Cookridge Carpets- Aat Internal Control Accounting System
1 -Terms of Reference
2 –Methodology
3 - Executive Summary
4 – Background of the company
5 - The Accounting System & Internal controls
6 – Evaluation of the Accounting Systems
7 – Strengths & Weakness in the Accounting System
8 – Recommendations for Improving the cash handling, Payroll & Accounting Systems
9 – Cost benefit analysis
10 - Conclusion
11 - Appendices
1) Terms of Reference
1.1
This project has been prepared to fulfill the criteria of Unit 10, managing systems and people in the accounting environment of Level 4 AAT.
1.2
The objectives of this report are:
To identify the current weaknesses in the payroll and cash handling systems within Cookridge Carpets ltd, and to help to prevent fraud from within the business
To suggest an implementation of new systems that will help to reduce errors and fraudulent activity with in the financial accounting systems of the organisation, particularly payroll and improving the current systems relating to the storage of cheques and petty cash.
2) Methodology
2.1
In order to write this report, the company diary and job descriptions have been made available to review.
By looking over the diary and seeing how the accounts department currently works it will be possible to identify strengths and weaknesses and determine recommendations off the back of these weaknesses. This will make the business more effective and improve the company’s internal controls.
3) Executive Summary
3.1
To summarise, after research and feedback from employees within Cookridge Carpets Ltd it has been discovered that there are several weaknesses in the current accounting systems relating to payroll and cash handling within Cookridge Carpets ltd.
3.2
The petty cash system is not secure and is susceptible to theft. The way in which the payroll information is stored means that it could be accessible to all and could be subject to identity theft.
There are no
2 –Methodology
3 - Executive Summary
4 – Background of the company
5 - The Accounting System & Internal controls
6 – Evaluation of the Accounting Systems
7 – Strengths & Weakness in the Accounting System
8 – Recommendations for Improving the cash handling, Payroll & Accounting Systems
9 – Cost benefit analysis
10 - Conclusion
11 - Appendices
1) Terms of Reference
1.1
This project has been prepared to fulfill the criteria of Unit 10, managing systems and people in the accounting environment of Level 4 AAT.
1.2
The objectives of this report are:
To identify the current weaknesses in the payroll and cash handling systems within Cookridge Carpets ltd, and to help to prevent fraud from within the business
To suggest an implementation of new systems that will help to reduce errors and fraudulent activity with in the financial accounting systems of the organisation, particularly payroll and improving the current systems relating to the storage of cheques and petty cash.
2) Methodology
2.1
In order to write this report, the company diary and job descriptions have been made available to review.
By looking over the diary and seeing how the accounts department currently works it will be possible to identify strengths and weaknesses and determine recommendations off the back of these weaknesses. This will make the business more effective and improve the company’s internal controls.
3) Executive Summary
3.1
To summarise, after research and feedback from employees within Cookridge Carpets Ltd it has been discovered that there are several weaknesses in the current accounting systems relating to payroll and cash handling within Cookridge Carpets ltd.
3.2
The petty cash system is not secure and is susceptible to theft. The way in which the payroll information is stored means that it could be accessible to all and could be subject to identity theft.
There are no