What technological risks did Mr. Amit consider while implementing the digitisation of accounting processes?

CA Final · Integrated Business Solutions (Multidisciplinary Case Study) · PYQS · May 2025
What technological risks did Mr. Amit consider while implementing the digitisation of accounting processes?

Suggested Answer and Working Notes:

Emerging technologies can bring great benefits, but they also come with a varied set of substantial risks. Mr. Amit should consider the following technological risks while implementing the digitalization of accounting processes: Reliance on systems or programs that are inaccurately processing data, processing inaccurate data, or bothUnauthorized access to data that might result in destruction of data or improper changes to data, including the recording of unauthorized or non-existent transactions or inaccurate recording of transactions (specific risks might arise when multiple users access a common database)The possibility of information technology personnel gaining access privileges beyond those necessary to perform their assigned duties, thereby leading to insufficient segregation of dutiesUnauthorized or erroneous changes to data in master filesUnauthorized changes to systems or programsFailure to make necessary or appropriate changes to systems or programsInappropriate manual interventionPotential loss of data or inability to access data as requiredRisks introduced when using third-party service providersCybersecurity risks
Open in Interactive Practice Hub · Full Practice Hub · Chapter Weightage · More in this subject

Related Questions in this Topic