Briefly describe what the organisation does and what department you will be reviewing.
What financial statements does your organisation produce and why?
What software do they use? Are there better alternatives?
Weaknesses
* Comment on the weaknesses of the current system and the implications of those weaknesses – you can include problems from above
* Ensure that you clearly demonstrate the impact on the accounting system,
(Profit & Loss or Balance Sheet)
* Are the systems and processes you are looking at:
* Cost-effective.
* How do the stack up for speed
* Are they reliable
Weakness (describe the fact)
Implication (errors, potential fraud, waste of time (hrs?, etc.)
Fraud
Area of risk, Likelihood, Impact, Current controls in place, Net likely impact, Action
e.g. claim personal items on expenses high, lower profit, incorrect tax calculations
None – expenses paid without checking, Requires controls
Ethics
Are there any breaches of any of the ethical principles?
Recommendation
Describe a recommendationfor each weakness – who should do...