Accounting
Paper details:
WRITTEN COURSEWORK
You should write not more than 2000 words in response to the coursework requirements (a), (b) and
(c) that follow the scenario set out in the box below:
Karla Kay plc
Karla Kay plc (KK) is a listed company that produces and sells mid-range cosmetic products for men
and women. The products are manufactured outside the UK, and are then imported and stored in
one of the company’s five distribution centres situated around the UK. KK’s principal customers are
major UK store retailers, such as Boots and Debenhams.
During the company’s financial year ended 30 June 2015 evidence of a large-scale, systematic, fraud
was discovered. A large group of staff in the Manchester distribution centre, including all the
centre’s managerial staff, had worked together to defraud the company of large amounts of stock
which they then sold to discount stores, sharing the proceeds between them. This group of staff left
the company following the fraud.
KK’s external auditors had reported to the directors for several years that internal controls over sales
were poor, and had recommended improvements. However, the directors had ignored the auditors’
advice on the grounds that a certain level of theft and fraud from the distribution centres was to be
expected, but that it was unlikely ever to reach material levels.
KK’s directors have now decided to invest in new information systems and to improve internal
controls in the business. The directors expect that the new systems will eliminate the risks of fraud
and theft and that the external audit fee will be significantly reduced. The changeover to the new
systems is planned to take place in the 2017/18 financial year.
You are a part-qualified accountant working in KK’s accounting department. Your boss, the financial
controller, is working on a large document that will set out the principal features of the new
systems. She has asked you to take responsibility for drafting the section of the document relating to
You have been asked to produce a report section that addresses the following requirements:
AcF211 coursework michaelmas 2015
(a) Explain the principal documentation, processes and records that should be in place in the new
sales system, covering the receipt of orders from KK’s customers, the despatch of goods and the
recording of the sale and subsequent receipt of payment in KK’s accounting records. Also, you should
include the principal documentation, processes and records that should be in place in respect of sales
returns by customers. You may use flow diagrams as part of your explanation, but this is not
compulsory.
(b) Identify and explain the principal risks (of error, fraud or theft) associated with the new sales and
sales returns system, and the features of an effective internal control system to address those risks.
Identify and explain any other risks (of error, fraud or theft) that you can identify in the scenario.
(c) Explain the work that KK’s external auditors will undertake in respect of
(i) the internal controls of the new sales system and the new sales returns system
(ii) substantive testing of sales and sales returns.
Marks breakdown:
Part (a): 7 marks
Part (b): 7 marks
Part (c) : 6 marks
Assessment criteria
The written coursework will be assessed using the following criteria:
? Demonstration that the coursework scenario has been fully understood;
? Production of a report within the word limit (please, no appendices);
? Clarity of analysis of the scenario and of the explanations required;
? Use of good quality business English;
? Coursework within the 2000 word limit.
This is a practical exercise requiring application of what you have learned on the course to the
scenario set out above, and production of a business-like section of a report. You do not need to
consult external references, but you do need to think the coursework requirements through
carefully. If you do use external references (books, articles etc) you must, of course, provide full
references using the Harvard referencing system. Any referencing should be included within the
2000 word limit. The 2000 word limit includes everything (title, footnotes, end notes, references,
bibliographies, appendices, headers, footers, everything you could possibly think of).
The requirement is to produce a section of a report. It does not need an executive summary or index,
and the introduction and conclusion to the section of the report should be brief.
This coursework should be put into the coursework box outside Room C38 of the Management
School by 12noon on 8 December 2015.
Please note the guidance provided by the Undergraduate reference guide 2015/2016 in respect of
plagiarism, referencing and coursework submission.
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