Description
Accounting Systems and Controls
This unit aims to enable students to demonstrate their understanding of the role of the accounting function in an organisation and the importance of internal controls in minimising the risk of loss. Students will undertake an evaluation of an accounting system to identify weaknesses and assess the impact of those weaknesses on the operation of the organisation. Students will make recommendations to address the weaknesses, having regard for the costs and benefits, the sustainability and the impact of those recommendations on users of the accounting system.
This unit enables students to consolidate and apply the knowledge and understanding that they have gained from the mandatory Professional level units of Financial Statements of Limited Companies, Management Accounting: Budgeting and Management Accounting: Decision and Control to the analysis of an accounting system.
When organisations have a planned change in policy, there will be a transition period, which will present its own challenges. Students need to be able to review a planned change in policy, identify potential problem areas while one system is being changed to another, and make suitable recommendations to ensure that the integrity of the accounting system is maintained. In this unit, students will demonstrate their analytical and problem-solving skills, exercising judgement to make informed recommendations. These are practical skills that are essential to the accounting technician.
Learning Outcomes:
- Demonstrate an understanding of the role and responsibilities of the accounting function within an organisation
- Evaluate internal control systems
- Evaluate an organisation’s accounting system and underpinning procedures
- Analyse recommendations made to improve an organisation’s accounting system
