Paints Work

Ref | Assessment criteria | Paragraph
number | Assessor’s comments |
1. | Understand the role of accounting within an organisation |
1.1 | Describe the purpose, structure and organisation of the accounting function and its relationship with other functions within the organisation | | |
1.2 | Explain the various business purposes for which the following financial information is required – statement of profit or loss, statement of cash flow, and statement of financial position. | | |
1.3 | Give an overview of the organisation’s business and its critical external relationships with stakeholders. | | |
1.4 | Explain how the accounting systems are affected by the organisational structure, systems, procedures and business transactions. | | |
1.5 | Explain the effect on users of changes to accounting systems caused by external regulations, and organisational policies and procedures. | | |
2. | Understand the importance and use of internal controls |
2.1 | Identify the external regulations that affect accounting practices. | | |
2.2 | Describe the causes of and common types of fraud and the impact of this on the organisation. | | |
2.3 | Explain the methods that can be used to detect fraud within an accounting system. | | |
2.4 | Explain the types of controls that can be put in place to ensure compliance with statutory or organisational requirements. | | |
2.5 | Explain how an internal control system can support the accounting function. | | |
3. | Evaluate the accounting system and identify areas for improvement |
3.1 | Identify an organisation’s accounting system, including hardware and software packages. | | |
3.2 | Review record keeping systems to confirm whether they meet organisational requirement. | | |
3.3 | Identify weaknesses in and the potential for improvements to the accounting system and consider their impact on the operation of the organisation. | | |
3.4 | Identify potential areas of fraud arising...