internal controls and accounting systems (isys) aat level 4 one of the four compulsory units created...

created by Deepa Artani 1

Internal Controls and Accounting Systems (ISYS)

AAT Level 4

One of the four compulsory units

created by Deepa Artani

AAT Level 4Internal controls and accounting systems (ISYS)

Guidance on

• Project Proposal,

• Report Layout,

• Individual Sections of the Report,

• How to complete the mapping document,

• Submissions and

• Deadlines.

2

Trainer/Assessor:


What is the project all about?1. Internal controls and accounting systems (ISYS) unit assesses

candidates in their analytical abilities.

2. This is one of the four mandatory units to achieve AAT level 4 qualification.

3. Candidates are required to review the accounting systems of their workplace and write a formal report summarising their findings. The report should identify any weaknesses and recommendations with cost-benefit analysis.

4. Candidates should also review ethical and sustainability practice of their organisation.

5. To achieve competency in this unit, candidates must meet ALL criteria of mapping document.

6. This guide will explain the project proposal, report layout, individual sections of report, how to complete mapping document, submissions and deadlines.

7. In addition to this guide, you are advised to read through AAT guidance on how to write ISYS report. AAT guidance provides detailed information on each criterion.


Project Proposal

1. Project proposal is a formal agreement between you, your manager (mentor at your workplace) and the assessor about the weaknesses and recommendations that you intend to cover in your report.

2. You should have completed the level 4 pre-entry task where you should have completed the research on your organisation. You can use the research findings to complete the project proposal.

3. You must obtain your manager`s (mentor at workplace) signature to confirm that they will support you and have agreed for you to do the project on workplace.

4. You need to complete the project proposal within four weeks from the date of induction. (by week 12 of the start date of AAT level 4 course).

5. You must hand the completed project proposal with over to the assessor and keep it safe.

6. Project proposal is needed when making the final submission.

7. When writing the report, it is important that you ensure that weaknesses in the report are in line with the weaknesses proposed in project proposal.

8. A revised project proposal must be submitted/agreed with the assessor if circumstances change.

Report writing

Must be in third person (No use of individual names, I, You, She, He, My, Our, We etc)

Must be in professional English

Must be understandable and must make sense (keep it simple and professional)

Must be your own work (interview may be held to confirm)

Must not have spelling and grammar errors (get it proof)



Report Layout Title page Contents page

Section 1 Terms of references Section 2 Methodology (Optional) Section 3 Executive summary Section 4 Introduction Section 5 Review of the system Section 6 Weaknesses (This could be part of section 5) Section 7 Recommendations with cost benefit analysis References Appendices (Appendix)


Title Page

Title (Internal controls and Accounting System : Review of ____________________________)

Word-count

Name:

Centre name:

AAT membership Nu:

Submission number (1st/2nd/3rd/4th)

Date of the submision


Contents page Each

section must be clearly labelled and on new page

Can divide it based on topics, section or criteria.

Please keep the formatting simple.


a) Sections

a.1) Each new section should start from a new page. Each section must be written in third person and business English.

a.2) Each section must be fit for purpose and related to your organisation. Each section must show true and fair view and must be unaided work. Each section must have a unique number and paragraphs with in each section must be numbered as well.


Section 1 Terms of reference

1.1Terms of reference talks about the scope and purpose of the report. Why do you need to prepare this report (AAT Level 4 ISYS requirement) ? What are you intending to cover in this report?

One small paragraph.


Section 2 Methodology

2.1 Methodology is your proposal. This is OPTIONAL as you are required to completed the project proposal form.

2.2 You are advised to include methodology in the report as it gives a structure to the report.

2.3 Methodology section should say how you gathered the data for your project and what specific area you intend to focus on.

2.4 Above should match with your project proposal.

2.5 This is the only section in the report that can be written in first person.


Section 3: Executive Summary

3.1 Executive summary is management summary. Must be written in professional, precise, clear and informative language. Do not repeat what you have already covered in Terms of reference section.

3.2 Executive summary has to be qualitative. Executive summary should summarise your findings and conclusion. Therefore, you can include one line for weakness, one line for recommendation and one line for costs and benefits of recommendation made. You can cover any weaknesses as long as report is qualitative and it shows a good understanding of all criteria. You must also include brief explanation of your findings on ethical and sustainability elements. (three to four small paragraphs in business English)


Section 4: Introduction

4.1 For section 4 to 7, you would need to refer to the mapping document.

4.2 You can cover criteria 1.1,1.2,1.3,1.4,1.5, and 2.1 in this section as all of these criteria focus on explanation of your organisation.

