Chic Paints

REVIEW OF CHIC PAINTS LTD ACCOUNTING SYSTEM

Prepared by
ALAN TURNER FOR DAVE WHISTLER

Student : Nicola Yearsley
Membership:

Contents
Section                                                                     Page
Terms of Reference                                                               3

Executive Summary                                                               4

Introduction                                                                           5-8

Review of accounting system                                             9-11
Of Chic Paints Ltd

Recommendations                                                                 12

Cost Benefit Analysis

Appendix

Terms of Reference

      1.1) This report has been prepared to cover the requirements of internal controls and accounting systems

      1.2) This report looks at the accounting system of Chic Paints Ltd and the improvements that are required particularly in the accounts receivable/credit control areas

      1.3) Information relating to the company‚Äôs history, an overview of the accounting system, the personnel within the accounts department, a diary of events for the last six months has been provided.













Summary

2.1) Chic Paints Ltd is a company that manufacture paints and allied products that are expertly formulated to meet highest international standards. Chic Paints Ltd operate the business in a sustainable manner reducing their impact on the environment wherever possible, Chic Paints Ltd use recyclable materials in all of their products where feasible.

2.2) It was found that there were a number of problems within the accounts receivable and credit control department and also with the payroll system. Xu Hin is the accounts receivable clerk and credit controller. Xu has neither accounting nor credit control qualifications

2.3) Issues arise in the payroll department and this has highlighted problems the...