ICAS - Cost Benefit Analysis

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billdoor
billdoor Registered Posts: 129 Beyond epic contributor 🧙‍♂️
Hi all

I'm nearing the end of ICAS and am doing my CBA this weekend, and I have what may well be a stupid question.:001_smile:

When I'm working out the tangible costs/benefits, do they have to be solely regarding the accounts department or can they be for the company as a whole?

I have one particular item which will be of benefit to the accounts department mainly in terms of controls and fraud reduction, but my recommendation would result in a tangible benefit to the business as a whole, rather than accounts.

Am I allowed to include this or would it not count?

Thanks for any advice.

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  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Morning

    For every recommendation there should be a cost benefit analysis.

    Therefore, if the recommendation would improve the company as a whole and not just the accounts department then I would say that it is valid and you should include it.


    JC :o
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • billdoor
    billdoor Registered Posts: 129 Beyond epic contributor 🧙‍♂️
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    Thanks Jo, that's great.

    The impression I have got from the stage guidance is that we need to do the cost benefit analysis for at least one recommendation from each section, (I have four recommendations in each).

    Have I got this completely wrong and we need to do the CBA for all recommendations included within the report?

    Thanks again
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    I did a CBA for each recommendation. Not sure I had as many recommendations as you! But was a long time ago so can't recall. Just remember that you can put your CBA in as an appendix so that it does not get included in the word count. Write a paragraph or two about the CBA and put a reference to the appendix in the main body of your report.

    For total/complete clarification I would contact your tutor as they are the person who will be marking/assessing it.
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • billdoor
    billdoor Registered Posts: 129 Beyond epic contributor 🧙‍♂️
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    Thanks Jo, I don't know if it's changed but it seems that now you do just need to do a cost benefit analysis for at least one recommendation from each section. I did it for a total of five recommendations in the end.

    First draft is now submitted so we'll see how it goes, got my Personal Tax result today and passed and sat Business Tax last week so just need to get ICAS out of the way and that should be it all done.:thumbup1:
  • omega man
    omega man Registered Posts: 283
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    My project was passed just recently on May 13th and verified later by internal verifier.
    You will need to do a cost benefit for all weaknesses and recommendations and my tutor also wanted these costs summarised in the executive summary and under the same headings.
    Glad the pain of the ICAS is report has been done and i am now AAT qualified, yippee!!!
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    billdoor wrote: »
    Thanks Jo, I don't know if it's changed but it seems that now you do just need to do a cost benefit analysis for at least one recommendation from each section. I did it for a total of five recommendations in the end.

    First draft is now submitted so we'll see how it goes, got my Personal Tax result today and passed and sat Business Tax last week so just need to get ICAS out of the way and that should be it all done.:thumbup1:

    Congratulations on your personal tax result!
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    omega man wrote: »
    My project was passed just recently on May 13th and verified later by internal verifier.
    You will need to do a cost benefit for all weaknesses and recommendations and my tutor also wanted these costs summarised in the executive summary and under the same headings.
    Glad the pain of the ICAS is report has been done and i am now AAT qualified, yippee!!!

    Congratulations on completing AAT omega man :001_tongue:
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
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