ICAS Inkwell

emma1990emma1990 Feels At HomePosts: 34Registered
So I am only on level 3 at the moment but my tutor has recommended doing the project to save work next year.

I just wanted to check what I am doing is correct as I am scared I will have the wrong idea and it will be a waste of my time...

So I have decided on reviewing the payroll system, started by briefly discussed the organisation and included the shareholders etc, gone on to discuss the accounts department in detail.

I then have drawn up a SWOT regarding weaknesses within the whole company but in my actual report I have just discussed 4 payroll weaknesses.

I have also done a cost benefit analysis on a solution for one of the payroll weaknesses but I am struggling with the internal controls and fraud section.. does anyone have any tips on how to complete this section?

Thanks

Comments

  • kiz89kiz89 New Member Posts: 7Registered
    emma1990 wrote: »
    So I am only on level 3 at the moment but my tutor has recommended doing the project to save work next year.

    I just wanted to check what I am doing is correct as I am scared I will have the wrong idea and it will be a waste of my time...

    So I have decided on reviewing the payroll system, started by briefly discussed the organisation and included the shareholders etc, gone on to discuss the accounts department in detail.

    I then have drawn up a SWOT regarding weaknesses within the whole company but in my actual report I have just discussed 4 payroll weaknesses.

    I have also done a cost benefit analysis on a solution for one of the payroll weaknesses but I am struggling with the internal controls and fraud section.. does anyone have any tips on how to complete this section?

    Thanks

    Hi emma,

    you doing a great there, considering you still on level 3. well done

    internal, you could talk about: what internal controls are there?
    Identify how internal control supports the accounting system and the types of internal control in place, and any controls that are missing. (PIC 2.4, PIC 3.2 & EAS 1.4)

    Fraud
    Causes of fraud
    Common types of fraud
    Methods used to detect fraud and
    Potential areas for fraud within the organisation
    (rate/grade the threat level to the organisation).
    (EAS 1.4, PIC 2.2 & PIC 2.3, PIC 3.1)

    This should relate fraud to the organisation being investigated, with the potential area highlighting potential weaknesses within the organisation- if it aint just add to appendix!

    P.S make sure you following the mapping sheet too, thats great help!
  • emma1990emma1990 Feels At Home Posts: 34Registered
    Thank you kiz.

    I am just a bit worried on which section to bit things if you know what I mean! Can you talk about fraud and internal controls in general aswell as to do with the case study?

    Have you done your project? Were you competent first time?

    And are you on level 4 now? Is it quite a big jump up?
  • kiz89kiz89 New Member Posts: 7Registered
    emma1990 wrote: »
    Thank you kiz.

    I am just a bit worried on which section to bit things if you know what I mean! Can you talk about fraud and internal controls in general aswell as to do with the case study?

    Have you done your project? Were you competent first time?

    And are you on level 4 now? Is it quite a big jump up?

    hi,

    Not to worry.....yes you can talk about them in general, if your case study is talking about fraud or internals but if not, just touch up on it in the cast study and the rest in your appendix.

    did your tutor give you a layout of what needs to go where?.....a training provider should provide you with one if not a tutor.

    Im on level 4, ive started my icas but not yet finished...... with level 4 you have to start with the books really early.....thats if you not an early bird like me!! lol

    But do not to worry, you get up to five markings by your tutor before it gets submitted to AAT, so just do a draft of what you done and how you think its. Tutor will then, hopefully reply back with good comments and layouts of what needs to be done next.


    hope this helps. kiz
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    Hi Emma,

    Welcome to the forum :)

    That's a great idea starting the ICAS project early, especially if you're going to go onto ACCA/CIMA asap
    after level 4.
    I also done the payroll department for my project and I had five weaknesses to discuss in the actual report. As
    long as you can write about how to overcome the weaknesses by making recommendations, the cost involves e.g
    implementing a clock in clock out system, four weaknesses is enough :)
    With regards to fraud and internal control like Kiz said follow the mapping sheet and you should be fine, each point
    on the mapping sheet needs to be covered. This video on youtube http://www.youtube.com/watch?v=A4AxZGzduXQ helped me out a lot for when doing the internal controls of the company even though it's a CIMA lecture.

