SCOPE AND OBJECTIVES OF FINANCIAL MANAGEMENT 

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Various advantages or positive aspects of IT act are;

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Some key provisions of IT related offences as impacting the Banks are;

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The core to any enterprise’s success is to have an efficient and effective financial information system to support decision-making and monitoring.

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Fixed Assets process ensures that all the fixed assets of the enterprise are tracked for the purposes of financial accounting, preventive maintenance, and theft deterrence.

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The Human Resources life cycle refers to human resources management and covers all the stages of an employee’s time within a specific enterprise and the role the human resources department plays at each stage.

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The Inventory Cycle is a process of accurately tracking the on-hand inventory levels for an enterprise. An inventory system should maintain accurate record of all stock movements to calculate the correct balance of inventory. 

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There is need to implement various suitable controls to meet the requirements of the control objectives. These controls can be manual, automated or semi-automated provided the risk is mitigated

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This section will make you understand that how to represent business processes diagrammatically. 

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Two important tools discussed in this section are;
1. Flowchart
2. Data flow diagram

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SA 315 explains the five components of any internal control as they relate to a financial statement audit.
The five components are;

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Some examples of Application controls are as follows:

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"It is defined as policies, procedures, practices and organization structure that are designed to provide reasonable assurance that business objectives are achieved and undesired events are prevented or detected and corrected".

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Risk management strategies involve decisions to deal with various types of risks based on exposures, probability, impact, nature of risks etc. After defining risk appetite and identified risk exposure, strategies for managing risk can be set and responsibilities clarified.

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“Risk is any event that may results into significant deviation from planned objective resulting into some unwanted negative consequences.”

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The primary purpose for which an enterprise implements automation may vary from enterprise to enterprise. 

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Some noteworthy challenges what you may face in BPA are: Automating redundant processes Defining complex processes Staff resistance Implementation cost

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CA-Inter EIS-SM
LECURE-1
AUTOMATED
BUSINESS PROCESS By Sumit Parashar

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Business process automation, also known as business automation or digital transformation, is the technology-enabled automation of complex business processes.

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A business or operational process is an organized set of activities or tasks that produces a specific service or product. 

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An Enterprise Information System (EIS) may be defined as any kind of information system which improves the functions of an enterprise business processes by integration.

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