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Prepare financial reports to meet statutory requirements
Prepare your report for the Board, covering the following matters:
a) Discuss the directors' concerns about the amount of resources being allocated to the monitoring process.
b) Outline the objectives of an audit committee.
c) Recommend terms of reference for the committee.
d) Identify who should constitute the committee.
e) Discuss the interaction between the audit committee and both the internal and external audit functions.
Did the student complete and provide evidence for the following(please ?): Yes No 1.1 Identify, interpret and comply with statutory requirements and information 1.2 Accurately analyse data and information for reports 1.3 Prepare and consolidate well-written reports in required format. Has the learner proven they can(please ?): Yes No 1.1 Outline key information required, common financial report formats and typical quality indicators 1.2 Explain financial services industry codes of practice 1.3 Describe key requirements of organisational policy and procedures relevant to financial reporting 1.4 Identify and describe key requirements of relevant legislation and regulations relevant to financial reporting.
• All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint • Upon completion, submit the assessment via the student learning management system to your trainer along with the completed assessment coversheet. • Refer the notes on eLearning to answer the tasks • Any additional material will be provided by Trainer Instructions for Students Please read the following instructions carefully • This assessment is to be completed according to the instructions given by your assessor. • Students are allowed to take this assessment home. • Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date. • Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.
On March 3, Cornwell Appliances sells $680,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold.
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