UNDERSTAND THE CONTROL OF PERFORMANCE MANAGEMENT AND INTERNAL CONTROL ENVIRONMENT FOR RISK CONTROL

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[FRM] Financial Risk Manager Assignment Questions with Answers

 
LO 2
In many smaller, unincorporated businesses such as sole traders and unlimited partnerships, the responsibility for internal controls often lies with the owners themselves. In most cases, the owners are fully engaged in the business itself, and if employees are engaged, it is usually within the capability of the owners to remain fully aware of transactions and the overall state of the business.
As organizations grow, the need for internal controls increases, as the degree of specialization increases and it becomes impossible to remain fully aware of what is going on in every part of the business.
In a limited company, the board of directors is responsible for ensuring that appropriate internal controls are in place. Their accountability is to the shareholders, as the directors act as their agents. In turn, the directors may consider it prudent to establish a dedicated internal control function. The point at which this decision is taken will depend on the extent to which the benefits of function will outweigh the costs.
The directors must pay due attention to the control environment. If internal controls are to be effective, it is necessary to create an appropriate culture and embed a commitment to robust controls throughout the organization.
 
Question 2: Answer the following questions.
a] In reference to the above given opinion, explain in your chosen organization,  what are/could be the various factors that impact responsibility centers to clearly bring out the type of responsibility each of these centers have. Also analyze the performance measures established as controls which you believe would be appropriate to monitor and evaluate the performance of each of these responsibility centers.
b] Describe the business of your chosen organization.  Briefly explain the various types of    internal controls mechanism put in place to control the operational risks in your organization.
c] Explain the role and importance of Audits in your chosen organization. Also mention the different type of Audits that exist while describing the role of Internal Audit department towards assessing adequacy of accounting systems.
[Total-20 marks]
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AYB 339 ACCOUNTANCY CAPSTONE INTEGRATED CASE STUDY ASSESSMENT

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AYB 339 Accountancy Capstone Integrated Case Study

ASSESSMENT REQUIREMENTS FOR EACH PART
PART 1:        Self-Reflection (10 Marks)
 
There is little doubt that COVID-19 has had a substantial impact on the way that this unit (and other units at QUT) have run this semester. For the first four weeks, students experienced how this unit is run in a face-to-face environment. However, from Week 4 onwards, discussion forums were moved to an online format.
This reflection asks students to self-reflect on the impact that COVID-19 has had on their studies in this unit, particularly given the large degree of groupwork involved.
Required:
Using the 5-point Likert scale provided below, students are asked to rank their answers to each of following five questions on a scale from 1 to 5. Please write a brief explanation underneath each score as to why you awarded that particular score.
The five (5) questions are:

  1. I found the online discussions appropriately simulated face-to-face meetings and did not effect my communication with my peers and the facilitator.
  2. I now feel better prepared for working remotely and collaborating with clients and colleagues in the future.
  3. I would be comfortable and confident completing further education (CA, CPA, Masters etc.) in an online environment.
  4. Overall, I felt I was not disadvantaged by doing this unit this semester in an online format, rather in other semesters where the unit is run face-to-face.
  5. If I was offered a choice of face-to-face discussion forums or online discussion forums going forward, I would opt for face-to-face classes.

 
Self-Reflection
Your writing should be in the first person, that is, you should write your explanations with “In my opinion …”, or “I believe that …” This is very important as this assessment is a self-reflection so you must express your critical views and opinions on these issues.
You must use 11 point Arial font with 1.5 line spacing. Make sure each of your responses are clearly labelled. The maximum number of words is 1,000..
[Total for Part 1 = 10 marks]
PART 2:        Enter Year-End Adjusting Journal Entries into MYOB & Print out a revised Profit and Loss Statement and Balance Sheet from MYOB – in pdf format (8 Marks)
A).   Students are required to prepare and enter adjusting general journal entries directly into the MYOB data file to take into account all of the relevant and necessary adjustments (please include cents in all of your journal entries).
The MYOB data file is available on the AYB 339 Blackboard site for students to download. The MYOB data file was created using MYOB AccountRight Enterprise (Educational Version 19). This version of MYOB is available in the student labs in both B and Z blocks.
However, students can use any version of MYOB to open the data file and make adjustments (provided it is version 19 or higher).
It will not be possible to open this MYOB data file if you use the MYOB trial versions available on the MYOB website or any version of MYOB lower than this version.
The data file has been created in MYOB 19 for Windows. However, for those students who have an Apple Mac computer or laptop, the data file will be able to be converted and opened in Mac AccountEdge Pro. For those students who do not have MYOB loaded onto their Apple computer, we have provided the link to a compressed zip file containing the appropriate software to enable you to load Mac AccountEdge Pro v15.5 on your home or laptop computer.
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BSBWHS404 CONTRIBUTE TO WHS HAZARD IDENTIFICATION, RISK ASSESSMENT AND RISK CONTROL

