Assignment Specifications Background After working at several accounting and consultancy firm for more than a decade, you have recently decided to start your own consultancy business. A friend of your wife introduces you to Paradise Industries, a manufacturer of Nigh-precision machine tools based at Adelaide Paradise Industries employs a centralised computer system with distributed terminals in the departments. The company recently have a number of operational problems and the managing director of the company has engaged you to a ssis systems and processes Expenditure Cycle When an inventory item fails to the recorder point, a purchase oni tomatically rated and printed on the terminal in the purchasing department. The purchasing cerect suppliers and prepare a purchase order. One copy of the purchase order is sent to the supplier and another is sent to the receiving department. The purchasing her the record to the open/dowed purchase order file through an update program in the data processing department When the receiving der receive the delivery from the o ther concerts the packing and the purchaung der Ater the rec t ion, the presa hand- co n greport recording the quantity and out of the received One of the receiving report accompanies the items to the warehouse and other coised in the recen department Using the department terminal the receiving dead a record to the talen report . The system the automatically does the purchase order. Upon recenthetem, the warehouse cer a tes the inventory Subsidiary edge through the terminal in the warehouse When the supplier's invoice arrive the accounts payabilecer a record to the supplier file, which in turn tries the tem to m atically in the accounts payable subsidiary leder based on the financial formation contained in the voice. The system then automatically updates all affected general ledger accounts The computer system scans the accounts payable subsidiary leder every day for be due to be paid and print the cheque. The cheques sent to the supplier and a copy is sent to cash disbursements where it is filed. The system then adds a record to the cheque register file and removes the ability in the accounts payable subsidiary ledger. Finally, the system automatically updates the general ledger accounts Conversion Cycle The production process is triggered by a quarterly forecast of expected sales, which goes to the production planning and control clerk. From the clerk's terminal, the production planning and control der updates the digital production schedule to include the batches of products to be produced during the next quarter. Drawing upon the bill of materials and routing sheet files the system automatically prepares the digtal work orders move tickets and material requisitions and sends them to the work centre supervisor's terminalon a weekly basis The work centre supervisor accesses the digital documents and print hard-copy work orders, move tickets and material requisitions. The supervisor distributes the move tickets and two copies of the material requisitions to each work centre in the production process Pape of mat i onal materials are needed beyond the standard the se additional mater i on As the production is completed in each work Centre, the members and the move the cost accounting to the mark the completion of that has of the production bach Staff members a record labour time spent on each batch on hard covoards which they send t o accounting Finally, on completion of the band the work cente super doses the open work order file The warehouse der files one copy of the material requisition and updates the materials inventory file from the terminal in the warehouse office. The derk then sends a second copy of the material requisition to cost accounting At the end of the day, the clerk prepares a digital journal voucher and posts it to the general ledger control accounts The cost accounting clerk accesses the digital work orders and set up a work in process account for the production batch The clerk also receives move tickets, ob tickets, and material requisitions throughout the production process and use the documents to post is work in process subsidiary leder. At the end of each day, the cost accounting dark prepares a digital journal voucher and posts to general ledger control accounts to reflect the status of work in process and to record transfers of work in process to finished good inventory. Page of Staff members submit the two copies of material requisitions to the warehouse in exchange for the sitional materials are needed beyond the standard quantity, the supervisor is 3 of 5 requisitions. As the production is completed in each work centre, the wall the move ticket to cost accounting to the mark the completion of that phase of the auch Staff members also record labour time spent on each batch on hard-cov cards, which they send to cost accounting Finally, upon completion of the batch the work entre supervisor doses the open work order file The warehouse cere files one copy of the material region and updates the materials inventory file from the terminal in the warehouse office. The der the sends a second of the materia requisition to cost accounting At the end of the day, the prepares a deta l ouderd posts it to the per control accounts The cost o der access the words and wors t for the production bach The receive move d throughout the production produse them to pow o w any At the end of each day, the continger e ed voucher posts toga per control of the of process and to record traders of work in process to finished good inventory Required Prepare a report to the managing director of Paradise Industries to evaluate the processes risks and internal control for Paradise industries' expenditure and conversion cycle in your report, you need to include the following items System flowchart of expenditure cycle System flow chart of conversion cycle Analysis of physical internal control weaknesses in the expenditure cycle Analysis of the risk exist in the conversion cyde and the changes needed to reduce the risks Assignment Structure The report should include the following components Assignment cover pace clearly ating your name and student number A brief introduction of what the report is about Body of the report with appropriate section headings . Conclusion List of references references must be property and included The report should be grounded on relevant erre and in the references Weighting Marting criteria Marking criteria System flowchart of expenditure cycle System flow chart of conversion cycle Analysis of physical internal control weaknesses in the spenditure de Analysis of the risk exist in the conversion code and the changes neded to reduce the risks Research quality TOTAL Weight Pages Marking Rubric Very Good Good Satisfactory Unfactory system flow chant of expenditure system flow chart that depict the expenditure Cydie with some system flow chart that des the expenditure cycle with wym w chart that does properly represent the comectly depict the whole throughout the wem w