Chic Paints Ltd
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- Date Submitted: 03/25/2015 04:35 AM
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PRIVATE AND CONFIDENTIAL
DRAFT REPORT
REVIEW OF ACCOUNTING SYSTEMS
ATTENTION OF MR D WHISTLER
FINANCE DIRECTOR
ALAN TURNER
March 2015
CONTENTS
TERMS OF REFERENCE
To review and evaluate the accounting system
The review to include:
• Record keeping systems – the purpose of financial reports and the suitability of the organisation’s current reports to meet organisational needs
• Internal systems of control – identifying how internal control supports the accounting system and the types of internal control in place and any controls that are missing.
• Fraud – explaining the causes of fraud, common types of fraud, methods that can be used to detect fraud within the organisation.
• Working methods/practises – reviewing the working methods used including the use of appropriate computer software, and the operating methods in terms of reliability, speed and cost effectiveness.
• Training – identifying how training is or can be used to support staff.
To conduct an ethical evaluation of the accounting systems.
Review includes.
• Evaluating the accounting systems against ethical principles by reviewing working practices.
• Identifying any actual or possible breaches of professional ethics.
To conduct sustainability evaluation of accounting systems.
Review includes.
• Evaluating the accounting systems against sustainability principles by reviewing working practices.
• Identifying and possible improvements that could be made to improve sustainability.
To identify weaknesses and make recommendations for improvement.
Review includes.
• Evaluating the system to identify significant weaknesses, which are clearly explained along with their impact upon organisation.
• For every weakness that has been identified there is a recommendation made to attempt to improve the situation.
• The recommendation...
DRAFT REPORT
REVIEW OF ACCOUNTING SYSTEMS
ATTENTION OF MR D WHISTLER
FINANCE DIRECTOR
ALAN TURNER
March 2015
CONTENTS
TERMS OF REFERENCE
To review and evaluate the accounting system
The review to include:
• Record keeping systems – the purpose of financial reports and the suitability of the organisation’s current reports to meet organisational needs
• Internal systems of control – identifying how internal control supports the accounting system and the types of internal control in place and any controls that are missing.
• Fraud – explaining the causes of fraud, common types of fraud, methods that can be used to detect fraud within the organisation.
• Working methods/practises – reviewing the working methods used including the use of appropriate computer software, and the operating methods in terms of reliability, speed and cost effectiveness.
• Training – identifying how training is or can be used to support staff.
To conduct an ethical evaluation of the accounting systems.
Review includes.
• Evaluating the accounting systems against ethical principles by reviewing working practices.
• Identifying any actual or possible breaches of professional ethics.
To conduct sustainability evaluation of accounting systems.
Review includes.
• Evaluating the accounting systems against sustainability principles by reviewing working practices.
• Identifying and possible improvements that could be made to improve sustainability.
To identify weaknesses and make recommendations for improvement.
Review includes.
• Evaluating the system to identify significant weaknesses, which are clearly explained along with their impact upon organisation.
• For every weakness that has been identified there is a recommendation made to attempt to improve the situation.
• The recommendation...