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Chic Paints Essay

625 words - 3 pages

Chic Paints Ltd (CPL)
Report to the directors

This report is to highlight the needs
for tighter controls over the payroll
procedures at Chic Paints Ltd to
reduce the risk of fraud.

This report has been produced by
(Accounting Systems Technician)

1 Table of contents
1. Table of contents

2. Terms of reference

3. Executive summary

4. Methodology

2 Terms of Reference

This report has been prepared to cover the requirements of the internal controls system unit of AAT level 4 ‘Diploma in Accounting’

This report outlines the need to tighten the controls over the Payroll system for Chic Paints Ltd (CPL)

3 Executive Summary

4 Methodology 4.7 | Review of the accounting proceduresAn outline of the Board and accounting personnel was provided along with a previous6 month diary of events within the company.
This was used as the starting point ...view middle of the document...

| |
5 Introduction | Chic Paints Ltd (CPL) is a paint distribution company specializing in paints used on boats cars and industrial machinery. The board is made up of 5 Directors each of which hold their own line management responsibilities, a breakdown of this can be seen in Appendix 2. CPL was formerly part of Ashstead plc but was subject to a management buyout six years ago by the 5 directors. At the time of the buyout the directors had managed the company for many years and decided they would gradually exit the household paint industry and concentrate more on specialist industrial paint, using their already reputable company name along with their extensive customer base. Over the last six years the company has reduced its turnover and its workforce, whilst improving its gross profit.The main external relationship for the company is with its clients. Our mission statement is to produce expertly formulated paint to meet the highest international standards, using the best available technology for end user customers. The company also has an external relationship with it suppliers. This relationship is controlled by Brett Sinclair (Purchasing Manager) and Rita Hume (Deputy Purchasing Manager)As a limited company CPL has a legal duty to report, in the way of Statutory Accounts, its Statement of Profit and Loss and Statement of Financial Position. CPL must also make payment to HMRC in respect of its Corporation Tax. | |

6 Evaluation of Accounting function | IntroductionThe accounting department consists of 7 full time employees.A breakdown of each person’s job role can be seen in Appendix 3.Employees work independently on their own accounting function. Accounting clerks enter data on each function and this data is used to produce month end reports along with variance investigations which are then presented to the board of directors.The information is also used to ensure capital levels are kept within levels set by the Finance DirectorAnother use for the information is to produce cash flow reports, used to make decisions on creditor payments.Purchasing and Supplier Payments | |

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