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nlexa [21]
3 years ago
5

An effective Financial Management Process is dependent on a number of factors. Crucial is the establishment of a sound system of

Internal Control to minimise risk and maximise effectiveness. Outline your understanding of Internal Control and why it is important to have a system in place as part of the Financial Management process. What are the key areas that need to be considered when implementing internal controls? Give an example of three (3) key controls that will assist in achieving these objectives
Business
1 answer:
Margaret [11]3 years ago
8 0

Answer:

<u><em>Internal control area</em></u>: it is responsible to stablish monitoring process in all the areas of the organization that prevent unlawful practices that are not in compliance with the regulations, laws or any external norm applicable to the company.

<u><em>Key areas:</em></u>  below find 3 areas as subjects important to control and 3 areas as departments within the company

  • prevention of reputational risk, prevention of credit risk, prevention of operational risk.
  • Internal audit area, Compliance area, Legal area.

<u><em>Key controls:</em></u>

  1. dual controls in the manufacturing of products prevent operational errors
  2. due dilligences of the commercial area regarding the customers that stablish a relationship with the company
  3. setting manuals that contain how the procedures must be done.
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1 year ago
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4 0
3 years ago
Performing quality assurance is a subprocess of the _____ process of project quality management. a. initiating b. monitoring and
puteri [66]

Answer:

d. executing

Explanation:

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7 0
2 years ago
Scampini Technologies is expected to generate $175 million in free cash flow next year, and FCF is expected to grow at a constan
White raven [17]

Answer:

the stock value per share is $53

Explanation:

The computation of the stock value per share is shown below:

Value of operations = Free cash flows ÷ ( Capitalization Rate - growth rate )

= $175 Million ÷ ( (10% - 4%)

= $2,917  

Now stock value per share is

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8 0
2 years ago
Your store has average sales of $1,680 per day. Its shrinkage rate is 3%. What will its losses be for an entire year?
Lerok [7]

Answer:

$18,396

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Average sales of the store per day = $1,680

Number of days in a year = 365

Total sales in a year = $1,680  x 365 = $6132,200

Shrinkage rate = 3%

Losses for an entire year = 0.03 x $6132,200 = $18,396

6 0
2 years ago
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