Internal Control and Accounting Systems

Topics: UCI race classifications, Tour de Georgia, Understanding Pages: 2 (368 words) Published: April 6, 2011
Evaluate the accounting system and identify areas for improvement. 1.1 Identify an organisation’s accounting system requirements. 1.2 Review record keeping systems to confirm whether they meet the organisation’s requirements for financial information. 1.3 Identify weaknesses in and the potential for improvements to, the accounting system and consider their impact on the operation of the organization. 1.4 Identify potential areas of fraud arising from lack of control within the accounting system and grade the risk. 1.5 Review methods of operating for cost effectiveness, reliability and speed.

2 Make recommendations to improve the accounting system. 2.1 Make recommendations for changes to the accounting system in an easily understood format, with a clear rationale and an explanation of any assumptions made. 2.2 Identify the effects that any recommended changes would have on the users of the system. 2.3 Enable individuals who operate accounting systems to understand how to use the system to fulfil their responsibilities. 2.4 Identify the implications of recommended

Be able to identify and use the appropriate accounting system to meet specific organisational requirements. 3.1 Identify weaknesses in accounting systems * potential for errors * exposure to possible fraud. 3.2 Explain how an accounting system can support internal control. 3.3 Identify ways of supporting individuals who operate accounting systems using * training * manuals * written information * help menus. 3.4 Explain the value and benefit to a specific organisation of different types of accounting

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 * organisational policies and procedures.

2 Understand the...
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