D SPECIFIC FUNCTIONS OF ACCOUNTING AND INTERNAL FINANCIAL CONTROL

1. Accounting and finance functions within business

a）Explain the contribution of the accounting function to the formulation,implementation,and control of the organisation‘s policies,procedures,and performance.

b）Identify and describe the main accounting and reporting functions in business:

i）recording financial information

ii）codifying and processing financial information

iii）preparing financial statements

c）Identify and describe the main management accounting and performance management functions in business:

i）recording and analysing costs and revenues

ii）providing management accounting information for decision-making

iii）planning and preparing budgets and exercising budgetary control.

d）Identify and describe the main finance and treasury functions:

i）calculating and mitigating business tax liabilities

ii）evaluating and obtaining finance

iii）managing working capital

iv）treasury and risk management.

2. Internal and external auditing and their functions

a）Define internal and external audit.

b）Explain the main functions of the internal auditor and the external auditor.

3. Internal financial control and security within business organisations

a）Explain internal control and internal check.

b）Explain the importance of internal financial controls in an organisation.

c）Describe the responsibilities of management for internal financial control.

d）Describe the features of effective internal financial control procedures in an organisation.

e）Identify and describe features for protecting the security of IT systems and software within business.

f）Describe general and application systems controls in business.

D SPECIFIC FUNCTIONS OF ACCOUNTING AND INTERNAL FINANCIAL CONTROL

1. Accounting and finance functions within business

a）Explain the contribution of the accounting function to the formulation,implementation,and control of the organisation‘s policies,procedures,and performance.

b）Identify and describe the main accounting and reporting functions in business:

i）recording financial information

ii）codifying and processing financial information

iii）preparing financial statements

c）Identify and describe the main management accounting and performance management functions in business:

i）recording and analysing costs and revenues

ii）providing management accounting information for decision-making

iii）planning and preparing budgets and exercising budgetary control.

d）Identify and describe the main finance and treasury functions:

i）calculating and mitigating business tax liabilities

ii）evaluating and obtaining finance

iii）managing working capital

iv）treasury and risk management.

2. Internal and external auditing and their functions

a）Define internal and external audit.

b）Explain the main functions of the internal auditor and the external auditor.

3. Internal financial control and security within business organisations

a）Explain internal control and internal check.

b）Explain the importance of internal financial controls in an organisation.

c）Describe the responsibilities of management for internal financial control.

d）Describe the features of effective internal financial control procedures in an organisation.

e）Identify and describe features for protecting the security of IT systems and software within business.

f）Describe general and application systems controls in business.