Chic Paints Ltd

A review of the accounting systems and the effectiveness of its internal controls at Chic Paints Ltd and recommendations for improvements
Contents: Page No
  1. Terms of Reference
  2. Executive Summary
  3. Methodology
  4. Introduction to the Organisation
  5. An overview of the Accounts department
  6. Review of the Accounting System
  7. Evaluation of the Accounting System
  8. Internal Control and analysis of Fraud
  9. Recommendations of Improvements
  10. Cost Benefit Analysis

1. Terms of Reference
  1.1. This reports is an investigation into the accounting systems in place at Chic Paints Ltd (CPL), in particular the effectiveness of its internal controls.
  1.2. To investigate the accounting systems, this report will look at the organisation as a whole and review how the culture of CPL can be improved. An evaluation of the organisation’s work ethics and sustainability will also be made.
  1.3. The report will also undertake an analysis of the accounting systems in order to identify its strengths and weaknesses. As a result recommendations for improvements will be made taking into account the impact they will have on CPL and it’s staff. The costs and benefits and the potential risks associated with fraud will also be considered.
  1.4. This report has been prepared to cover the requirements of the Internal control and accounting systems unit that is part of the AAT Level 4 Diploma in Accounting.

2. Executive Summary
  2.1. This report

3. Methodology
  3.1. The information sources used and research performed to produce this report are listed below.
  3.2. Research was performed using reference books and the internet:
      3.2.1. BPP Learning Media Ltd, Level 4 Diploma in Accounting: Internal Control and Accounting Systems, 2013 Edition
  3.3.   The accounting systems were analysed by preparing a SWOT analysis.
  3.4. A fraud matrix was prepared to investigate the...