Assignment Specifications Background After working at several accounting and consultancy firm for more than a decade, you have recently decided to start your own consultancy business. A friend of your wife introduces you to Paradise Industries, a manufacturer of Nigh-precision machine tools based at Adelaide Paradise Industries employs a centralised computer system with distributed terminals in the departments. The company recently have a number of operational problems and the managing director of the company has engaged you to a ssis systems and processes Expenditure Cycle When an inventory item fails to the recorder point, a purchase oni tomatically rated and printed on the terminal in the purchasing department. The purchasing cerect suppliers and prepare a purchase order. One copy of the purchase order is sent to the supplier and another is sent to the receiving department. The purchasing her the record to the open/dowed purchase order file through an update program in the data processing department When the receiving der receive the delivery from the o ther concerts the packing and the purchaung der Ater the rec t ion, the presa hand- co n greport recording the quantity and out of the received One of the receiving report accompanies the items to the warehouse and other coised in the recen department Using the department terminal the receiving dead a record to the talen report . The system the automatically does the purchase order. Upon recenthetem, the warehouse cer a tes the inventory Subsidiary edge through the terminal in the warehouse When the supplier's invoice arrive the accounts payabilecer a record to the supplier file, which in turn tries the tem to m atically in the accounts payable subsidiary leder based on the financial formation contained in the voice. The system then automatically updates all affected general ledger accounts The computer system scans the accounts payable subsidiary leder every day for be due to be paid and print the cheque. The cheques sent to the supplier and a copy is sent to cash disbursements where it is filed. The system then adds a record to the cheque register file and removes the ability in the accounts payable subsidiary ledger. Finally, the system automatically updates the general ledger accounts Conversion Cycle The production process is triggered by a quarterly forecast of expected sales, which goes to the production planning and control clerk. From the clerk's terminal, the production planning and control der updates the digital production schedule to include the batches of products to be produced during the next quarter. Drawing upon the bill of materials and routing sheet files the system automatically prepares the digtal work orders move tickets and material requisitions and sends them to the work centre supervisor's terminalon a weekly basis The work centre supervisor accesses the digital documents and print hard-copy work orders, move tickets and material requisitions. The supervisor distributes the move tickets and two copies of the material requisitions to each work centre in the production process Pape of mat i onal materials are needed beyond the standard the se additional mater i on As the production is completed in each work Centre, the members and the move the cost accounting to the mark the completion of that has of the production bach Staff members a record labour time spent on each batch on hard covoards which they send t o accounting Finally, on completion of the band the work cente super doses the open work order file The warehouse der files one copy of the material requisition and updates the materials inventory file from the terminal in the warehouse office. The derk then sends a second copy of the material requisition to cost accounting At the end of the day, the clerk prepares a digital journal voucher and posts it to the general ledger control accounts The cost accounting clerk accesses the digital work orders and set up a work in process account for the production batch The clerk also receives move tickets, ob tickets, and material requisitions throughout the production process and use the documents to post is work in process subsidiary leder. At the end of each day, the cost accounting dark prepares a digital journal voucher and posts to general ledger control accounts to reflect the status of work in process and to record transfers of work in process to finished good inventory. Page of Staff members submit the two copies of material requisitions to the warehouse in exchange for the sitional materials are needed beyond the standard quantity, the supervisor is 3 of 5 requisitions. As the production is completed in each work centre, the wall the move ticket to cost accounting to the mark the completion of that phase of the auch Staff members also record labour time spent on each batch on hard-cov cards, which they send to cost accounting Finally, upon completion of the batch the work entre supervisor doses the open work order file The warehouse cere files one copy of the material region and updates the materials inventory file from the terminal in the warehouse office. The der the sends a second of the materia requisition to cost accounting At the end of the day, the prepares a deta l ouderd posts it to the per control accounts The cost o der access the words and wors t for the production bach The receive move d throughout the production produse them to pow o w any At the end of each day, the continger e ed voucher posts toga per control of the of process and to record traders of work in process to finished good inventory Required Prepare a report to the managing director of Paradise Industries to evaluate the processes risks and internal control for Paradise industries' expenditure and conversion cycle in your report, you need to include the following items System flowchart of expenditure cycle System flow chart of conversion cycle Analysis of physical internal control weaknesses in the expenditure cycle Analysis of the risk exist in the conversion cyde and the changes needed to reduce the risks Assignment Structure The report should include the following components Assignment cover pace clearly ating your name and student number A brief introduction of what the report is about Body of the report with appropriate section headings . Conclusion List of references references must be property and included The report should be grounded on relevant erre and in the references Weighting Marting criteria Marking criteria System flowchart of expenditure cycle System flow chart of conversion cycle Analysis of physical internal control weaknesses in the spenditure de Analysis of the risk exist in the conversion code and the changes neded to reduce the risks Research quality TOTAL Weight Pages Marking Rubric Very Good Good Satisfactory Unfactory system flow chant of expenditure system flow chart that depict the expenditure Cydie with some system flow chart that des the expenditure cycle with wym w chart that does properly represent the comectly depict the whole throughout the wem w