Internal Control Accouting System

Topics: UCI race classifications, Tour de Georgia, Income statement Pages: 3 (527 words) Published: June 5, 2011
Internal Control and Accounting Systems – Standards

ICAS (Level 4) - Standards

1

Title (and reference number) Level Credit value

Principles of Internal Control (Knowledge) 4 3 Assessment criteria – learners can: Describe the purpose, structure and organisation of the accounting function and its 1.1 relationships with other functions within the organisation. Explain the various business purposes for which the following financial information is required • income statement (profit and loss account) 1.2 • forecast of cash flow (cash flow statement) • statement of financial position (balance sheet) Give an overview of the organisation’s business and its critical external relationships with 1.3 stakeholders Explain how the accounting systems are affected by the organisational structure, systems, 1.4 procedures, and business transactions. Explain the effect on users of changes to accounting systems caused by 1.5 • external regulations • organisational policies and procedures. 2.1 Identify the external regulations that affect accounting practice. 2.2 Describe the causes of, and common types of, fraud and the impact of this on the organisation. 2.3 Explain methods that can be used to detect fraud within an accounting system. Explain the types of controls that can be put in place to ensure compliance with statutory or 2.4 organisational requirements.

Learning outcomes – learners will:

1

Demonstrate an understanding of the role of accounting within the organisation.

2

Understand the importance and use of internal control systems

ICAS (Level 4) - Standards

2

3.1 Be able to identify and use the appropriate accounting system to meet specific organisational requirements. 3.2

3

3.3

3.4

Identify weaknesses in accounting systems • potential for errors • exposure to possible fraud. Explain how an accounting system can support internal control. Identify ways of supporting individuals who operate accounting systems using • training •...
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