Inkwell Ltd Essay

6191 Words25 Pages
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…show more content…
4.3 The organization has relatively flat structure with two supervisors reporting to the directors and then further clerks reporting to their supervisors. The leadership style used is consultative where combination of democratic and autocratic is involved. Appendix 1 expands the structure in full. 4.4 The accounts system is a centralized system consisting of 28 computers in head office site and 60 in shops/branches where online shops are opened 24/7.The inventory control system is based around on excel spreadsheet, the sage payroll system for payroll calculations and windows vista operating system is used. The password “Go Green” has been used and currently in use to log on all the computers of the company. In head office site every member of staff has his/her own computer whether full/part time whereas in branches each computer and printer is shared by 3-4 member of staff that are for part time.10% discount is given against the cost of a replacement cartridges if old ones are brought by a customers. 4.5 External regulation affecting the organization 4.5.1 The Company’s Act 2006-This sets out the way in which financial statements should be prepared so Inkwell Ltd will have to comply with this Act to mitigate all possible fines that might arise. 4.5.2 UK Accounting Standards-This defines procedures and approaches to the preparation of financial statements that the organization must take. They are either known as Statements of Standard Accounting Practices
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