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Business Services/Newcastle
Assessment Brief
Words: 4000
Referencing Style: APA
Qualification Code: BSB41415
Unit Code: BSBWHS404
Unit Name: Contribute to WHS hazard identification, risk assessment and risk control (Release 1)
Qualification Name and Release Number: Certificate IV in Work Health and Safety
 
Assessment Event One
Background:
Minimum compliance with the obligations of the WHS Act 2011 and Regulations 2017 requires an organisation to have systematic arrangements for the identification of workplace hazards and risk management processes that ensure WHS risks are identified, assessed, controlled, monitored and reviewed. In this assessment task you will be asked questions relating to how you would contribute to ensuring hazard identification and risk assessment processes are effectively undertaken in an organisation. You will do this from the perspective of a WHS practitioner or other organisation representative tasked with the responsibility and accountability for WHS.
Element One: Access information to identify hazards, and assess and control risks
What internal (i.e. WHSMS) and external (i.e. legislative requirements) sources of information would you require in completing a hazard identification or risk assessment process? Identify at least five (4) important sources of both internal and external information and data. Highlight how you would access this information.

Internal Sources

Workplace policies and processes and standards
Workplace standards and guidelines often include a reinforcement of the standard operating procedures, also called SOPs, in the workplace. These are written policies which aim to be the primary information book of the employees so that they will be aware of the proper behaviour and work technicalities.
All employees must be made aware of the policy, which should be subject to regular review and revision in the light of experience. Revisions may be in response to changes in the nature of work carried out, new machinery, or any changes in legislation.
Again, revisions should be brought to the employees’ attention.
Policies should be written in plain English so they can be easily understood and put into practice.
Workplace procedures
A procedure sets out the steps to be followed for work activities.
Procedures are an essential part of any organization.
Procedures provide a roadmap for day-to-day operations.
They ensure compliance with laws and regulations, give guidance for decision-making, and streamline internal processes.
Originations must consult with affected workers when developing procedures for resolving work health and safety issues.
Consulting with workers on work health and safety, monitoring worker health and workplace conditions, and providing information and training.
Workplace systems
A typical business organization accomplishes its work load by creating a series of tasks that are performed and carried out as required.
Placing those tasks into series of organized and interconnected systems may benefit the company by introducing efficiency and order to the workday and ultimately increasing the bottom line.
Work systems allow everyday tasks to operate in a coordinated safe manner and provide a basic framework to produce services and products.
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MOD001112 BUSINESS ANALYSIS PROJECT MODULE GUIDE TRI3 2017-18

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Module title: Business Analysis Project

1. Key Information

Every module has a Module Definition Form (MDF) which is the officially validated record of the module.  You can access the MDF for this module via:

  • the Virtual Learning Environment (VLE)

All modules delivered by Anglia Ruskin University at its main campuses in the UK and at Associate Colleges throughout the UK and overseas are governed by the Academic Regulations.  You can view these at www.anglia.ac.uk/academicregs.  An extract of the Academic Regulations, known as the Assessment Regulations, is available at this website too.
In the unlikely event of any discrepancy between the Academic Regulations and any other publication, including this module guide, the Academic Regulations, as the definitive document, take precedence over all other publications and will be applied in all cases.

2. Introduction to the Module

Managing and understanding how a business performs are critical tasks for management, particularly in the context of a rapidly changing and competitive organisational environment.  This module focuses on both strategic and operational aspects and integrates topics and themes from other modules.  This integrative approach enables students (managers) to develop a comprehensive understanding of the issues facing an organisation and the implications of those issues for its well-being.
This module is largely self-managed and action oriented.  Although the emphasis is on a single organisation, almost inevitably the student will need to consider other organisations in order to make any findings meaningful.  As such, it involves an awareness of values and judgements managers make using both qualitative and quantitative concepts and data.
One of the main focuses for the design of this module has been the further development of relevant employability and professional skills.  Such skills are implicit in the learning outcome.
This module will be assessed by a 3000 word assignment.

