Introduction to financial information Flashcards
Data vs information
Date - Raw figures, facts and events
Information - Date which has been processed to be meaningful
Purposes of information
- Planning
- Controlling
- Recording transactions
- Performance measurements
- Decision making
Qualities of good information
Accurate Complete Cost-effective User-targeted Relevant Authoritative Timely Easy to use
Effective processing of information
Completeness (all relevant data is processed)
Accurate (date remains true and error free)
Timeliness (processing matches data availability and needs)
Inalterability (data cannot be tampered with)
Verifiability (clear ‘audit trail’ from data source to info
Assessability (info can be challenged)
Transaction processing systems (TPS)
Systems which perform and record routine transactions
- Finance/ accounting systems
- HR systems
- Manufacturing/ production systems
- Sales/ marketing systems
Management information systems (MIS)
Systems to produce information allowing managers to make effective decisions
- Executive information systems (EIS)
- Decision support systems (DSS)
- Expert system (ES)
- Knowledge work system (KWS)
- Office automation systems (OAS)
Assessing data security issues
ACIANA Availability Confidentiality Integrity Authenticity Non- repudiation Authorisation
Cyber security examples
- Physical access controls (PINs, passwords)
- Security and integrity controls; input and output controls, back-up and archiving, personnel controls, segregation of duties controls
Key features of big data (4 V’s)
Volume
Variety
Velocity
Veracity
Technology developments
- Home automation
- Vehicles and transport
- Data science and analytics
- Intelligent systems (AI, machine learning and automation)
- Cloud computing
- Distributed ledger technology/ blockchain
- Digital assets
