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Improving Transactional Processing in AIS - Research Paper Example

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Improving Transactional Processing in AIS

Purposes of Compliance Checks/Checking Systems a) Enforcement: to enforce company administrative policies, criminal statutes or both. b) Educational: to warn, educate and identify processes, departments or employees that are not meeting required standards. Implementing Compliance Checks/Checking Systems Employees, departments and various are made aware that compliance checks will be conducted at different times annually. They are also informed about potential penalties for lagging behind in the uplifting and maintenance of accounting regulations, standards and requirements (Williams & Spaul, 2011). If employees and personnel keep flaunting or falling short of accounting standards, the company can issue citations either to departments or specific people. These citations stipulate actions that may be taken to address such matters and how they will be addressed so that normal operations are maintained. Importance of Compliance Checking Systems In many companies, maintaining relevant accounting standards is a huge challenge. Employees and company officials may find it easier to come up with compliance checks than to maintain them. Compliance checking systems ensure that all relevant and appropriate standards are maintained as is necessary. Compliance checking systems may be the most effective and efficient method for enforcing rules, regulations and other stipulations concerning or relating to accounting standards. Recent studies have shown that compliance checking systems are effective. Two studies found that following the implementation of compliance checking systems, operations became more efficient and effective and employees found it so much easier to meet set targets without having to struggle (Bagranoff, 2008). In one company, for example, operational efficiency increased from 10% to 28% from 28% to 10% following the introduction and implementation of compliance checking systems. In another company, there was an immediate increase in the levels of compliance (12% to 29%). In addition to this, a national survey revealed that 66% of companies approve of compliance checking systems and policies (Williams & Spaul, 2011). Compliance checking systems provide a way through which employees and companies can "police" themselves. This is in addition to providing a source of motivation, participation and support that can greatly enhance overall accounting operations. Considerations for Implementation If compliance checks are not implemented well, they may be legally challenged by employees, suppliers and vendors who can claim unlawful entrapment. Successful compliance checking systems steer clear of tactics that may be viewed as "entrapment." (Gelinas, 2010). Apart from this, compliance checks and checking systems should be carried out, implemented and reviewed regularly in order to prevent laxity and a drop in standards. Companies that carry out checks at least twice a year report an average efficiency and compliance rate of 60%, which is good for business and efficiency. b) Cash Disbursements Systems Objectives of Compliance Checking Systems include the following: a) Maintaining security of all cash held and received on a company’s premises. b) Banking all cash that are received intact every day c) ...Show more

Summary

Transactional Processes (Author’s name) (Institutional Affiliation) Innovative Technologies a) Compliance Checking Systems A compliance check is used to identify departments or processes that have failed or are failing to adhere to company rules, regulations and policies (Gelinas, 2010)…
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