Cookridge Carpets Essay

6121 Words25 Pages
An analysis of the Accounting Systems of Cookridge Carpets Limited with the weaknesses, possibility of fraud and recommendations for improvement | LIST OF CONTENTS PAGE 1.0 Terms of Reference 3 2.0 Executive Summary 4 3.0 Methodology 5 4.0 Findings 6 4.1 Analysis of the Current Accounting System 6 4.2 Effectiveness of its internal control 6 4.3 Potential Existence of Fraud 8 4.4 Working Practices 8 4.5 Staff Training 8 5.0 Conclusions and Recommendations for Improvements 9 5.1 Effectiveness of internal controls 9 5.2 Potential Existence of Fraud 12 5.3 Training needs to support staff 12 6.0 Appendices 15-26 1. TERMS OF REFERENCE This report has been prepared to cover the requirements of AAT Learning and Assessment Area ‘Internal control and accounting systems’. The Senior Accounts Clerk at Cookridge Carpets has been asked to carry out a review of its accounting systems, and produce a business report outlining identified weaknesses, making recommended improvements that are felt necessary. 2. EXECUTIVE SUMMARY: This report is to review Cookridge Carpets’ Accounting systems and procedures and to identify and recommend improvements particularly in the following areas: * The suitability of current reports meeting its needs; * The effectiveness of its internal controls; * The potential existence of fraud with the organization; * The reliability, speed and cost effectiveness of its working practices; * The use of training to support its staff. 3. METHODOLOGY: The methods used to prepare this report are: * Internet research * Accounting magazines * Advice from project assessor * SWOT analysis * Some theoretical concepts were taken from Kaplan and Osborne books; * Class based handouts

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