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Yu Ming Keung commented on the post, Week 4 Questions, on the site 8 years ago
What key (1-2) competencies does the person responsible in a company for the Order to Cash (OTC) need to have? Why?
I believe the key competency would be the technical skills and knowledge in accounting since the order to cash process will play an important role in involving with revenue recognition, invoicing and cash received. Without…[Read more]
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Yu Ming Keung commented on the post, Week 4 Questions, on the site 8 years ago
Nice post Yulun,
I am also a big fan of Amazon and I think the transparency of the Order to Pay process protects the customers when they are shopping in the amazon website. Customers clearly know what they are buying, the rating of the products, who they are purchasing from, how to pay, shipping methods and delivery date. And they have a strong…[Read more]
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Yu Ming Keung commented on the post, Weekly Question #8: Complete by November 2, 2017, on the site 8 years ago
Hi Mansi,
Good points! Having the competencies in accounting knowledge and sales & distribution knowledge is a must because he or she is responsible to oversee the whole OTC process. Like the benefit Sean brought up, having the solid knowledge of accounting and sales process enables the OTC manager to identify risks associated with OTC process.…[Read more]
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Yu Ming Keung posted a new activity comment 8 years ago
2 Which portion of the Order to Cash (OTC) process do they see as the most vulnerable to theft, fraud or failure of some kind? Explain.
I would see the most vulnerable to theft, fraud or failure is in the quotation or order entry process as it is the beginning of the whole OTC process and it affects the rest of the OTC process. Wrong prices,…[Read more]
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Yu Ming Keung posted a new activity comment 8 years ago
Hi Abhay and Paul,
You both brought up a very interesting issue about credit management fraud in the OTC process. A good credit score gives people access to credit when they need it or want it at the lowest rates or more favorable terms. I think the credit managers should be as independent as auditors because they are reviewing the customers’…[Read more]
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Yu Ming Keung commented on the post, Weekly Question #8: Complete by November 2, 2017, on the site 8 years ago
Priya,
You raised a good concern, it is very important to prioritize which kind of order should be taken care of. I personally never used the on-the-go ordering but I think it depends on how DD set up the policies toward its operational structure. I agree with you point that DD can satisfy both different orders of customers if their O2C…[Read more]
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Yu Ming Keung commented on the post, Week 4 Questions, on the site 8 years ago
3. Who in a company should be responsible for the controls of that company’s Order to Cash (OTC) Process? Why?
I would believe CFO (Chief Finance Officer) and COO (Chief Operating Officer) should be responsible for the controls for the company’s Order to Cash process. Accounting is a major part of the OTC process in which the billing proc…[Read more]
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Yu Ming Keung posted a new activity comment 8 years ago
1 As customers we experience various company’s order to cash process (OTC) whenever we buy something. Which company do you believe has a ‘great’ OTC process? Why?
As a loyal customer of Dunkin Donuts over two years, I personally believe it has a great Order to Cash process because the ordering process is very easy and quick. When you walk in…[Read more]
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Yu Ming Keung and Abhay V Kshirsagar are now friends 8 years ago
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Yu Ming Keung posted a new activity comment 8 years, 1 month ago
Malicious Pokémon Go App Targeting Android Discovered
The Pokemon Go app is very popular since it first published. This article talks about an app, called Guide for Pokémon Go, can seize root access rights on Android devices and use that power to install and uninstall apps and display unwanted adverts. It has been downloaded over 500,000 t…[Read more]
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Yu Ming Keung posted a new activity comment 8 years, 1 month ago
Hi Said,
I agree that the fine for a large corporate firm is not deterrent at all and should be stricter because it is only 3% of its revenue and doesn’t hurt them. Wells Fargo will face the challenge of improving its risk controls and set up strict policies and procedures from the top management.
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Yu Ming Keung posted a new activity comment 8 years, 1 month ago
Hi Fangzhou,
This is a great example to show that most people today underestimate the potential risk of malicious installed on smartphone. Unlike Apple’s Appstore, the google play store is open for any app developer without a serious vulnerability check before publishing on the store for users to download. I actually had the experience where my…[Read more]
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Yu Ming Keung posted a new activity comment 8 years, 1 month ago
Hi Abhay,
I have never thought of the stakeholders who should participate in determining the risk profile. This is a great and clear list. Each of them have different responsibilities to determine the types, amount and priority of information risk. Many companies hire independent auditors to help discover any risks, so they can be properly…[Read more]
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Yu Ming Keung posted a new activity comment 8 years, 1 month ago
Hi Priya,
Thanks for giving a great explanation of how an organization accesses risk and verify if the risk acceptable or not. Actually, to assess risk, an organization can create a Sample Risk Management Table including risk
risk Description, impact, likelihood, risk management strategy, cost residual risk after implementing risk management…[Read more] -
Yu Ming Keung commented on the post, Week 3 Questions, on the site 8 years, 1 month ago
Josh,
Thanks for your suggestion, you are completely right. Using a credit card is easier to prevent fraudulent transactions since it does not take money out of my account. Your case sounds very suspicious how transactions went through a card when the card is not activated. American Express still owes you a valid explanation.
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Yu Ming Keung commented on the post, Week 3 Questions, on the site 8 years, 1 month ago
Hi Paul,
I completely agree with you that the financial statement users aka, shareholders, creditors, customers and government users, are important to the concept of assertions. They really rely upon the auditors to provide correct opinions on the public-held firms that they want to invest or investigate. It indicates that the auditors are…[Read more]
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Yu Ming Keung posted a new activity comment 8 years, 1 month ago
Hi Fred,
Thank you for sharing your story, I’ve also thought about this case before like Josh and this actually happened to me before. When we hand our card to the waiter at a restaurant, it’s already a vulnerability because the waiter can physically write down our name, card number, security code, or even more. And they can also manipulate…[Read more]
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Yu Ming Keung commented on the post, Week 3 Questions, on the site 8 years, 1 month ago
I agree with you all, many think that completeness is the most important but in my opinion, without accuracy, all other dimensions won’t be valid. It is very important to ensure all the data is accurate because one inaccurate data can result in the auditors issuing wrong opinion.
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Yu Ming Keung posted a new activity comment 8 years, 1 month ago
What is an information risk profile? How is it used? Why is it critical to the success of an organization’s risk management strategies and activities?
According to ISACA, an information risk profile is a quantitative analysis that documents types, amount and priority of information risks that an organization finds acceptable and unacceptable.…[Read more]
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Yu Ming Keung commented on the post, Week 3 Questions, on the site 8 years, 1 month ago
Hi Daniel,
You brought up a very interesting point that redundant data wastes space. That would be an important issue if it was 10 years ago where storage space was ridiculously expensive. Today, storage space is already affordable and nobody cares about running out of space, accept for their phone because of availability of database space. I…[Read more]
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