Page 321 - Accountancy_F5

(e) Risk assessment: Risk refers to to the other. For example, aspects such as
the possibility that certain events or resource allocation, timeline, and review
actions may threaten the achievement of procedures hold greater significance in
of organisation objectives. Potential the development of an accounting work
risks that could affect the accuracy plan than in an accounting action plan.
or reliability of financial information Therefore, these aspects would require a
FOR ONLINE READING ONLY
should be identified and evaluated more detailed explanation and consideration
well in advance. Different types of when developing an accounting work plan
risks may be considered relating to compared to an accounting action plan.
fraud, errors, compliance, or internal The relevant steps or procedures to be
LANGUAGE EDITING
controls. considered are as follows:
(f) Continuous improvement: The (a) Define objectives and Goals

accounting work/action plans should Clearly articulate the objectives of
be flexible and adaptable to changes the action plan. These could include
in the organisation’s environment improving financial reporting
or operations. They should allow accuracy, strengthening internal
for continuous improvement and controls, streamlining processes,
refinement based on the feedback and or implementing new accounting
performance evaluation. software. Ensure that objectives
are specific, measurable, attainable,
By thoughtfully considering the
aforementioned issues, you can ensure that relevant, and time-bound (SMART).
the accounting work plan or action plan is (b) Conduct a needs assessment
comprehensive, effective, and aligned with Assess the current state of your

the organisation’s needs and objectives. accounting processes, systems, and
Keeping these key issues in mind, one can controls. Identify any weaknesses,
proceed to develop an accounting work plan inefficiencies, or areas for
or action plan that facilitates accounting improvement. Consider input from
work effectively. stakeholders, including accounting
staff, managers, auditors, and other
It is important to note that the step-by-step
guidelines can be flexibly used to develop relevant parties.
either an accounting work plan or an (c) Develop actionable goals and define
accounting action plan. However, due to the scope
the differences between these two types of Break down each objective into
plans, some steps may require more detailed actionable goals or tasks that need
consideration in one type of plan compared to be completed to achieve them.

Student’s Book Form Five
308

23/06/2024 17:36
ACCOUNTANCY_DUMMY_23 JUNE.indd 308 23/06/2024 17:36
ACCOUNTANCY_DUMMY_23 JUNE.indd 308