Aat Icas
- Submitted by: spargalke
- Views: 66
- Category: Other
- Date Submitted: 10/17/2016 07:38 AM
- Pages: 6
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1. TERMS OF REFERENCE
1.1 This project has been prepared to cover the requirements of the internal controls and accounting systems learning and assessment area of Level 4 AAT Diploma in Accounting.
1.2 The objectives of this report are to analyse the accounting function and to identify any weaknesses, and then to make recommendations for improvement.
2. EXECUTIVE SUMMARY
2.1 The report focuses on the internal control system of the accounting department of Inkwell Ltd. This report further elaborates on the accounts department’s current situation and provides recommendations on how discrepancies have been identified, dealt with and removed to improve company’s efficiency.
2.2 The key findings:
Not enough training is provided by the organization. And if there is, it only limited to the individual employee’s own job requirement and skills pertaining to his position in the company.
The computer systems of the organization are protected by a password, and there has been one password for many years – and it has been accessed by unauthorized persons.
Some of the transactions have gone unrecorded and cannot be traced back in the general ledger. The absence of these transactions’ records creates a doubt that a fraudulent transaction has take place.
2.3 The report recommends changes to be made: the adoption of clock in machines and new computer system, to implement job rotation to make their employees multi-skilled arranging courses for staff with lack of qualification.
3. METHODOLOGY
3.1 The research used for this report mainly involved secondary research from the internet, books and the knowledge gained from attending the one to one tutorial and class of the ICAS project. The internet sources mainly included various websites and PDF documents of various authorities.
References:
Osborne Books text: ‘Internal Control and Accounting Systems’
Sage website...
1.1 This project has been prepared to cover the requirements of the internal controls and accounting systems learning and assessment area of Level 4 AAT Diploma in Accounting.
1.2 The objectives of this report are to analyse the accounting function and to identify any weaknesses, and then to make recommendations for improvement.
2. EXECUTIVE SUMMARY
2.1 The report focuses on the internal control system of the accounting department of Inkwell Ltd. This report further elaborates on the accounts department’s current situation and provides recommendations on how discrepancies have been identified, dealt with and removed to improve company’s efficiency.
2.2 The key findings:
Not enough training is provided by the organization. And if there is, it only limited to the individual employee’s own job requirement and skills pertaining to his position in the company.
The computer systems of the organization are protected by a password, and there has been one password for many years – and it has been accessed by unauthorized persons.
Some of the transactions have gone unrecorded and cannot be traced back in the general ledger. The absence of these transactions’ records creates a doubt that a fraudulent transaction has take place.
2.3 The report recommends changes to be made: the adoption of clock in machines and new computer system, to implement job rotation to make their employees multi-skilled arranging courses for staff with lack of qualification.
3. METHODOLOGY
3.1 The research used for this report mainly involved secondary research from the internet, books and the knowledge gained from attending the one to one tutorial and class of the ICAS project. The internet sources mainly included various websites and PDF documents of various authorities.
References:
Osborne Books text: ‘Internal Control and Accounting Systems’
Sage website...