4.3 If you are focusing on overall organisation (for example, you work in an accountancy firm and your report is based on the firm) then you can also include criteria 2.2 in this section.


Section 5: Review of the accounting system

5.1 If your report is based on a specific system of an organisation (if your report is based on sales systems or credit control system) then you can cover criteria 2.2 in this section.

5.2 This section should provide an insight of the system and should cover criteria 2.3,2.4,2.5, 3.1, 3.2, 3.4, 4.1, 4.2, 5.1 and 5.2


Section 6: Weaknesses (Areas of improvements)

6.1 This section should identify the weaknesses that you had proposed in project proposal.

6.2 This section should cover criteria 3.3 and 3.5

6.3 When you write your report, you will understand your organisation better. If record-keeping, ethical practice and/or sustainability practice require improvements then you can include criteria 3.2,4.1,4.2,5.1 in this section.

6.4 There are no strict rules on including criteria to specific section. You must map them correctly.


Section 7: Recommendations

7.1 This section should include the recommendations that are specifically aimed at weaknesses covered in section 6.

7.2 You can recommend one or more than one actions for each weakness. You must ensure that you consider ethical and sustainability implications when recommending various actions.

7.3 You should cover criteria 5.2,6.1,6.2,6.3 and 6.4.


References

References/Bibliography

Must be given a unique section number and be covered in content page

You must reference the resources you have used for example: if you used definition from kaplan book, you must reference it.


AppendicesAppendix 1 – Organisation structure (Hierarchy)

Appendix 2 – this can be SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis of your organisation – This is optional.

Appendix 3 – Fraud Grid (for criteria 3.4)

Appendix 4 – Costs and Benefit Analysis (for criteria 6.1-6.4)

Area of Risk

Likelihood (Low, Medium, High)

Impact Current control in place

Net Likely Impact(Low, Medium, High)

Actions required

Weakness Recommendation 1

Costs Benefits How to support individuals

Recommendation 2 Costs Benefits How to support individuals


How to complete mapping document1. You must complete the mapping document with evidence reference

for each submission. Mapping document would record feedback and action plan for all submissions.

2. Mapping of evidence is very easy. For each criteria, write the paragraph/appendix numbers that has answer to respective criteria.

For example: If you have answered criteria 3.5 (review methods of operating for cost-effectiveness, reliability and speed) in paragraph 6.7,6.8 and appendix 4 and if this was your second submission then you put the following your mapping document.

Sub 2 – Paragraphs 6.7,6.8 and appendix 4 in the box called “evidence provided by candidate”

Key to remember is that you only use one mapping document for all submissions. You do not have to create a new mapping document for each submission.


How to complete mapping documentYour n

am

e

Submission number

and Submission

date

Write the paragraph/appendix number from the report that answer this criteria.

For example: “Sub 1 – paragraph 4.1,4.2,4.3 and appendix 1”

Assessor will provide feedback

per criteria


Submission Process1. You are allowed 4 submissions in total. For Each submission, you must

complete a mapping document.

2. You will be provided with detailed feedback and action plan per criteria on mapping document by the assessor with a deadline

3. You must make the next submission by given deadline

4. Once, all the criteria are met, you are required to make final submission (maximum after three attempts) through secure-assess. Your final submission should be in zipped folder. The zipped folder should be saved as Surname-forenames-membership nu-ISYS. The zipped folder must contain the following.

a. Project proposal form –completed

b. ISYS reports for all submissions

c. ISYS mapping document

d. Assessor/Manager authenticity letter (If doing case-study – need assessor authenticity letter, if doing work place assessment – need manager authenticity letter)


Deadlines1. You will be scheduled for ISYS project on AAT secure-assess. Once the project

proposal is agreed with the assessor, your first submission must be made no later than three months from the date.

2. The assessors have between two to three weeks deadline to get back to you with the feedback and action plan. They will allow you one to two weeks to make improvements based on your progress. And you will be allowed three more attempts.

3. You must make all subsequence submissions on required dates.

4. You are allowed four submissions in total therefore care and skills must be exercised and action plan must be thoroughly followed.

5. If six months pass from the start date of your project or you are not competent after fourth submission, you must take a re-sit. This means that you will be required to start the process again.

6. If there are any changes to your personal circumstances, you must communicate this to your assessor.

Please remember To collect project proposal form, blank mapping document and

AAT guidelines on criteria


End of Presentation

internal controls and accounting systems (isys) aat level 4 one of the four compulsory units created...

Documents

completed project proposal

revised project proposal

isys report

formal report

individual sections

deepa artani1aat level

isys internal controls

accounting systems isys