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1 Understand the importance of keeping effective accounting systems within a business

05 / 03 / 2018 Assignment

This paper circulates around the core theme of 1 Understand the importance of keeping effective accounting systems within a business together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

INTRODUCTION

Aim

The aim of this unit is to enable learners to develop understanding and skills in the management of business accounting systems and the conduct and reporting of audits.

Unit abstract

In this unit learners will develop skills to evaluate the accounting systems of a business, using both computerised and manual records, and apply fundamental concepts. Learners will also analyse the management control systems of a business and evaluate their effectiveness, particularly in terms of controls and safeguards against error and fraud.This unit will also enable learners to develop audit skills by contributing to the planning and performance of an audit and the preparation of an audit report.

LEARNING OUTCOMES & ESSENTIAL CONTENTS

1 Understand the importance of keeping effective accounting systems within a business

  • Accounting records: books of prime entry (daybooks); accounts and ledgers (sales, purchases, nominal/general); trial balance; final accounts
  • Fundamental accounting concepts: accruals; prudence; consistency; going concern; materiality; business entity
  • Accounting systems: manual and computerised; effect of business size and structure

2 Be able to analyse the management control systems of a business

  • Business risk: types e.g. operational, financial, compliance; identification of risk and responsibility for risk management; influences on corporate governance e.g. Cadbury Code
  • Control: control systems and procedures within the business eg segregation of duties, authorisation
  • Fraud: types; implications; detection

3 Be able to contribute to the planning and conduct of an audit assignment

  • Regulatory environment: legal duties and status of auditors; liability of auditors; auditing standards and guidelines
  • Role of the auditor: internal and external audit and the relationship between the two; responsibilities of management as opposed to auditors
  • Audit planning: scope; materiality; risk
  • Audit testing: systems based (compliance) and substantive testing; sampling methods e.g. random, stratified, systematic; confidence intervals
  • Records: audit files and working papers; checklists and programmes; flow charts and questionnaires

4 Be able to prepare audit reports

  • Statutory reports: purpose; content (opinion of auditor), qualified and unqualified, types of qualification
  • Management letters: purpose and content

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