ICAS Project Help Needed!!

littleangelww

I really have no idea what I'm suppose to being doing!!!!

Im doing my project on the CHIC Paints Ltd case study and am reviewing the pay roll system with recommendations of improving it mainly by stopping cash payments.

Im really stuck on what everyone else is calling the easy bits and have spent hours trying to work it out!

What does it mean by:

2.4 explain the types of controls that can be put in place to ensure compliance with statutory or organisational requirements

and

2.5 explain how an internal control system can support the accounting function.

is there anywhere that explains each point much clearer because honestly looking at the mapping document leaves me complete confused!

Any help at all would be greatly appreciated!!

TyJac

I recently submitted my ICAS project to get it marked, now just waiting for results. I too also received the case study based on the CHIC PAINTS LTD and reviewed the payroll function. Its best to read the sample projects to get an idea of what is needed to be submitted matching the assessment criteria.

You should focus on the following improvements:
1 - Stopping cash payments for wages and use BACS payment instead.
2 - Look into the current accounting system which is excel and recommend a change of software due to it being inefficient.
3 - Potential fraud include lack of segregation of duties.
4 - Look into lack of payroll authorisation.

My project's word counts went upto 6000 words, so I had to chop down 1000 words.

sdv

littleangelww wrote: »

What does it mean by:

2.4 explain the types of controls that can be put in place to ensure compliance with statutory or organisational requirements

compliance with statutory requirements

think on these lines

Minimum wage
comply with working time regulations
contract of employment - if not issued =statutory contract of employment = do some re-search
minimum age
statutory maternity pay
statutory sick pay
submit P45, P60, P35
submit payments and returns to HMRC by 18th of each month


compliance with organisational requirements

pay rise authorised by a director
pay worked our from clock cards
over time properly authorised
holiday pay authorised
pay cheques signed by authorised person
compliance with equal opp.

littleangelww wrote: »

2.5 explain how an internal control system can support the accounting function.

pay cheques counter signed by 2 directors
Bacs payment instruction reviewed and authorised by a manager
overtime payment authorised by a manager
Bonus payments.............
obtaining references for a new employee
retain copy of passport etc to comply with employment law to reasonably ensure employment of legally employable person

and so on.......

littleangelww

Thank you for the help!
Where do you get sample reports to, I cant seem to find any.

Malcolm Green

In December we held a ICAS revision workshop and you can download a copy of the slides and notes from our Birmingham branch website:http://aatbirmingham.org.uk/2013/aat-levels-23-and-4-student-revision-workshop-review.html#more-1548. I would also suggest you have a look at the main AAT website for all the other ICAS material they hsve.: [FONT=&quot][FONT=&quot][URL="mhtml:{A462C575-45CD-451B-8456-5AC9C7BBCD5E}mid://00000786/!x-usc:https://www.aat.org.uk/training/study-support/search"]https://www.aat.org.uk/training/study-support/search[/URL].[/FONT][/FONT] To help you better understand the mapping document you may like to have a read of the attached assessors ICAS guide. Attachment not found. I trust this information will be of assistance. Kind regards Malcolm

littleangelww

I know its probably really straight forward but I keep changing my mind on whether I think I've done the right thing or not for 1.1 and 1.4
I have struggle with these 2 sections in particular since I started this!
Can anyone help me with what should be included in

1.1 describe the purpose, structure and organisation of the accounting function and its relationships with other functions within the organization

1.3 explain how the accounting systems are affected by the organisational structure, systems, procedures and business transactions

Any help or information will be greatly appreciated!
I'm hoping to have this finished by tomorrow but am getting nowhere with these 2 sections.

sdv

littleangelww wrote: »

1.1 describe the purpose, structure and organisation of the accounting function and its relationships with other functions within the organization

.

Draw an organisatinal chart and explain who is responsible for each department. To whom does that person report to? what is the function of that department? does one department talk to other departments? if so why? = easy one is to think about payroll department....

littleangelww wrote: »

1.3 explain how the accounting systems are affected by the organisational structure, systems, procedures and business transactions

.

If you were asked to draw a procedure on purchasing raw materials for a chocolate factory what would you write? where would you put controls to ensure that raw material is purchased at correct price. quality and quantity?

when it comes to payment for the purchase of raw material what controls would you put in place to ensure correct payment is made for goods purchased to right supplier.

TyJac

littleangelww wrote: »

I know its probably really straight forward but I keep changing my mind on whether I think I've done the right thing or not for 1.1 and 1.4
I have struggle with these 2 sections in particular since I started this!
Can anyone help me with what should be included in

1.1 describe the purpose, structure and organisation of the accounting function and its relationships with other functions within the organization

1.3 explain how the accounting systems are affected by the organisational structure, systems, procedures and business transactions

Any help or information will be greatly appreciated!
I'm hoping to have this finished by tomorrow but am getting nowhere with these 2 sections.

Like I said before, it be easier if you just use sample reports to help give you an idea how each criteria is written, then structure your answers based on that. That was how I completed my report, now I'm just waiting for it to be marked. I received the same case study as you.

If you are doing this with Kaplan, you should have received a text book, on the last section there is a sample report based on the payroll function, so look at that for help. If not, you probably should have received two sample reports as part of your workshop files.

Look at the sample reports and see how each criteria is mapped to each section/paragraph, then you will know what each criteria means and much more clear.

Malcolm Green

First of all you do not want to over think what is being asked of you.

This is a straightforward business report that needs to be completed in a certain way to cover the assessment standards for this unit.

Just look at each section read it very carefully and answer it in the best way you can.

If you do not get it right first time it is not the end of the world as you are able to resubmit your project and you will know what you need to correct from the feedback you will get from your tutor..

To help make sure you have covered off all that is required you have the assessors guide to use for this.

So it is just a case of making sure you can tick off all the bits needed.

For the sections you have mentioned (1.1),(1.3) I would not get worked up on them as this is all really basic information that just needs to be covered off.

To get you started you need to look at the case study for the company and ask yourself a number of questions about it, such as:

What does it do?
How big are they?
What external relationships do they have?
Who are the key stakeholders?
How is it structured ie head office with a branch network (regional/national) or a single site business?
Is the accounting function based at HO with reports in from branches or do they have local reporting and a central function etc.
What is the sign off procedure for payments and how these are made, who can sign cheques and who can authorise them etc?.
What financial statements do they produce?
Why and what is the purpose of these?
What regulations are followed when preparing these?
Internal policy,Company Act, UK GAAP, IFS, FRSSE

After this you should then easily be able to put together a summary of all the information as required

I trust this will be of assistance.

Kind regards

Malcolm

James Patterson

http://forums.aat.org.uk/forum/for-student-members/student-discussion/technician-diploma/38607-icas-report-writing-advice