Reference no: EM132674496

Question - Implement & Maintain Internal control procedures

Q1 What Outline three (3) considerations relevant to confidentiality when managing and handling corporate records. You may refer your responses from the APES 110 Code of Ethics for Professional Accountants or other code of ethics or practice used in your industry/organisation.

Q2. Refer to the Financial Transaction Reports (FTR) Act to answer the following questions.

2.1 What the List five (5) entities which are defined as 'cash dealers' and have an obligation under the FTR Act.

2.2 What the list and explain the two (2) types of penalties if an entity fails to comply with their reporting obligations under the FTR Act.

2.3 What the List and explain the two (2) requirements which cash dealers must retain under the FTR Act, including the minimum retention period.

Q3. Complete the table below.

3.1 What Identify the three (3) types of transaction reports which must be prepared under the FTR ACT briefly explain:

3.2 What each type of transaction is about?

3.3 What the reporting requirements for each type of transaction. Specify the reportable details and reporting periods for each?

Q4. The following are key requirements of organisational policies and procedures relating to corporate governance. Briefly describe each requirement:

a. What key requirement for Managing conflicts?

b. What key requirement for Risk management?

c. What key requirement for Shareholder engagement

Q5. The following are key requirements of organisational policies and procedures relating to financial delegations and accountabilities. Briefly describe each requirement:

a. What key requirement for Separation of duties?

b. What key requirement for Security of assets?

c. What key requirement for Financial reporting?

Q6. Based on the Core Principles for the Professional Practice of Internal Auditing:

6.1 List two (2) key principles of audit.

6.2 Briefly explain how each principle applies to an organisation's financial policies and procedures.

Q7. List two (2) key principles of internal controls. Briefly explain how each principle can be applied to the organisation's financial policies and procedures.

Q8. What the List and briefly explain three (3) benefits and three (3) limitations of internal controls when managing the internal operations of a business.

Q9. Explain two (2) potential consequences of having poor internal controls for the internal operations of a business.