The exam contains seven (7) questions. Four (4) questions are short answer/essay style theory questions, three (3) questions require you to analyse graphical documentation. You need to be able to read DFDs and Flowcharts to complete these questions. Further information about each question is provided later in this document. Please read this document carefully as you are provided with question 3. It is expected that you will prepare an answer to this question as you revise the material.
The short answer questions vary. The questions may ask you to explain, describe, list, state, compare, contrast, critically evaluate, and/or recommend. If a question asks you to illustrate your answer with an example, illustrate does NOT mean to draw, it means to provide a written example and use it to demonstrate or support your argument.
Make sure you read each question carefully.Underline important parts of the question.
Answer only what the question asks. Some questions have several dot points that you need to address – pay attention to these. Make sure you address these. A brain dump of everything you know will not get you any marks!Take the time, think, and plan your answers. Use the marks as a guide for the time you should spend on the question. For most questions, the time includes thinking and writing time. The space provided should not be used as a guide for the length of the answer required; more space is provided than you should be needed. If you need additional space, ask for an exam script booklet.
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For the process analysis questions you will be provided with a graphical depiction of a process. For these questions, you will not be given a written narrative. Examples are available in the lectures, tutorials and in the prior year exam papers available on the LMS. You will need to analyse the documentation and answer the questions. To answer the question you will need to draw on your knowledge of the generic processes covered in the lecture. Remember, what is not documented is often as important as what is documented (i.e., you need to apply your knowledge of what you know should be there to reduce the risks, versus what is there).
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To do well in the exam, you need to know:
x Database design concepts;
x Alternative processing modes;
x Information quality goals;
x How to readdataflow diagrams and flowcharts;
x The typical activities, objectives, risks and control plans of the order-to-cash (revenue) and purchase-to-pay (expenditure) processes and how these feed into the financial statements; and
x A detailed understanding of the information risks and internal controls from each of these processes, particularly the control plans we covered in detail in the lectures and tutorials.
How to study for the exam:
(1) Review the learning objectives for the subject and each week’s material.
(2) Review the lecture material and the readings; make summary notes of the key activities, risks, and control plans we covered. Take notes for question 3 as you revise all material.
(3) Attempt the analysis exercises that were completed in the lectures.
(4) Review and reattempt the tutorial questions.
(5) Attempt prior exam papers and draft an answer for question 3.
Question 1 – Database design ER Diagram, anomaly. (6 Marks)
Question 2 – Information goals, misstatement, internal control (8 marks)
Question 3 – (14 marks)
The question is provided below. Because this question is being provided before the exam, tutors or I will NOTdiscuss this question with students. I have provided it as it is a very broad question which you can use to reflect on the course material overall. Because you were given the question beforehand, it will be marked to a higher standard than if it was unseen.
When preparing your answer, remember that it worth 14 marks, you should not spend more than 25 minutes on this question, that includes writing time and time to re-read the question.
We are looking for succinct answers that integrate material from across the whole semester (not just week 4), that demonstrate reflection and understanding of the material in their discussion of the statement below:
An organisation’s ‘tone at the top’ determines the effectiveness of the process level control plans. These process level control plans ensure that the financial statements are not misstated.
Discuss the accuracy of this statement.
In your answer, include the following aspects:
x Discuss the role of internal control;
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x Explainand discussthe purpose and impact of ‘tone at the top’;
x Explainand discussthe purpose and operation of process level control plans;
x Illustrateyour answer with examples that demonstrate the effectiveness or ineffectiveness of ‘tone at the top’ and process level control plans in achieving reliable financial statements.
x Your answer should integrate the material covered across the whole semester
Question 4 – Control plan analysis and evaluation (9 marks)
Question 5 – Written analysis of the operation of preventative and detective control plans in the processes (14 marks)
Question 6 – Short answer questions to be answered based on your analysis of a process depicted in a DFD(11 marks)
Question 7 – Using the flowchart provided, you will be required to complete a set of control analysis framework tables. See prior exam papers as a guide for the types of tables you may have to complete Written question on operational and financial risks. (38 marks)
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