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FNSACC506 Implement and maintain internal control procedures: Assessment Task 3

Assessment Task 3 Instructions 

Carefully read the following: 

You are working as an accountant for a small training organisation called The Train Station. The CEO has approached you with the following issues: 

  • Several invoices have been received recently that have no prior approval from management for purchase
  • One of the staff members was paid at the incorrect pay rate as the payroll officer processed pays based on information the staff member provided rather than the employment contract
  • Cash flow and profit and loss reports are not being reviewed regularly
  • Staff are unsure who they can seek approval or guidance from, as there is not a clearly delegated role

The CEO has decided to appoint a Chief Financial Officer (CFO), who will have high level approval responsibilities and assist to control business operations. The CFO will now become the delegated person responsible for all financial purchases, queries and monitoring. The CEO has requested that you help to resolve the above issues by developing new Control Procedures that address the issues. You are also asked to write several reports that will be used in the development and implementation of the new procedures.

Complete the following activities:

  1. Develop a list of tasks that a newly appointed CFO would be responsible for, including relevant reports they will access and review and the schedule for when this would occur. 
  2. Develop two internal control procedures to resolve the issues regarding unapproved purchases and payroll processing. 

Refer to the following for guidance on internal procedure development:

https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/business/internal-controls-for-small-business.pdf?la=en

Undertake research to find any similar processes used by other companies. Review these to ensure that your process is in line with other recognised practices. 

  1. Write a report for your CEO.

You will now write a plan for the procedures’ implementation. 

The report should include the following:

  • Who the relevant stakeholders are
  • How you will arrange consultation with the stakeholders 
  • Proposed timeframes for the proposed implementation 
  • Three performance indicators that will be used to evaluate future compliance to each procedure
  • A timetable for to review the ongoing success of the procedures. 
  1. Write an internal Management Report.

When the procedures have been finalised after discussion with your CEO, the company’s management will be informed by way of a written report.

The report should include all relevant information, including: 

  • What the issues were and what the causes of those are.
  • Your review of any similar processes used by other companies 
  • Supporting research from relevant sources in order to support the application of this process 
  • Where procedural information can be accessed
  • Implementation and review timetables
  • The people responsible for certain areas of implementation
  • Why the changes are being implemented 
  • Three performance indicators that will be used to evaluate future compliance to each procedure
  • How the ongoing success of the procedures will be assessed. 


It is important that you reference the sources of your information. For instance, if you have found an internal control procedure that seems to be appropriate to the case study, and has worked for another company, cite the company and the effect that the procedure has had on its bottom line, as well as how it is relevant to the case study.

  1. Email your CEO (your assessor) to arrange a meeting.

The text of the email should be in correct English, and use an appropriate tone (polite and deferential) while requesting a time and date that you can meet. 

The email text should also give a summary of the contents of the email’s attachment.

Create a Word document that contains the questions and your answers to activities 1, 2, 3, and 4, namely:

  • List of CFO tasks
  • Two internal control procedures
  • Stakeholder consultation report
  • Internal management report

Attach this Word document to the email

  1. Meet with your CEO.

You must now meet with your CEO (played by your assessor) and discuss the steps you have taken to date, and seek approval to proceed with implementation. 

During the meeting you must demonstrate an understanding of:

  • why the control procedures are required
  • how the procedures will reduce company risk and better control the finances 
  • how the timetables for implementation will be managed to maximise benefits for all parties

During the meeting, you are required to demonstrate effective interpersonal and communication skills including:

  • Speaking clearly and concisely
  • Using effective non-verbal communication skills to encourage audience interest
  • Responding to questions 
  • Asking questions to seek feedback
  • Use of active listening techniques to confirm and clarify understanding.
  • Use of appropriate language and concepts in order to liaise with others appropriately. 
  1. Send an email to the CEO (your assessor).

Make the amendments to the Control Procedures and the timetables that were suggested by your CEO at the meeting that will facilitate compliance with the Control Procedures. 

The text of the email should summarise the meeting and the conclusions reached. 

It should also summarise the content of the email attachment. 

The email text should also ask for the CEO’s approval of the project, giving you permission to proceed.

Attach your amended Control Procedures and Management Report to the email.


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