Question

Reflecting on the focus and content of this course (Accounting Information Systems), what is an important challenge facing the accounting department of organizations today, and how would you go about addressing it? Explain.

Answer 1

Accounting department across the world face numerous challenges and the biggest is cyber crime. Companies across the globe are going global and hence getting clients from different countries. Due to physical barrier companies are paying online in the form of credit card, RTGS, NEFT, debt card, etc.

Because of this, companies also face challenges of hacker who tap the transactions for their ulterior motives. Therefore, accounting department keep on implementing security features so that they can keep their bank accounts safe. Also, their is risk of damage of accounting record's, because companies keep their record's online.

Things to address these issues:-

1. Implement latest security softwares.

2. Multi back of data at more than one site.

3. Information security audit need to be done regularly.

4. Rotation of jobs within accounting department employees to get the information about frauds.

5. Making stringent internal controls.

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