts |
| Company benefits when well documented | efficient knowledge transfer - standardized processes - process improvements - effective audits |
| Efficient Knowledge Transfer | new employees can quickly familiarize themselves with the department's work & processes |
| Standardized Processes | similar processes throughout the company are performed consistently |
| Process Improvements | documentation empowers thorough reviews of a department & can point directly to areas where efficiency & effectiveness can be improved |
| Effective Audits | Internal & external auditors need detailed information to understand an area of the business they are auditing |
| Criteria to decide what kind of documentation to use | documenting the overall business - documenting processes & systems - documenting data |
| 3 tools to help in documenting the business | organizational charts - checklists - questionnaires |
| Organizational chart usage | visualizing an employee directory - showing employee responsibilities & how employees fit into the overall company structure - depicting reporting relationships - showing segregation of duties |
| Organizational charts help auditors | test for segregation of duties, independence, turnover within reporting lines & more |
| Tall organizational chart | vertical - when numerous levels of management report to the CEO at the top; ensures that managers have greater oversight of their employees |
| Flat organization chart | horizontal - when there are fewer levels of management reporting to the CEO at the top; managers in this type of structure have more employees reporting to them |
| Audit questions & checklists are created | using standardized templates & client-specific knowledge or business process-specific knowledge |
| Client-specific knowledge is used for | external audits |
| Business process-specific knowledge is used for | internal audits |
| Example of a narative | If the customer buys the cookie in store, the customer pays for the cookie at the register & receives the cookie at the counter. If the customer orders the cooking through the mobile app, the customer pays for the cookie on the mobile app at the time of ordering. The cookie is then delivered to the customer's door by a delivery driver. |
| Flowcharts present | visuals of the management, operations, controls, outside vendors & systems involved in a business process |
| Flowcharts are | versatile charts that can depict computerized & manual processes |
| Flowcharts help | understand a process from beginning to end - create a visual record of the process - find opportunities for process improvements - communicate intricate processes easily & clearly - plan a project & evaluate its feasibility - evaluate internal controls (segregation of duties) |
| Example of systems flowchart | In the purchasing process, a purchase order may be digital & part of the system. It shows the data captured when a purchase order is created & where it is stored in a database. It also shows how & when users log into the system during the process. It's the same purchasing process as in the document flowchart but from the perspective of the system. |
| Example of document flowchart | It may show the movement of a purchase requisition & purchase order through the purchasing process. Eventually the purchase order is used by accounts payable in a three-way match with the vendor invoice & receiving documents. All of these documents & their movements to different departments can be depicted in the flowchart. |
| Example of program flowchart | A purchasing system is built using programming languages. It shows the underlying code & logic that supports each of the process steps in the purchasing system. |
| Example of process flowchart | The purchasing process can be visualized from the perspective of actions & people. Systems are included in process flowcharts, but databases & login points are not the same focus. The focus is instead on the business process & related internal controls. |
| Flowcharts vs BPMN | the shapes & technical layouts they use differ, but they both serve the same purpose & can be used interchangeably, based on the preference of the creator or business stakeholders who will use the visual aid |
| Advantages of DFD | shows system functionality & limits - documents a business process from the perspective of its related data - easier to use than a text description - offers an easy-to-understand system diagram for users to comprehend the data flow - helps new employees understand a system - familiarizes auditors with the system they are auditing |
| Database schema vs ERD | Schema is used by programmers & developers to build, understand & access the data in a database. ERD are designed for end users who don't have the technical skills to read a database schema. |
| Conceptual ERD complexity | simplest model |
| Logical ERD complexity | introduces more detail (middle ground) |
| Physical ERD complexity | Most complex model |
| 3 Types of ERDs | conceptual - logical - physical (in order from least complex to most complex) |
| Conceptual ERD use | Used by business end user & database designers to capture business needs & to understand the general plan for the database |
| Logical ERD use | Used by database designers to refine the business needs of the database & begin modeling data at a more technical level |
| Physical ERD use | Created by database designers & used by database administrators & developers (along with a database schema) to build & access the database |
| Conceptual ERD minimum requirements | Tables names & lines connecting related tables together |
| Logical ERD minimum requirements | Table names, lines connecting related tables together & lists of fields included in each table |
| Physical ERD minimum requirements | Table names, lists of field in each table, data types, restrictions to be programmed into the database & technical details about how each table is connected to another |
| Common flowchart software | Lucidchart - Microsoft Visio - basic (word, excel, powerpoint) |
| A flowchart consists of | various shapes, each with its own meaning. The type of flowchart determines which shapes are used. |
| 6 shapes in process flowcharts | terminator - process - flowline - decision - merge - connector |
| Terminator shape notes | Oval - Every flow chart should start & end with it. |
| Process shape notes | Rectangle - It always has a single line entering it & can have multiple lines exiting it. This is due to flowcharts being able to split into two paths if a process event results in two subsequent events. |