3. Learning Outcomes and Outline Delivery

This module, like all modules at Anglia Ruskin, is taught on the basis of achieving intended learning outcomes.  On successful completion of the module, the student will be expected to be able to demonstrate the following:

Knowledge and understanding 
 
 
Intellectual, practical, affective and transferable skills		 LO 1.    Evaluate the ways in which competitive forces impinge on an organisation’s performance;LO 2.    Critically examine relationships between organisational issues and strategic development;
LO 3.    Apply appropriate qualitative and quantitative tools, techniques and concepts to clarify, synthesise and evaluate an organisation’s current effectiveness and future prospects;
LO 4.    Develop a critical and practice-based insight into the key issues facing an organisation, supported by clear evidence-based findings and to communicate those findings and make recommendations.

The assessment is based on meeting these learning outcomes, shown explicitly in section 4, where the assessment task is linked to these learning outcomes.
The table below indicates how the module will be delivered.  However, this schedule is indicative and may be subject to change. These sessions will need to be condensed into 10 weeks for TRI3.

Part Lecture Seminar/Workshop Student-managed learning
0 Pre-module Briefing on purpose and direction of module and preparation Pre-module reading and research on one focus company and its competitors.
1 Module introduction – purpose, direction and outcomes.Sources of information Selection of target organisations; suitability for study, access to company informationDiscovering, assessing and exchanging details of favourite sources – valid, neutral, reputable and reliable sources Research and data gathering for chosen firms
Testing and sharing sources of information
2 Student presentations  (1)formative, not assessed Students’ preliminary presentations on choice of focus company and what they expect to find out Class dialogue on current economic and business issues and their influences on strategy formulation.
3  Frameworks for competitive advantageQuestioning & updating academic frameworks Revise, review and test knowledge of standard models e.g. PEST, 5-forces, Ansoff etc. Revise the standard accounting ratios and their implicationsHow we can adapt and update frameworks? Revision and updating of learning from earlier strategy and accounting modules.Johnson, Scholes & Whittington (2011) Exploring Corporate Strategy, Pearson Education Ltd, 9th edition.
Read works of Downes & Mui, Miller A., Bowman C., Yip., Ansoff I.
4 Balanced Scorecard and KPIsand Strategy Map Identifying and understanding industry-specific key performance indicators Researching specific company and industry sources and identifying the special KPIs for that sector. Read articles by Kaplan and Norton on the Balanced Scorecard and the Strategy Map.
5 Drivers of globalisation Identifying and assessing the main factors driving globalisation Reading and researching e.g. good quality press articles in order to assess the influence of globalisation (based on Yip, G.). PWC and World Bank and WEF and other reports
6 Spreadsheet modelling – computer room Replication of company P&L and Balance Sheets in spreadsheets. Revision and use of spreadsheet formulae.
7 Spreadsheet modelling – computer room Development of student’s own spreadsheet model
8 Student presentations (2)formative not assessed – progress check Short (3 Powerpoint slides) presentations on the main issues uncovered in focus company and two comparators. Identifying key problems / issues, identifying industry-specific KPIs.
9  Case studye.g. Marks & Spencer
Case study:-
e.g. Low cost airlines		 Application of academic frameworks; modelling & spread-sheeting figuresSelecting the appropriate measurables. Identify industry-specific KPIs, integrating  soft (qualitative) and hard (quantitative) data.Industry-specific KPIs, example of airlines,
Doganis,R.
10 Investment appraisal frameworks, NPV, IRR,Decision tree analysis Applications and implications Will be advised in lecture
11 ReviewStudent presentations updated (not assessed, formative) Workshop Realistic strategy options. Testing options with a spreadsheet, integrating the analysis into a Powerpoint presentation
12 Review Workshop – question and answer session Realistic strategy options. Testing options with a spreadsheet, integrating the analysis into a PowerPoint presentation

4. Assessment

4.1. How this Module is Assessed: What You Need to Do and When
The assessment for this module consists of one element.

Element Type of assessment Word or time limit % of Total Mark Submission method Final Submission Date
10 INDIVIDUAL ASSIGNMENT 3000 WORDS 100% in hard copy 2pm10th August 2019

