For the Improvement of Inkwell Limited Accounting System Essay

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INKWELL LTD. 1. TERMS OF REFERENCES The report mainly concerns about evaluating the accounting system of Inkwell Ltd. It mainly aims to evaluate the system, find the problems that it has been facing and recommend solutions so as to enable the firm to protect their system from fraud and to improve its operations for the benefit of the organization. Moreover, the report analyzes the organization on the whole to identify the information needs it requires from the system maintained and further evaluates the role of key stakeholders in the current situation of the department, both internal and external. 2. EXECUTIVE SUMMARY The paper mainly focuses upon the evaluation of the internal control system of the accounting department of Inkwell Ltd. Moreover, the report further elaborates on the accounts department’s current situation and provides recommendations on how the discrepancies have been faced and pointed out could be removed to improve the company’s efficiency. The key findings of the paper are: * The accounting policy has not been communicated throughout the organization and its network and thus led to insecurity of data. * Training provided by the organization is only limited to the individual employee’s own job requirement and skills pertaining to his position in the company. * Data management and maintenance has been done so inappropriately and has led to piled up work and thus a halt in the accounts department’s operations. * Various transactions have gone unrecorded and cannot be traced back in the General ledger. The absence of these transactions’ records in the general ledger and the cash payouts and pay-ins unrecorded create a doubt that a fraudulent transaction has taken place. * The computer systems of the organization though protected by passwords have one password since many years and have been accessed by unauthorized

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