INFS3110 Information Systems for Accountants Semester 2, 2020 1 Individual Assignment 1. Assignment Objectives This assignment is designed to develop your ability to: • Identify and describe the finance function from an historical, current and projected perspective • Identify and describe Accounting Information Systems’ and their role within the broader information infrastructure • Understand the role of Accountants within these information infrastructures • Understand the ethical, social and cultural issues associated with the transformation of the finance workforce • Encourage students to build their commitment to ongoing reading • Assist students to reflect on the further development of their skills and capabilities 2. Detail Essay (1500 words, including references): When you need to leap ahead, how do you shift from taking small steps? Setting the Scene ‘Transforming the record-to-report (RTR) process represents a significant opportunity and a strategic imperative. Reliance on the traditional month-end closing simply costs too much in terms of missed opportunities. In response to uncertainty and volatility, finance must be more agile; that is, it must become more responsive, insightful and efficient by adopting digitized, near-real-time closing and reporting processes enabled by new technologies and a new operating model…….Technology enablers have to be implemented along with talent enablers and a new organization design. There is also an opportunity to up-skill talent and change the mindset to be more digital-friendly. Data management, program and change management are foundational capabilities for a successful transition to digital RTR.’ https://www.ey.com/en_au/consulting/when-you-need-to-leap-ahead-how-do-you-shift-from-taking-small-steps accessed 6th August 2020 ‘Self Imposed Constraints’ ‘Finance has hindered itself by failing to invest in improvement and by letting its aversion to risk supersede its focus on innovation. Finance tends to be stingy when it comes to investing in its own systems and processes. Deferred maintenance is a problem that compounds over time, and many firms have impediments that make the transition more difficult. In short, a continued focus on short-term cost reduction over value creation has deferred implementation of new ideas and technologies, leaving closing and reporting processes manual and inefficient.’ INFS3110 Individual Assignment 6 August 2020 Page 2 https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/advisory/ey-when-you-need-to-leap-ahead-how-do-you-shift-fromtaking-small-steps.pdf accessed 6th August 2020 For your consideration: It has been argued that finance transformation and specifically the implementation of robotics and other technologies will herald the demise of the accountant. Yet transforming the record-to-report (RTR) process appears to require accountants to have a deep understanding of the ‘crossroads of accounting and information technology’. Discuss. Include in your discussion whether you agree or disagree that accountants will be ‘lost’ in the transformation of finance. Additionally, briefly explain what is meant by ‘talent enablers’ in the context of the finance function. INFS3110 Individual Assignment 6 August 2020 Page 3 3. Assignment Requirements Weight: 20% of final grade Deliverable Type Indicative size Due Date Submission via Canvas Individual Up to 1500 words Week 4 Friday 18th September Microsoft document file, no PDF’s Double line spacing, 2cm margins, and font no less than 12 point To address this assignment you will need to: 1. Read the source document article (EY): You are required to read the article. It is important to note that the article and associated PDF report are designed to assist focus your thoughts on what we think are relevant issues for you to understand in relation to information technology and accounting systems. The question does not require you to specifically focus on the transformation of the reporting process per se. Rather you are required to consider the relevance ( or not ) of the role of accounting information systems and their fundamentals in relation to the future of the finance function during these times of digital transformation. This is an initial assignment designed for students to gather evidence and research material from this broad perspective. 2. Read the prescribed text book for relevant sections 3. Consider incorporating a theoretical framework to assist with your arguments 4. Conduct independent research and evaluate at least five references that support your response. These references may be industry surveys, white papers or other types of scholarly or practitioner based research. Students who build upon the prescribed readings by introducing new references will score a higher mark. Therefore it is in your interest to read beyond the prescribed materials. Whilst there is no upper limit on the number of references you use, it is important that the references are well-focused to avoid vague generalisations and ensure relevance to the topic. A recommended number of quality references, for this assessment length, is between five and seven. One reference is required to be of a scholarly nature or practitioner based research. The materials need to be reviewed with a critical eye, synthesised, summarised and integrated. 5. Draw informed conclusions. This will require you to draw and build upon your knowledge and experience of the weekly materials, learning activities and research 6. Prepare a written response (no more than 1500 words). References are included in the word limit. It is anticipated that three quarters of the piece will respond to the discussion point and one quarter on ‘talent enablers’. 5. Submission Requirements Submit your assignments electronically by the due date. You will find the link for submitting this individual assignment in the left hand menu tab of Canvas where the individual assignment details are located. Assignments should be designed for printing in black and white and should not contain a cover sheet. Should submission problems occur, please contact the unit coordinator as soon as possible. Late assignments will be penalised in accordance with Business School Policy as set out in the UOS outline. This assignment will be marked in accordance with the University's anonymous marking procedure. Therefore all file submissions must be in the following format: INFS3110_00000000 Where 0000000 = your SID INFS3110 Individual Assignment 6 August 2020 Page 4 6. Assessment Criteria 5.1 Marking Guide – (20 marks) Assessment Criteria Marks Use of literature Relevant and insightful selection of literature. At least four references are required and an upper limit of five references is highly recommended. Please note only a satisfactory level can be achieved for this criteria if you rely solely on prescribed readings. One reference is required to be of a scholarly nature 6 Critical Reasoning/Thinking and Analysis Examines key points and offers possible interpretations, or raises thought provoking questions or ideas in the development of the argument.. Critical thought and innovative intepretations have been included in the development of the discussion on the transformation of the finance workforce. The material is reviewed with a critical eye, synthesised, summarised and well integrated. A logical conclusion is formed based on evidence from the literature. 12 Presentation, Style and Conforming to instructions Structure of materials, grammar and spelling, conforming to instructions. 1 Referencing Appropriate referencing and referencing style used. 1 TOTAL 20