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:
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:
Refer to the following for guidance on internal procedure development:
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.
You will now write a plan for the procedures’ implementation.
The report should include the following:
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:
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.
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:
Attach this Word document to the email
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:
During the meeting, you are required to demonstrate effective interpersonal and communication skills including:
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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