This assignment task requires you to research a specific
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Assignment Task: This assignment task requires you to research a specific area in your business where internal controls are required. Select one area for your research from the following list:• Payroll, labour costs and staff scheduling • Stock control for food and / or beverage • Non-current assets – management and control • Cash and credit card paymentsIdentify a potential problem or challenge which exists in your business with regard to one of these aspects. Discuss the problem with the relevant Head of Department or colleague and list the current issues including the cost to the business arising from this issue. Research by reading the course notes and additional texts / websites the best practice for improving controls in this problem area. Write up your findings using the following headings:a) Defining the case problem – this could be based on evidence from interviewing key personnel in the area. You should include examples. b) Options for improvement – critically evaluate the various ways in which the current situation could be improved based on the best practice you have researched. c) Recommended approach – select a course of action appropriate to your business and the particular problem based on best practice. d) Plan for implementation – outline a plan for corrective action, ideally with dates and a timescale. Don’t forget to include details of who will do what and by when. e) Conclusions – summarise the benefits gained from the exercise both to you, the Head of Department and the business. f) References – remember to list your references to reading from other sources beyond the course materials such as books or EBSCO articles. Please refer to the Learner Handbook for tips on referencing. Nb. A flow diagram may be the most appropriate way of describing the control process under consideration and any subsequent suggestions for change.Indicative word count: Max 2,000 words
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