The hardest part of the AAT level 4 Advanced Diploma internal controls and accounting systems (ISYS) project is getting started. 5000 words is very daunting, and it can seem an impossible task. Once you get writing, though, you may find it’s actually not quite enough!
So, let’s take a look at where to start.
An overall understanding
Before you begin, make sure you have a clear understanding of internal controls, which are controls that should be implemented in the workplace to ensure tasks are completed accurately, on time and without being open to fraud.
Breaking it down
Start by making notes about each of the assessment criteria, and then build on those notes until the report is complete, ensuring you cover all of the criteria in depth by the end.
Assessing internal controls
Throughout the AAT ISYS project, you will be analysing your accounting system. You need to explain how it currently works, and consider the accounting system in terms of ethics and sustainability.
Then you need to list the weak areas surrounding the accounting system, specifically looking at controls that are in place.
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Once you have identified the weaknesses you can then look for the solutions. You need a solution for each of the weaknesses you have identified. Remember, you can’t have a solution for a weakness that has not been identified.
Illustrate how much each solution will cost to implement, then compare these costs to the benefits that each solution will bring.
In the final step of your ISYS project, you will consider identified weaknesses, the potential solutions and the costs of implementing them, against the overall benefits they will bring, and ultimately make the decision on whether or not to implement the solutions suggested.
If you’re coming to the end of your AAT studies, and are considering what to do next, read our blog post, what to do after AAT level 4.