Internal Control And Accounting Practice

1725 Words 7 Pages
Register to read the introduction… (till and petty cash policy for shops)• employ a full time financial manager. | THREATS• Difficulties in getting loans / Increase in interest.• Sandwich Master has very high gearing• Recession can cause downsizing.• Competitors are lowering their prices.• Average receivables is too high (68 days).• Staff is overloaded with work.• Frustrated staff.• High outstanding debtors.• Major customer has gone into administration.• Company is not prepared for external events that can impact business like theft and natural catastrophes. …show more content…
| | | | 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. | | | | 2.4 | Explain the types of controls that can be put in place to ensure compliance with statutory or organisational requirements. | | 3 | 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 systems and software packages. | |

INTERNAL CONTROL & ACCOUNTING SYSTEMS – LEVEL 4 DIPLOMA | Title (and reference number) | Evaluating Accounting Systems (Skills) | | Learning outcomes | Assessment criteria | Paragraph reference

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