Reference no: EM132974601

1. Give an example of a contingency and how the budget may have to be revised in order to compensate for the loss of time, goods etc.

2. How can an audit trail help you identify discrepancies? Which type of discrepancies may be identified?

3. Why do you need to be diligent when ensuring compliance? Give an example based on your own workplace where a lack of diligence regarding compliance has caused problems in the past or could cause problems if not observed.

4. Research your own organisation's organisational requirements for report formatting. Why might your organisation make specifications about report formatting?

5. Why do you need to draw attention to significant issues in reports?

6. Describe ways in which you can monitor the financial viability of the organisation and why this is necessary.

7. Review your own company's financial management processes and offer a commentary on areas which could be improved.