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For the data to be useful, it must be complete, correct and relevant. On the other hand, examples of data that would not go into an AIS includes memos, correspondence, presentations and manuals. These documents might have a tangential relationship to the company's finances, but excluding the standard footnotes, they are not really part of the company's financial recordkeeping.
Software The software component of an AIS is the computer programs used to store, retrieve, process and analyze the company's financial data. Before there were computers, AISs were manual, paper-based systems, but today, most companies are using computer software as the basis of the AIS.
Quality, reliability and security are key components of effective AIS software. Managers rely on the information it outputs to make decisions for the company, and they need high-quality information to make sound decisions.
AIS software programs can be customized to meet the unique needs of different types of businesses. If an existing program does not meet a company's needs, software can also be developed in-house with substantial input from end users or can be developed by a third-party company specifically for the Amazon information system.
The system could even be outsourced to a specialized company. For publicly-traded companies, no matter what software program and customization options the business chooses, Sarbanes-Oxley regulations will dictate the structure of the AIS to some extent.
This is because SOX regulations establish internal controls and auditing procedures that public companies must comply with.
Information Technology Infrastructure Information technology infrastructure is just a fancy name for the hardware used to operate the accounting information system.
In addition to cost, factors to consider in selecting hardware include speed, storage capability and whether it can be expanded and upgraded. Perhaps most importantly, the hardware selected for an AIS must be compatible with the intended software.
One way businesses can easily meet hardware and software compatibility requirements is by purchasing a turnkey system that includes both the hardware and the software that the business needs.
Purchasing a turnkey system means, theoretically, that the business will get an optimal combination of hardware and software for its AIS.
A good AIS should also include a plan for maintaining, servicing, replacing and upgrading components of the hardware system, as well as a plan for the disposal of broken and outdated hardware so that sensitive data is completely destroyed. Internal Controls The internal controls of an AIS are the security measures it contains to protect sensitive data.
These can be as simple as passwords or as complex as biometric identification. An AIS must have internal controls to protect against unauthorized computer access and to limit access to authorized users which includes some users inside the company.
It must also prevent unauthorized file access by individuals who are allowed to access only select parts of the system.
An AIS contains confidential information belonging not just to the company, but also to its employees and customers. This data may include Social Security numbers, salary information, credit card numbers, and so on. All of the data in an AIS should be encrypted, and access to the system should be logged and surveilled.
System activity should be traceable as well. An AIS also needs internal controls that protect it from computer viruses, hackers and other internal and external threats to network security.
It must also be protected from natural disasters and power surges that can cause data loss. A third use for an AIS is that when a business is in trouble, the data in its AIS can be used to uncover the story of what went wrong.
The cases of WorldCom and Lehman Brothers provide two examples. The search for the causes of the company's failure "required an extensive investigation and review of Lehman's operating, trading, valuationfinancial, accounting and other data systems," according to the 2,page, nine-volume examiner's report.
Lehman's systems provide an example of how an AIS should not be structured. Valukas's report states, "At the time of its bankruptcy filing, Lehman maintained a patchwork of over 2, software systems and applications Many of Lehman's systems were arcane, outdated or non-standard.
Valukas's report also noted, "Lehman's systems were highly interdependent, but their relationships were difficult to decipher and not well documented.
It took extraordinary effort to untangle these systems to obtain the necessary information. The Collapse of Lehman Brothers. The Bottom Line The six components of an AIS all work together to help key employees collect, store, manage, process, retrieve, and report their financial data.
Having a well-developed and maintained accounting information system that is efficient and accurate is an indispensable component of a successful business. Trading Center Want to learn how to invest? Get a free 10 week email series that will teach you how to start investing.A management information system (MIS) is a system or process that provides information needed to manage organizations effectively Management information systems are distinct from regular information systems in that they are used to analyze other information systems applied in operational activities in the organization.
Amazon for their e-commerce activities uses number of information systems in order to gain competitive advantage over its yunusemremert.com case study indicates some of the system used by Amazon. Minutes | Amazon Redshift, Amazon RDS, and more Create and Connect to a Microsoft SQL Server Database Create a Microsoft SQL Server database, connect to the database instance, and delete the DB.
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