ACCOUNTING ANALYSIS

Internal Control and Accounting Systems

SWOT Analysis of Central Taxis3

Review of the Accounting System in Central Taxis5

Record Keeping Systems in Central Taxis7

Internal System of Control in Central Taxis8

Fraud in Central Taxis9

Working Methods/Practices10

Training12

Weaknesses of Accounting System in Central Taxis13

Learning the System13

Loss of Information13

Re-evaluation14

Recommendations14

Cost Benefit Analysis - Central Taxis15

Costs:17

Benefits:18

Terms of References19

Executive Summary20

References21

Internal Control and Accounting Systems

SWOT Analysis of Central Taxis

A SWOT analysis consists of organizational appraisal based on internal and external. Strengths and weaknesses of the organization are peculiar basis on individuality while opportunities and threats are found to be open for all organizations or companies in the industries.

Strengths indicates the positive factors which provide an advantage to the specific organization due to which it is able to build its market position, financial resources, size and staffing.

Weaknesses cover the negative aspects which limit organizational effectiveness and they are required to be corrected. For example, poor or bad image of the organization, skill shortages, higher costs, outdated or obsolete Information Technology (IT) systems and the complaints of the customer.

Opportunities refer to the favorable conditions that are created and arise from the changes in the external environment. For example, improved economic factors, new markets etc.

Threats are considered as opposites to the opportunities and they are arises again from the external environments and the development. The example of threats is recession, new competitors, changes in the legislation etc.

The SWOT analysis can be prepared in the following chart for the Central Taxis that is based on accounting systems:

Strengths

Employees commitment

Effectiveness of IT systems

Appraisal and good training system

Expertise of management

Weaknesses

Concerns regarding quality of products

Lack of sufficient budgetary control

Lack of having staff that covers in the emergencies department

Opportunities

Better market fares

Retaining the brand image

New services for customers

Threats

Changes in the legislation by the government

Emergence of rivalries or competitors

Deteriorating the environment of an economy



Any type of audit may become the reason of anxiety. There are various types of audits that may be conducted in the U.K organizations and it helps a contractor for getting prepare (Liao 2005, p.93-102). When an audit is conducted, a contractor must be aware of the following requirements and information:

Why the audit is a requirement and why it is conducted?

To understand what the auditor is generally looking for?

Review of the Accounting System in Central Taxis

In the United Kingdom, a bookkeeping system survey normally happens when the government contract auditor makes his or her first audit of a bookkeeping system. The purpose is to figure out if that system is satisfactory for collecting costs under cost-type contracts, verifying advancement payments under settled price contracts, and for assessing future costs on new contracts. Audit in Central Taxis has a tendency to be very troublesome for littler companies that are confronting it to many people for the first time (Liao 2005, p.93-102).

It is fundamental to the achievement of the bookkeeping framework survey that the contractors have a bookkeeping policy and procedures manual in the Central Taxis. To begin with, when the examiner starts a bookkeeping framework audit, he or she needs to see ...