Assessment item 3
Internal Controls
Value: 20%
Due date: 13-Jan-2018
Return date: 06-Feb-2018
Length: maximum of 1,500 words
Submission method options
Alternative submission method
Task
You have been recently employed as an accountant for Bucks Phyz. The CEO has tasked you with
reviewing the sales processes of the company and has provided you with key information based on
interviews with key staff relating to the sales process (available in Interact).
The CEO is also considering the introduction of corporate credit cards for the purchase of smaller
items for the business. At present, all purchases require a purchase order to be raised and sent to a
supplier. This process was an issue when they recently tried to book a training course for two team
members and the bookings needed to be completed on line. The staff needed to book the course
themselves and seek reimbursement from Bucks Phyz. The CEO would also like advice regarding the
impact of the introduction of corporate credit cards and who should be issued with a card.
Using the information provided to you, you need to prepare a business report to the CEO including the
following:
A summarised overview of the Sales Process for Bucks Phyz (1 mark). [T his should be no
longer than one (1) paragraph and need to focus on the key relevant facts. The CEO is
already aware of this information, but this overview helps bring your report together for
other readers]
Identification of;
internal control weaknesses in Bucks Phyz sale process; (2.5 marks)
the impact these weaknesses could have on the organisation; (2.5 marks)
specific internal controls which could be implemented by Bucks Phyz in the coming
weeks to mitigate the risks posed by the internal control weaknesses you have identified.
The CEO does not want theoretical controls suggested. They want practical controls that
they can implement. (5 marks) [ Note: all three (3) parts of question two (2) must be
included as a table in your report]
A review of the impact of the introduction of corporate credit cards. This needs to include:
a detailed review of the benefits and potential risks associated with the introduction of
corporate credit cards within Bucks Phyz. (3 marks)
the specific Internal Controls which should be implemented by Bucks Phyz to minimize
the impact and occurrence of the risks you have identified? (3 marks)
a recommendation to the CEO regarding who should be issued with a corporate credit
card and why? (1 mark)
2 marks will be awarded for the presentation of your report. This includes use of appropriate grammar
and spelling, application of APA referencing and a report prepared in line with the presentation
requirements below.
Rationale
This assessment task has been designed to assess your ability to:
be able to evaluate accounting information system architecture; and
be able to identify organisational risk and generate systems that control that risk.
Presentation
Your assignment needs to be presented as a business report to the CEO of Bucks Phyz. A business
report includes;
a cover page addressed to your desired audience;
an Executive summary (refer to the note below regarding an executive summary);
a Table of contents (linked to the headings in the report);
headings and sub headings clearly identify what is being discussed;
a conclusion, including recommendations as required; and
referencing (using APA style).
Note: an Executive Summary is not an introduction. An Executive Summary should be an overview of
the entire report, including recommendations, and no longer than one (1) page in length. This may be
the only page read by busy managers.
Requirements
APA must be used to reference all sources you have used for your assignment. The CSU Library site
provides an on-line guide to APA style referencing. This is the referencing style adopted by the School
of Accounting and Finance. The guide can be found at:
http://student.csu.edu.au/study/referencing-at-csu.
Review the rules regarding plagiarism and if you are not sure contact your lecturer or student learning
skills advisor for advice. There is no excuse for presenting the work of others as your own; this
includes cutting and pasting material from the web without properly referencing the source.
Your assignment must be submitted via Turnitin in word format only.
Any difficulties in submitting your assignments online electronically using Turnitin should be
immediately reported by email. Include your name and student number in the header or footer of all
documents submitted. Retain a copy of your assignment for your records.