Inkwell Ltd
INKWELL LIMITED
An evaluation of the internal controls and an investigation of the accounting system at Inkwell Limited.
Student Name: Paul Michael Bantusitse
AAT Number: 10416343
I testify that the following report is my own unaided work and a true reflection of the organization.
Signed: Dated:
Table of Contents
1. TERMS OF REFERENCE 3
2. EXECUTIVE SUMMARY 3
3. METHODOLOGY 3
4. INTRODUCTION TO THE ORGANISATION 4
4.5 External regulation affecting the organization 4
4.6 Inkwell Ltd-Key external stakeholders 5
5. THE ACCOUNTS DEPARTMENT 5
5.3 The accounts department-Key internal stakeholders 6
6. REVIEW OF THE ACCOUNTING SYSTEM 7
6.3 Working methods and practices 7
6.4 Recording keeping system 8
6.5 Training 9
7. INTERNAL CONTROL AND FRAUD ANALYSIS 9
7.1 Internal system of control 9
7.2 Fraud Analysis 10
8. RECOMMENDATIONS TO IMPROVE 10
9. COSTS AND BENEFITS ANALYSIS 12
9.2 COSTS 12
9.3 BENEFITS 13
APPENDIX 1-INKWELL (LTD)’S ORGANISATIONAL STRUCTURE 14
APPENDIX 2-INKWELL (LTD)’S SWOT ANALYSIS 15
APPENDIX 3-INKWELL (LTD) FRAUD MATRIX 18
APPENDIX 4-INKWELL (LTD)’S TECHNICAL NOTES 19
APPENDIX 5-INKWELL (LTD)’S MAPPING SHEET 20 Word Count: 4151
1. TERMS OF REFERENCE
1.1 This report reviews and investigates Inkwell Ltd’s accounting system in relation to establishing and setting recommendations in order to conclude that its system and controls are enhanced as well as protected to minimize the risk of fraud.
1.2 The report investigates the main stakeholders of the organization at large both internal and external as well as the information it needs it has from the system.
1.3 Recommended costs and benefits are analyzed together with the risk of fraud towards the organization.
1.4 Lastly the report is part of the AAT level 4 Diploma in Accounting.
2. EXECUTIVE SUMMARY
2.1 The report reviews the internal control within the accounting system of Inkwell Limited and
An evaluation of the internal controls and an investigation of the accounting system at Inkwell Limited.
Student Name: Paul Michael Bantusitse
AAT Number: 10416343
I testify that the following report is my own unaided work and a true reflection of the organization.
Signed: Dated:
Table of Contents
1. TERMS OF REFERENCE 3
2. EXECUTIVE SUMMARY 3
3. METHODOLOGY 3
4. INTRODUCTION TO THE ORGANISATION 4
4.5 External regulation affecting the organization 4
4.6 Inkwell Ltd-Key external stakeholders 5
5. THE ACCOUNTS DEPARTMENT 5
5.3 The accounts department-Key internal stakeholders 6
6. REVIEW OF THE ACCOUNTING SYSTEM 7
6.3 Working methods and practices 7
6.4 Recording keeping system 8
6.5 Training 9
7. INTERNAL CONTROL AND FRAUD ANALYSIS 9
7.1 Internal system of control 9
7.2 Fraud Analysis 10
8. RECOMMENDATIONS TO IMPROVE 10
9. COSTS AND BENEFITS ANALYSIS 12
9.2 COSTS 12
9.3 BENEFITS 13
APPENDIX 1-INKWELL (LTD)’S ORGANISATIONAL STRUCTURE 14
APPENDIX 2-INKWELL (LTD)’S SWOT ANALYSIS 15
APPENDIX 3-INKWELL (LTD) FRAUD MATRIX 18
APPENDIX 4-INKWELL (LTD)’S TECHNICAL NOTES 19
APPENDIX 5-INKWELL (LTD)’S MAPPING SHEET 20 Word Count: 4151
1. TERMS OF REFERENCE
1.1 This report reviews and investigates Inkwell Ltd’s accounting system in relation to establishing and setting recommendations in order to conclude that its system and controls are enhanced as well as protected to minimize the risk of fraud.
1.2 The report investigates the main stakeholders of the organization at large both internal and external as well as the information it needs it has from the system.
1.3 Recommended costs and benefits are analyzed together with the risk of fraud towards the organization.
1.4 Lastly the report is part of the AAT level 4 Diploma in Accounting.
2. EXECUTIVE SUMMARY
2.1 The report reviews the internal control within the accounting system of Inkwell Limited and