ICAS - HELP I am confused.

shamie27

Hi I am writing my report for the third time. It so badly written my assessor won't even look at it. I have read loads of supporting materials proveded to me. however I am still having trouble understanding two different points from the mapping document. so here I go. If someone could explain I would be very gratefull.

1. Describe the purpose, structure and organisation of the accounting function and its relationships with other functions within the organization.
2. Explain how the accounting systems are affected by the organisational structure, systems, procedures, and business transactions.

What is the difference between these two points. What are the specifics it want me to discuss. I am frustrated for not getting it. It looks to me like the same thing :001_unsure:

Shamie27

Simmyluvsu

Hi Shamie

I know from experience that the mapping descriptions can be quite hard to understand and when I was writing my report I tried to answer the following questions in order to cover the criteria you're struggling with:

1. Describe the business - Trade, size, number of employees etc. Who works in the accounts department and who do they report to. What do the accounts department do on a daily basis.

2.Explain what problems/benefits are caused by the system? What systems are needed for the accounting function to work? How do these systems affect the tasks needed to be completed?

I hope this helps, but if you're struggling with the mapping then your tutor/training providor should be able to give you some guidance about what needs to be included in your project to cover the mapping criteria.

shamie27

Thank you Simmyluvsu. :001_smile:

stockport

Hi Shamie,

I briefly mentioned what the other departments did and how they interacted with each other in mine. Have you got much more to do on the project?

Stockport

shamie27

Hi Stockport
2200 words and I have almost hit all the points on mapping document. Cost benefit analysis and the contents page to complete. and may be fatning it up to 3600 words with highlighting endless amount of weaknessess. nearly there I hope :-)

stockport

Good stuff!! I'm waiting for mine to be marked.

shamie27

now stuck on cost benefit analysis.. how do I assume how much time is saved by using accountacy software? how do I support my assumptions???
one more thing.. does anyone know how strict are the assessors on word count?

Goodluck with yours stockport. :001_smile: I'll keep my fingers crossed. Is that the final task for you then?

shamie27

Simmyluvsu I took your advice and it made sense when you explained it like that. So thank you again for rescuing.

stockport

Hi Shamie,

I used http://management.about.com/cs/money/a/CostBenefit.htm as a source of info and also info of AAT site. I think as long as you use reasonable common sense in your assumption then you should be fine. I had to price up software, and I contacted companies, but they would not give me a price, so I have made a estimate as best I could. As far as the word count, I think the official line is with in 10 %, but I think as if you go over and it is all relevant to the mapping, then that would not be a problem.

FNST is my last exam on Thursday, and hopefully if I pass that and get the project marked I will be qualified!

What have you got left to do?

shamie27

Thank you for the link stockport. good luck for Thursday. For me, all I got to complete is this report now providing I pass my business tax. another 3 weeks waiting for it I think.

stockport

Hi Shamie, I hope it all goes well.

awatson86

I am just starting ICAS - Cookridge Carpets and I am struggling to get started!!

I have a question if someone could help me?

Task 1 is completing a review of the accounting system which is where I am starting at but part of task 2 is identifying weaknesses - Is this not the same thing really as when I am reviewing the system I will be picking up the weaknesses there? I am a bit confused how to lay this out.

Thanks in advance.

sdv

awatson86 wrote: »

I am just starting ICAS - Cookridge Carpets and I am struggling to get started!!

I have a question if someone could help me?

Task 1 is completing a review of the accounting system which is where I am starting at but part of task 2 is identifying weaknesses - Is this not the same thing really as when I am reviewing the system I will be picking up the weaknesses there? I am a bit confused how to lay this out.

Thanks in advance.

Review of the accounting system

Look at the current parctice in an accounting department and write the procedures currently followed.
eg currently stock is ordered by the production manager by placing a verbal order with suppliers by a phone call

Identifying weaknesses
A lack of control in purchasing stock could lead to overstocking, overcharged and a possible loss of profits. A purchase order system ..............................................etc

Hope the above illustrations helps to identify the difference but I agree that you can write both task 1 and task 2 as the same time and possibly your recommendations to improve the accounting system.

awatson86

Thanks, I understand what you are saying. Would you put that in say one paragraph or the problem/missing internal control in one section then the weakness later on in the report?

To me it would make sense putting them together but on the assessment sheet it has them separately.

sdv

awatson86 wrote: »

Thanks, I understand what you are saying. Would you put that in say one paragraph or the problem/missing internal control in one section then the weakness later on in the report?

To me it would make sense putting them together but on the assessment sheet it has them separately.

Write the way you feel comfortable.

But make sure that you keep the ICAS criteria infront of you when writing to ensure you meet the criteria requirements. some criteria are split into 2 sections. eg make recommendations to improve weaknesses supported with a logical rationale

awatson86

Thanks, I will write how I feel best and go along with the mapping criteria and see what my tutor thinks.

Could someone tell me what it is asking for here:

Task 1)
4: Working methods/practices: including the use of appropriate computer software, and the operating methods in terms of reliability, speed and cost effectiveness.

Thanks

uknitty

I'm not very good at explaining what to write to meet criteria, but I can suggest some questions to answer that would cover these points.

Is the accounts system Manual or Computerised ? Is this the best sort of accounts system for the business to use ? (The type of accounts package that is appropriate for a sole trader will not be appropriate for a large ltd co)

If computerised what package is in use ? What are the features and benefits of this package ? Is there another computerised solution that would be more suitable? Why is the proposed package the best option for this business? ( Remember if the current package is acceptable then explain why it is the best option - don't feel you have to change it if it is already working fine !)

Would using a different or new computerised system or changing the current system save time ? What is the cost of the new package Vs the benefits of time it will save ( compare benefits of manual to computerised accounts - computerised packages usually automatically post the DE so only one set of posting is usually required which reduces time and risk of error)

awatson86

Thanks for your help, much appreciated! Would the costs part not go in the cost benefit section of the report though?

uknitty

Yup. You could certainly address the critera in task 1.4 in the cost benefit section.