Question 11(500 words)
Create procedure you can use as a bookkeeper as part of your duties related to payroll.
The following procedures must be included:
1. Enter employee pay records
AIM: this procedure is designed to make sure employee pays are processed correctly and in a timely fashion at the end of each pay period.
2. Process payroll
AIM: this procedure outlines the steps to take a process payroll at the end of the pay period.
3. Reconcile payroll
AIM: this procedure outlines the steps to take when reconciling payroll
4. Update payroll records
AIM: this procedure outlines the records to be updated post payroll processing
5. Payroll enquires
AIM: this procedure outlines the steps to take when handling a payroll enquiry from an employee
6. End of quarter
AIM: this procedure outlines the steps to take at the end of financial quarter
7. End of financial year
AIM: this procedure outlines the steps for processing payroll at the end of the financial year
8. Back up
AIM: this procedure describes the backup regime used by the organization
9. Complete payroll component of BAS
AIM: this procedure describes the process of adding payroll information to the business activity statement (BAS).
Question 6(500 words)
‘How to do it’ is a company which provides information and products for the DIY sector. It has grown significantly in the past few years and turnover has increased from around $3m to over $15m per annum.
The company was originally managed by the owners who, as it grew, hired staff from predominantly amongst people that they knew or were already known to other staff. Staff numbers had grown from less than 10 to over 60 during this period and many employees were married to, or in relationships with, others within the company.
Audits are conducted annually and the audit company is well regarded and has been doing the audits since the company began. The auditors are regarded as part of the team and attend the Christmas function each year.
At the most recent Christmas function one of the auditors, commented to the general manager, as an aside during a conversation, that he was surprised that given the increase in turnover that the yearly profits were not higher.
The general manager decided that during the Christmas break he would look at the auditors report and review the situation. The auditors report made no such statement but after examining the figures it was apparent that profits should have been higher.
When the office re-opened he requested the auditors to undertake an examination specifically to discover why it was so.
The auditors investigated and reported that the section manager responsible for major purchases had paid invoices to a company which he and his wife owed. The amount paid to the company was in excess of $500,000.
The section manager was responsible for signing off on work completed, or supplies received, and authorized payments. His wife was responsible for issuing the cheques. Both were signatories to the cheque account.
What breaches of internal control were there and what modifications to procedures would you implement? Outline your suggested course of action.
602- apply economic principle to work in the financial services industry (100 word EACH QUESTION)
1. outline the key features of microeconomic principles and how they relate to financial services industry products, services and organisational practices.
2. Explain capital adequacy requirements for financial services organisations based on financial product mix.
3. explain asset pricing models and their use in identifying organisational value and capital structures.
4. explain and apply economic theories and valuation of assets
5. identify and apply financial modelling techniques and tools
6. outline your organisation financial markets, products and services.
7. describe key features of relevant legislation, statutory requirements and industry codes of practice.
8. identify and describe techniques and tools for evaluation and interpretation of research data.
9. describe the economic and political climate relating to the financial services industry.
Question 10 (500 words)
FOR this assessment, you will need to perform the following observation in a workplace or simulated environment.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the industry capability field and include access to:
• Common office equipment, technology, software and consumables.
• Current financial services industry economic literature and research.
The student will need to perform the following activities for their observation:
1. research the current trends associated with the financial services industry.
2. provide a detailed discussion on how those trends impact the financial services industry
3. access the corporate regulations and provide a detailed discussion the purpose of the regulation and how they can be applied to your work in the financial services industry.
4. identify two financial modelling techniques and tools and asset pricing models and provide a detailed discussion on each one and how they can be applied in your job role.