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ICAS Report Help

I have started the ICAS project 9 days ago and it is on Chic Paints Ltd. I have chosen accounts payable and I have already written out the introduction and internal systems of control. I have skipped the record keeping systems because I simply do not get it! :s I am also stuck on fraud and I only have identified a few possible frauds and causes of fraud.
I was thinking that the fact that the company pays their suppliers on 30-60 days open credit has something to do with fraud yet I can't find out what it is. Please tell me if otherwise. :)
This project has literally killed me! The sample assessments seem to be easier (which gave me false hope that the actual case study would be a breeze). :#

Comments

  • NME504NME504 New Member AAT Student, AATQB Posts: 67
    Hi, record systems should be the way they record transactions and the implications of these procedures. I found both the Osborne and bpp books a great help along with my training provider when completing this unit.

    Maybe in the case of late paying their suppliers it may be more ethical? Chic paints is certainly a challenging case study but very interesting.
    Natasha

    Why not join the Accounting Student Network Facebook group. 1000's of students have found it a one-stop centre for studying resources, motivation & Career development - You can too!!
    facebook.com/groups/accountingstudentnetwork
    pari
  • paripari Registered Posts: 5
    Thanks Natasha!
    I did order a BPP book last week and waiting for it to come in the post. :/
    I was wondering that the fact it was open credit (credit without security) had something to do with fraud. Maybe I'm wrong...
    It surely is a challenging case study, much harder than example case studies like Cookridge and Cookridge Ltd which I used to practice. :#
  • NME504NME504 New Member AAT Student, AATQB Posts: 67
    The bpp book will help you as it gives you a mock case study plus a suggested solution. The credit situation is certainly something that need to be analysed further.
    Natasha

    Why not join the Accounting Student Network Facebook group. 1000's of students have found it a one-stop centre for studying resources, motivation & Career development - You can too!!
    facebook.com/groups/accountingstudentnetwork
    pari
  • miskaeymiskaey Registered Posts: 1
    i am also doing chic paints but as for me i m more focused on the information technology systems and i found it interesting cuz i only focus on IT..
    pari
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