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"Ethical behaviour can be affected by a range of factors revolving around our perception of the consequences. Is it the person who is bad, or is it that the environment that makes good people behave b

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"Ethical behaviour can be affected by a range of factors revolving around our perception of the consequences. Is it the person who is bad, or is it that the environment that makes good people behave badly?" A quote from Dr  E Tsahuridu CPA Policy Advisor on Professional Standards and Governance.

Assignment Question: 

1.Internal control systems and risk management procedures can protect organisation assets to a certain degree. Using the case study given, discuss what could have been implemented by this non-profit government organisation ...

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Question Preview:

"Ethical behaviour can be affected by a range of factors revolving around our perception of the consequences. Is it the person who is bad, or is it that the environment that makes good people behave badly?" A quote from Dr  E Tsahuridu CPA Policy Advisor on Professional Standards and Governance.

Assignment Question: 

1.Internal control systems and risk management procedures can protect organisation assets to a certain degree. Using the case study given, discuss what could have been implemented by this non-profit government organisation to stop the fraud from occurring. In your answer, refer to the components of Internal Control on page 86-88 of Financial ACCT2. 


2.Bank Reconciliation: Explain what a bank reconciliation is and why it is necessary. 
Create an example to demonstrate how it works. 
(See page 52 of tutorial book for a Bank Reconciliation Outline). 

3.Use the company name allocated by your tutor to answer this question: Give a short summary of what your company does. 
Explain in detail three real examples of specific Control Activities (page 87-88 of Financial ACCT2) that this company may have implemented as part of their internal control. 
 

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Answer 1

A relevant part of any business is its internal control. Internal control differ from organisation to organisation, but the work on a common mechanism. Internal controls are methods used by the company to achieve its objective effectively and efficiently. Internal controls are necessary for organisations in order to prevent fraud and mismanagement. Internal controls are procedures which not only ensures safeguarding of assets but ensure compliance with all

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