    Good luck with your studies

    Aaron
    AAT

    Level 2 - 2010
    Level 3 - 2011
    Level 4 - 2013

    ACCA

    F4 - 2015
    F5 - 2015
  • emma1990emma1990 Feels At Home Posts: 34Registered
    Thank you Kiz and Aaron..

    Can you use the appendix for anything that you can't fit naturally in the report?
    Because I'm doing it early I have had to do it on my own with no input from tutor so just need clarification on some things!

    I have taken the clock in and out system weakness/improvement to my cost benefit analysis is this ok?

    how much roughly have you written on each section?

    I'm also worried it will be quite similar to the book!!
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    No worries Emma :)

    Yeah you can use the appendix to fit stuff in, if you do go above the word count etc.. tbh I personally didn't want
    to start putting relevant information into the appendix as you don't actually get any marks for it, so I made
    sure everything fitted into my actual report.
    Yep thats fine :thumbup1: In the recommendation section talk about why you have chosen to implement a clock in
    clock out system and write about weaknesses/improvement, then in the cost benefit analysis section talk about the
    costs involved e.g. buying the actual system, the cost of training staff to use the system.
    Don't worry about your project being similar to a study book, in the book the case study and information will be
    different as to your case study. Also you can use the study book for reference on how to layout your project
    and how much to write on each section.

    Any more questions don't hesitate to ask, we can be your tutor :cool2:
    AAT

    Level 2 - 2010
    Level 3 - 2011
    Level 4 - 2013

    ACCA

    F4 - 2015
    F5 - 2015
  • LeeLee Feels At Home Posts: 29Registered
    Numbering eas 1.4, pic2.2 & pic2.3
    kiz89 wrote: »
    Hi emma,

    you doing a great there, considering you still on level 3. well done

    internal, you could talk about: what internal controls are there?
    Identify how internal control supports the accounting system and the types of internal control in place, and any controls that are missing. (PIC 2.4, PIC 3.2 & EAS 1.4)

    Fraud
    Causes of fraud
    Common types of fraud
    Methods used to detect fraud and
    Potential areas for fraud within the organisation
    (rate/grade the threat level to the organisation).
    (EAS 1.4, PIC 2.2 & PIC 2.3, PIC 3.1)

    This should relate fraud to the organisation being investigated, with the potential area highlighting potential weaknesses within the organisation- if it aint just add to appendix!

    P.S make sure you following the mapping sheet too, thats great help!

    I am sorry but I do not understand the numbering. what is it and where does this come from on ICAS project?

    I am struggling to get a theme for my proposal. Can someone help where to start?
    Leigh
  • WhirlwindWhirlwind Well-Known Posts: 249Registered
    Hi,

    The numbering is from the 'mapping document'. PIC - Principles of Internal Control, EAS - Evaluating Accounting Systems. It seems that by following the mapping document we will cover the essential points in the report. Our tutor has told us not to worry about it until nearer the end and since she is marking the paper Im listening really closely!!

    With the proposal, I listed all the weaknesses within the case study in a simple SWOT analysis. Then the part of the accounting department that had the most weaknesses (and I thought I would be able to investigate and write about) was the section I put my proposal forward for.

    I am a couple of weeks in and it is, sort of, sinking in!!
  • emma1990emma1990 Feels At Home Posts: 34Registered
    Thank you to everyone who helped me with icas, just been marked competent, very happy!!!
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    Congratulations :)
    AAT

    Level 2 - 2010
    Level 3 - 2011
    Level 4 - 2013

    ACCA

    F4 - 2015
    F5 - 2015
  • WhirlwindWhirlwind Well-Known Posts: 249Registered
    Fantastic news!! What an amazing way to start level 4!!
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