Comprehensive Report on Accounting Systems and Assurance

This report delves into the core concepts of accounting systems and assurance, emphasizing the role of internal audits in evaluating control systems. It outlines the importance of data assurance in protecting financial information and ensuring its accessibility for decision-making. The report discusses various types of audits, including financial, operational, and information system audits, along with the four stages of a successful audit: planning, evidence collection, analysis, and communication of results. It also highlights the risks associated with audits and methods for mitigation, such as assessing threats to the accounting information system and evaluating control processes. The report concludes by stressing the objectives of an information system audit, which include ensuring the security of computer systems, adhering to management policies, processing transactions accurately, and maintaining the completeness and confidentiality of computer information.

Accounting Systems and Assurance

The course Accounting System and Assurance mainly focus on the approaches and techniques
used for auditing an accounting information system (Romney & Steinbart, 2014). The
approaches are preliminary written from the view point of an internal examiner. The course offer
methodology for analyzing control internally in information model.
According to the American Accounting Association, an information system is developed with
the purpose to analyses the effectiveness and adequacy of the control system internally (Romney
& Steinbart, 2014). This course provide effective learning regarding internal audit. By going
through a deep research I learned that the internal audit chapter assist in assigning duties which
are to be carried out by different personnel in the organizations. The course also helped me to
gain knowledge about the data assurance which is related to protecting the confidentiality and
integrity of the financial information associated with the computer system and databases. In
addition to this it also ensure the accessibility of the data and information to its official users.
This helps the company to perform critical and accurate reporting of accounts so that it supports
the decision making systems. I get to know data both the accountants and auditors are
responsible for a proper and systematic control over the strategic assets (Romney & Steinbart,
2014). The course also states that the external auditors also hold an accountability of
commenting on the correctness of the accounting information and actions which are according to
the code of ethics. From the research about the course I found that accounting information
system is concerned with the assurance of reliability and safe use of information and still this is
rapidly increasing with the growing development of internet.
During my study I also observed that there are three types of audits normally performed within
the company. These are financial audit which evaluates the integrity and reliability of records on
the basis of which financial statements are prepared. The operational audit is concerned with the
efficient and economical use of the available resources in order to achieve the targeted goals of
the company. Another is the information system audit which reviews the application control in
accounting to evaluate the compliance with internal policies.
To perform an audit systematically and successfully the course offers four stages that is 1
planning of audit 2 collecting the evidence of audit 3 Analyzing the evidence of audit 4
communicating the results of audit. While performing an audit; there are certain risk which
occurs and required to be mitigated for successful completion of audit (Romney & Steinbart,

2014). This risk can be evaluated by various approaches such as determining the intimidation
faced by the accounting information system. Further recognizing the process of control to
minimize the threat and evaluating the control process and its weakness.
After conducting a deep research on the course it can be concluded that the main purpose of the
accounting information system it to evaluate and review the control system of the company
internally. The auditors must remind that the while conducting an information system audit
following objectives are to be met such as, provisions of security protecting computer systems,
development of program and achieving the performance according to the specific policies of
management , processing the transactions, reports and files accurately and observing that the
computer information system are complete and confidential.

REFERNCES
Romney, M. B., & Steinbart, P. J. (2014). Accounting information systems. Pearson Higher Ed.