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IT and Accounting Dr. Khaled Dahawy Misconceptions about Accounting Mathematics The computer does it all What is Accounting? An information system that measures, processes, and communicates financial information about an identifiable economic entity Information Database Types of Accounting Financial and Managerial Accounting Auditing Tax Accounting Governmental Accounting IT in Financial and Managerial Accounting How do we use IT in financial and managerial accounting? Data entry Processing of data Storage of data Communication of information and reports Specialized software Budgets Communicating information across … branches…countries.. The WORLD Advantages of use of IT in financial and managerial accounting? Save cost More mathematical accuracy Ease and flexibility in making changes Safety of information Controls Ease of retrieval of information Ease of generation of repots in different formats Ease of division of costs on activities and products Ease of analysis and comparisons Challenges to the use of IT in financial and managerial accounting Cost of initial investment Training that is required Software in Arabic IT is not the enemy challenge IT in Auditing How do we use IT in auditing? Auditing around the computer Auditing through the computer Auditing with the computer Advantages of the use of IT in Auditing Allows us to audit larger samples Allows faster checks Allows us to check the actual process (trace transactions) Challenges to the use of IT in Auditing Cost of initial investment Training that is required Software in Arabic IT is not the enemy challenge IT in Tax Accounting How do we use IT in Tax Accounting? Electronic tax returns Accumulation of information Linkage between different taxpayer files Linkage between different tax departments Easier to evaluate the tax return audit as it will be documented Easier communication between tax departments and tax payer Why do we use IT in Tax Accounting? Allow larger linkage between different files of the taxpayer Allow the generation of country level information Ease of communication Ease of payment (forthcoming) IT in Governmental Accounting How do we use IT in Governmental Accounting? Accumulation of country level information Aggregation of the financial position of the government Coordination of inventory across ministries Allocation of budgeted amounts across different levels of the government Ability to compare and evaluate companies, ministries.. etc