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Financial System
BTEC HND Qingdao Center | | | | | | | | | | | | | | | | | |Assignment Brief and Feedback Form | | | | | | | | | | | | | | | | |Learner name | | | | | | | | | | | | | | | | | | |Course title |Financial Systems and Auditing | | | | | | | | | | | | | | | |Assessor name |XIAOLIN WANG | | | | | | | | | | | | | | | | | |IV name |Hu Dalong | | | | | | | | | | | | | | | | | |Unit number and title |Unit11: Financial Systems and Auditing | | | | | | | | | | | | | | | |Assignment title |Financial Systems and Auditing Assignment 1 | | | | | | | | | | | | | | | |Outcome number(s) |11. 1 & 11.2 | | | | | | | | | | | | | | | |and statement(s) | | | | | | | | | | | | | | | | |Date set |Mar. 14th , 2011 |Hand-in date |Mar. 28, 2011 | | | | | | | | | | | | | | | |Review dates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Learner declaration | | | | | | | | | | | | | | | | | | |I confirm that the work submitted for this assignment is my own. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Learner signature | |Date | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Introduction | | | | | | | | | | | | | | | | | | |Purpose/aims |The assignment 1 is designed to help you understand the control procedure for reducing fraud risk and how to maintain key control procedures reducing the risk of fraud occurring and increasing the risk of detection.

By analysing the case of control over cash, you should recognize the potential risk of poor internal control and make suggestions about how to reduce the risk of fraud and increase the risk of detection within a business context.

Case:
Island Trading Co., a client of your CPA firm, has requested your advice on the following problems. It has three clerical employees who must perform the following functions:
1) maintain general ledger.
2) Maintain accounts payable ledger.
3) Maintain accounts receivable ledger.
4) Maintain cash disbursements journal and
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