| Flowline shape notes | Arrow - It cannot have arrows on both sides. |
| Every shape in a flowchart must have | at least one incoming flowline & one outgoing flowline, unless it's a terminator. The arrow of the line points in the direction of the flowchart flow. |
| Decision shape notes | Diamond - It must have a single flowline entering it & two flowlines exiting it. This is the decision point; there must be a yes or no question asked & ability to answer. |
| Merge shape notes | Triangle - A merge should always have multiple flowlines entering it & a single flowline exiting it. There is no limit on the amount of points that can merge through this shape. |
| Connector shape notes | Circle - Essentially, you end at 'A' on one page & begin again at 'A' on the next page. |
| Merge & connector shapes are | used only for complex processes that require multiple flowlines or pages. |
| 5 additional flowchart shapes | document - input/output - database - manual input - manual operation |
| Document shape notes | Rectangle with wavy bottom - Represents a physical or digital document, such as an email, report or invoice |
| Input/output shape notes | Parallelogram - Represents data or information coming into the process or leaving the process, such as an order coming in to the bakery. |
| Database shape notes | Cylinder - Represents data storage. Data is input into the database & information is retrieved. |
| Manual input shape notes | Trapezoid - Depicts data that is manually input into a system, such as a user typing in a username & password to access the system. |
| Manual operation shape notes | Trapezoid - Used when a user physically takes an action, such as placing a printout of a report on someone's desk or physically placing freshly baked cookies on a cooling rack. It is different from manual input, as no new data is being input into the system during a manual operation. |
| Flowchart orientation | vertical or horizontal, based on what is best visually |
| Vertical flowcharts example | powerpoint presentation |
| Horizontal flowcharts example | textbook, due to spacing |
| Flowcharts with swim lanes show | the handoff points between different contributors & can help identify inefficiencies, redundancies or waste in the process. |
| Most popular DFD visualization method | Gane-Sarson |
| 4 shapes of DFD | external entity - process - data store - data flow |
| External entity shape notes | Also called 'terminators'. Must name a real entity that is providing or receiving the data. Only provide or receive data, do not process it. |
| Process shape notes | A decimal number identifies it for quick reference. They are always expressed as a a singular verb & singular noun. Must be connected to at least one external entity. |
| Example of process shape | 'verify order' - 'apply payment' |
| Data store shape notes | Can be beginning & end of a data flow diagram. 'D' & a numeric identifies the data store. The name describes what the store is storing, such as 'inventory' or 'orders'. |
| Data flow shape notes | Labeled with the type of data being transmitted, such as 'purchase order' or 'order data'. Can have arrows at both ends to depict a two-way flow of information. |
| For data flow to be valid, data must flow | between a process & an external entity - between a process & a data store - between two processes that are guaraneteed to be running at the same time |
| 3 levels of DFD | level 0 diagram - level 1 diagram - level 2 diagram |
| Rules of level 0 diagram | must fit on one page - provides a snapshot of the data flow that is designed to be understood by all business audiences - uses only external entities, one process that represents the entire system & data flows - illustrates the exchange of information between external entities & the system |
| The 5Vs | volume - velocity - variety - veracity - value |
| Smallest unit of memory | Byte |
| Kilobyte data measurement | a typical text message is less than 1 KB |
| Megabyte data measurement | most emails allow up to 25 MB of attached files |
| Gigabyte data measurement | the average-size USB flash drive that a college student uses is 2-8 GB |
| Byte data measurement | a letter on a keyboard, such as 'P' is 1 byte |
| Bit data measurement | a bit, or binary digit is either 1 or 0 |
| Terabyte data measurement | streaming 4K movies for over 100 hours would use around 1 TB of data |
| Petabyte data measurement | the human brain can store memories equal to about 2.5 PB of data |
| Exabyte data measurement | around 32 million Blu-ray discs could be stored in 1 EB |
| Zettabyte data measurement | it is estimated the world created around more than 59 ZB of data in 2019 |
| Yottabyte | there is no practical use for yottabyte, as all the world's data can still be measured in zettabytes |
| When data is generated | it must be processed & stored somewhere in real time |
| Key factor in managing data velocity | systems limitations; an information system must have the processing power to handle the large amounts of data being created at fast speeds |
| Data variety can refer to | the difference between unstructured & structured big data or the different types of unstructured data |
| Unstructured data is inherently prone to | many imprecisions & inaccuracies due to high velocity & variety |
| Data must be | accurate, objective & relevant to be useful & have value |
| Data preparation & cleansing are | important steps before preforming data analytics because these tasks improve veracity |
| Most important of the 5Vs | Value, because data isn't useful unless it can be converted into valuable information |
| Four categories within data analytics | descriptive - diagnostic - predictive - prescriptive |
| Data analytics helps accounting professionals | work faster & better & at much lower cost - get quicker access to information for more timely insights or decision making - generate higher profit margins & add value for employers & clients |
| External/internal auditors & fraud examiners are responsible for | identifying risk, patterns & trends in processes & data - advising business leaders on best practices & regulatory requirements - performing audit tests to gain assurance over populations of data |
| Financial accountants are responsible for | preparing & analyzing financial statements - managing financial accounting information systems - ensuring compliance with regulatory requirements |
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