Aat Level 4 Help
A review of the sales ledger processes of ABC Limited.
An investigation into the purchase ledger system of XYZ and partners.
Recommendations to improve the payroll system of QC Charity.
My advice to you would be to read the scenario over and over again, you will find things that start to stand out, simple little things, like for example the lack of control over Petty Cash which leaves the company open to Theft and Fraud, make notes, set out your report in rough form, you can mess around with things until they start to make sense.
Don’t make your paragraphs too long, and make sure every paragraph has a number. try to imagine describing it to a complete outsider. How you currently get from A to B?, is it achieving what it should do?, is it efficient?, is it safe?, is it compliant for data protection?, are there opportunities for fraud?, could it be done easier?
I then constructed as SWOT analysis of the function I had chosen and its relation to the overall business, (strengths, weaknesses, opportunities and threats) which I used as the foundation for the project.
I based mine around the system our company had for taking and recording card receipts for hotel and apartment accommodation and how they are recorded in the accounts. We had particular problems as the receipts required to be shared between two companies with subsequent VAT liabilities. There were loads of other issues such as the safe storage of client details, unreliable back up of computer data, inadequate systems for checking and recording the receipts, lack of systems and control and opportunities for fraud which came to light.
Types of internal controls
Specific control procedures include the following:
Supervision – There should be adequate supervision of work to ensure controls are being complied with. Otherwise, staff could commit fraud, errors could go undetected, time would then be wasted and queries could go unresolved.
Examples:
Organisation – Businesses should have a
An investigation into the purchase ledger system of XYZ and partners.
Recommendations to improve the payroll system of QC Charity.
My advice to you would be to read the scenario over and over again, you will find things that start to stand out, simple little things, like for example the lack of control over Petty Cash which leaves the company open to Theft and Fraud, make notes, set out your report in rough form, you can mess around with things until they start to make sense.
Don’t make your paragraphs too long, and make sure every paragraph has a number. try to imagine describing it to a complete outsider. How you currently get from A to B?, is it achieving what it should do?, is it efficient?, is it safe?, is it compliant for data protection?, are there opportunities for fraud?, could it be done easier?
I then constructed as SWOT analysis of the function I had chosen and its relation to the overall business, (strengths, weaknesses, opportunities and threats) which I used as the foundation for the project.
I based mine around the system our company had for taking and recording card receipts for hotel and apartment accommodation and how they are recorded in the accounts. We had particular problems as the receipts required to be shared between two companies with subsequent VAT liabilities. There were loads of other issues such as the safe storage of client details, unreliable back up of computer data, inadequate systems for checking and recording the receipts, lack of systems and control and opportunities for fraud which came to light.
Types of internal controls
Specific control procedures include the following:
Supervision – There should be adequate supervision of work to ensure controls are being complied with. Otherwise, staff could commit fraud, errors could go undetected, time would then be wasted and queries could go unresolved.
Examples:
Organisation – Businesses should have a