Internal Code: 1HAAC
Accounting Assignment Help:
You have been recently employed as an accountant for the Platinum Manufacturing Group (Platinum). The CEO, James, has tasked you with reviewing their expenditure process for ‘special orders’. To facilitate this, he has provided you with key information relating to Platinums special orders process (available in Interact).
Using the information provided to you, prepare a business report to the CEO including the following:
- A summarised overview of the expenditure process for special orders, focusing on the process from purchase to payments. (1 mark) [This 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]
- Use a system tool to develop a level 0 data flow diagram to document the current system for special orders.
- Identification of:
- internal control weaknesses relating to Platinum’s special orders, focusing on the process from purchase to payments;
- the impact these weaknesses could have on the organisation;
- specific internal controls which could be implemented by Platinum 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; and
- how the control procedures you recommended in part c. above could be modified if Platinum reengineered it expenditure cycle activities to make maximum use of current IT. For example, EDI, EFT, barcode scanning, and electronic forms in place of paper documents.
Your assignment needs to be presented as a business report to the CEO of Platinum. 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 subheadings 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.
A system tool to prepare your level 0 data flow diagram includes software such as Word, Excel, Smartdraw or Edraw. There are many tools that are available to trial for free on the internet.