Q: Which formula should be used to calculate the payback period for a system investment, as described in the Investment Reality Check section?

$$\text{Payback Period} = \frac{\text{Total Implementation Cost}}{\text{Monthly Measurable Benefit}}$$

Q: A business owner asks for a cost-benefit analysis before approving a new POS system. If the one-time hardware cost is ₱10,000, monthly software subscription is ₱1,000, and the estimated monthly benefit is ₱2,500, what is the payback period in months (ignoring training and implementation support costs)?

$$\text{Payback Period} = \frac{10,000}{2,500} = 4 \text{ months}$$

Question 1

Which of the following best describes the purpose of the Executive Summary in the AIS Audit Final Paper Template?

Accepted Answer

To briefly state the business observed, summarize key findings, recommend enhancements, and conclude on investment reality.

Question 2

In the context of the AIS Audit Final Paper, which component is responsible for ensuring that only authorized users can edit accounting records?

Accepted Answer

Authorization

Question 3

A business owner wants to implement a cloud-based accounting system. According to the Infrastructure Readiness Assessment, which of the following is NOT a required condition for successful implementation?

Accepted Answer

Business must have a physical store location

Question 4

If a business records sales only at the end of the day, which risk area is most affected according to the risk-control matrix?

Accepted Answer

Completeness

Question 5

A business has no backup of its Excel sales file. What is the recommended control to address this risk?

Accepted Answer

Cloud backup or daily file copy

Question 6

Which of the following best illustrates a manual gap in an accounting information system?

Accepted Answer

Inventory is checked by memory only, leading to stockouts.

Question 7

A business is considering a system enhancement to reduce stockouts. Which proposed enhancement directly addresses this issue?

Accepted Answer

Using an inventory count sheet or reorder alert

Question 8

Which formula should be used to calculate the payback period for a system investment, as described in the Investment Reality Check section?

Accepted Answer

$$	ext{Payback Period} = \frac{	ext{Total Implementation Cost}}{	ext{Monthly Measurable Benefit}}$$

Question 9

During the audit, the group observes that anyone can edit sales records, leading to unauthorized discounts. What is the most appropriate control recommendation?

Accepted Answer

User access levels and edit log

Question 10

Which of the following is a limitation that should be stated in the audit report according to the template?

Accepted Answer

The group had restricted access to confidential documents.

Question 11

A business owner asks for a cost-benefit analysis before approving a new POS system. If the one-time hardware cost is ₱10,000, monthly software subscription is ₱1,000, and the estimated monthly benefit is ₱2,500, what is the payback period in months (ignoring training and implementation support costs)?

Accepted Answer

$$	ext{Payback Period} = \frac{10,000}{2,500} = 4 	ext{ months}$$

Question 12

Which of the following is an example of a data validation rule that prevents unauthorized discounting?

Accepted Answer

Discount requires owner approval above a certain percentage

Question 13

In the context of the audit template, what is the main reason for including a narrative walkthrough of the As-Is process?

Accepted Answer

To describe the step-by-step process and identify where technology stops and manual work begins.

Question 14

Which of the following statements about ethical considerations in the audit report is correct?

Accepted Answer

The group must confirm that no passwords or bank account numbers were collected.

Question 15

A business owner is concerned about data loss. Which backup strategy is recommended in the audit template?

Accepted Answer

Cloud backup or daily file copy

Question 16

If a business has unreliable internet and staff unfamiliar with digital tools, which system enhancement is most realistic according to the Infrastructure Readiness Assessment?

Accepted Answer

Simple manual-control improvement

Question 17

Which of the following is a correct assumption to include in cost-benefit and ROI computations?

Accepted Answer

Use conservative and defensible estimates for costs and benefits.

Question 18

A business uses a notebook to record sales, and the owner checks daily cash and sales reports. Which AIS component is most likely to be weak in this scenario?

Accepted Answer

Data Input

Question 19

Which section of the audit template is used to document the exact process reviewed and any exclusions from the audit scope?

Accepted Answer

Business Profile and Engagement Scope

Question 20

A business owner wants to estimate the monthly benefit of a new system based on time saved. If staff save 10 hours per month and the labor value is ₱150 per hour, what is the monthly benefit?

Accepted Answer

$$	ext{Monthly Benefit} = 10 	imes 150 = 1,500$$

Accounting Information System Audit and Enhancement: Study Guide

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