Individual Assignment 3000 words (100%)
You are required to prepare a 3,000 words report on an enterprise of your own choosing. This will be a critical appraisal of the competitive position of the enterprise and you will benchmark with two similar organisations.
This module simulates the problems (issues) that real life senior managers deal with and requires you to test some of your proposed solutions. The focus is on some aspect of competitive advantage and how this is reported in published information and also in financial reports and statistics.
The module is integrative, it requires you to look at competitive strategy from different angles (e.g. organisational, operational, market, financial etc).  You must pull together these strands in order to form a coherent picture of the issues (i.e. the problems and opportunities) inside and around your chosen organisation.
Part of your analysis will be qualitative – “soft” – and part of your analysis will be quantitative – “hard”. You must pull together “soft” analysis and “hard” (financial and market data) in order to perform a complete analysis.
It is valuable to be aware of the key performance indicators that are employed in each market sector. The traditional financial ratios are useful here, but do not give the full picture. Some sectors have very specialised KPIs. How does your chosen organisation compare with your chosen benchmark organisations in these key areas?
The module also requires an awareness of values and judgements in financial and other reporting. You must interpret evidence from a number of different sources in order to give your judgement on numerical data represented in the accounts.
The module requires you to test the outcomes of your recommendations using spreadsheet scenario modelling. You should comment on the suitability, acceptability and feasibility of your recommendations and integrate the figures derived from your scenario modelling in this section.
Reassessment
As the assessment is scenario-based, the re-assessment is the same as the first attempt assessment.
Resit submission deadline is no later than 2pm Friday 9th January 2020.
4.2. Submitting Your Work
OPTION A (SAM Trinidad)
All coursework assignments and other forms of assessment must be submitted by the published deadline which is detailed above.  It is your responsibility to know when work is due to be submitted.
All student work which contributes to the eventual outcome of the module (ie: if it determines whether you will pass or fail the module and counts towards the mark you achieve for the module) is submitted via GradeMark®.  You CANNOT submit work for this module via the iCentres.  Additionally, academic staff CANNOT accept this work directly from you
Work that is submitted late – defined as up to five working days after the published submission deadline – will be accepted and marked.  However, the element of the module’s assessment to which the work contributes will be capped with a maximum mark of 40%.
You are requested to keep a copy of your work.
OPTION B (All other international partners)
All coursework assignments and other forms of assessment must be submitted by the published deadline which is detailed above.  It is your responsibility to know when work is due to be submitted.
All student work which contributes to the eventual outcome of the module (ie: if it determines whether you will pass or fail the module and counts towards the mark you achieve for the module) is submitted via the iCentreusing the formal submission sheet. Academic staff CANNOT accept this work directly from you.
If you decide to submit your work to the iCentre by post, it must arrive by midday on the due date.  If you elect to post your work, you do so at your own risk and you must ensure that sufficient time is provided for your work to arrive at the iCentre.  Posting your work the day before a deadline, albeit by first class post, is extremely risky and not advised.
Work that is submitted late – defined as up to five working days after the published submission deadline – will be accepted and marked.  However, the element of the module’s assessment to which the work contributes will be capped with a maximum mark of 40%.
You are requested to keep a copy of your work.
4.3. Feedback
You are entitled to feedback on your performance for all your assessed work.  For all assessment tasks which are not examinations, this is accomplished by a member of academic staff providinga mark and associated comments which will relate to the achievement of the module’s intended learning outcomes and the assessment criteria you were given for the task when it was first issued.
Examination scripts are not returned to students.  However, you are entitled to feedback on your performance in an examination and may request a meeting with the Module Leader or Tutor to see your examination script and to discuss your performance.
Anglia Ruskin is committed to providing you with feedback on all assessed work within 20 working days of the submission deadline or the date of an examination.  This is extended to 30 days for feedback for a Major Project module (please note that working days excludes those days when Anglia Ruskin University is officially closed; eg: between Christmas and New Year).Personal tutors will offer to read feedback from several modules and help you to address any common themes that may be emerging.
For students studying at one of our Associate Colleges, local arrangements for the return of your assessed work will be published.
On occasion, you will receive feedback and marks for pieces of work that you completed in the earlier stages of the module.  We provide you with this feedback as part of the learning experience and to help you prepare for other assessment tasks that you have still to complete.  It is important to note that, in these cases, the marks for these pieces of work are unconfirmed.  This means that, potentially, marks can change, in either direction!
Marks for modules and individual pieces of work become confirmed on the Dates for the Official Publication of Results which can be checked at www.anglia.ac.uk/results.
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