Review of effectiveness of the accounting system at The Premier Office Supplies Limited - page 20
Keywords: AAT, AAT project,, Unit 10,Managing systems and people in the accounting environment,Accounting Technician, Association of Accounting Technicians, AAT Level 4
By Bozanka on 21/03/2010
Level: NVQ Level 4
Page Number: 20 of 20 pages: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
standing supplier and the buyer and two members of the Accounting Department the accountant and the purchase ledger.
PAYROLL AND PERSONAL RECORDS
1. POS should also use the BACS system fully to generate the payment of salary, income tax and National Insurance Contribution that have been deducted from employees' pay automatically.
2. The Payroll and Personal database Clerk Sarah More needs training. Giving her more comprehensive training enhance the likeliness that all features of the new Payroll system will be used.
THREATS
PURCHASE AND SUPPLIER PAYMENTS
1. This part of system is at treat from fraud because it would be possible for the company buyer to cooperate with supplier in the way that they agree higher that arms length prices,or to sign off goods not actually received etc. The “back hander” would then be shared with the two POS employees, who control the system.
2. Additionally, the suppliers could see themselves in comfortable position as the contract are long standing and could rise up the prices because of the lack of competition. These type of arrangement must be subject to regular audit by a senior member of POS – probably the Finance Director.
PAYROLL AND PERSONNEL RECORDS
Pay are collected in Sarah's office either in person or by by asking colleagues to collect on their behalf. The cash payments to employees are at risk of theft. Time of the employees is not used efficiently.
HUMAN RESOURCES
Financial Director of the company are involved in too many functions. Her knowledge, experience and potential is use not effectively. This could cause situation that the company finance will not be manage with appropriate level of attention. In past happened that she had to cancel or delay several important meetings, one of them with the company bankers. It is spoiling the image of POS as a business partner.
Rate and Comment on the content!
You have to login to the site, to rate and comment on this coursework.
If you don't have a login, you need to register (you will be returned here after registration)
Current rating is 
out of 
(1 vote)
Last 5 comments…
There have been no comments posted for this article, but you need to register if you want to be the first!