live soft skills

Bank and cash controls Control objectives ● That money is not stolen ● That money received is paid into company bank accounts quickly ● That payments are for genuine business purposes. Control procedures ● Money on company premises kept in a safe ● Where there are tills, these are: o Kept locked when no staff are present o Have prices of products pre-programmed o Only accessible to someone with a key, or a personalised swipe card o ● Money taken to bank using security vans, which do not always take the same route on the same day of the week ● List of approved signatures for each bank account ● Regular bank reconciliations ● Cash receipts recorded immediately, and compared with date cash arrives in bank account ● Payments above a minimum figure require 2 signatures. Reconciled daily (till record v actual cash in till)

Audit procedures Observation Observation consists of looking at a process or procedure being performed by others. It could be used here to observe employees scanning their cards when they start and finish a particular shift. However, its use is limited because it only provides evidence that the process happened at the time of observation. It should be used in conjunction with other audit procedures. Inquiry Inquiry consists of seeking information of knowledgeable individuals, both financial and non-financial, throughout the entity or outside the entity. This can be used to find out how the time recording system works by interviewing relevant staff so would be a good procedure to use. Recalculation Recalculation consists of checking the mathematical accuracy of documents or records. It could be used to calculate the hours worked according to the information on the time recording system. Reperformance Reperformance is the auditor's independent execution of procedures or controls tha...

The Oxford Brookes University Research and Analysis Project (RAP) is the final component of the Oxford Brookes University BSc (Hons) in Applied Accounting degree. To reach this stage of the BSc degree you have already successfully completed at least nine demanding ACCA professional exams. You have already demonstrated your undergraduate level abilities by passing the ACCA exams; the RAP provides you with the opportunity to demonstrate the remaining graduate level attributes necessary for the award of the BSc degree. Please read the RAP learning outcomes and assessment criteria carefully before you start your RAP work. This will help you understand what is expected of an ACCA student who wishes to submit a RAP to Oxford Brookes University. You should understand that your research work and preparation of the RAP is covered by the Oxford Brookes University academic regulations. This includes the University’s regulations on cheating which can be found on this website. If an ACCA student o...

In countries where there is greater inclusivity in decision-making, or where there is a strong family dominance, it is possible that a A The 2-tier system may also operate with family dominated companies, with family members having their own top-level private Board which has controlling voting rights (and therefore where the true decision-making power rests). To an extent, schools in the UK may be seen to have a 2-tier system, with the Head / Principal and a small number of senior teachers on a management board, with the School Governors in a more supervisory role. Of course, schools naturally have a lot of stakeholders (parents, teachers etc.) so would seem well-suited to this structure. 2-tier board will exist. Management Board will run the day to day operations of the company, but will be monitored by a higher level Supervisory Board . In UK terms, this is similar to having the NEDs on a top board, with the Executive Directors on a separate lower Board. Advantages of 2-tier boa...

Corporate Governance varies around the World, largely due to different history and cultures. In the UK and US, the model is aimed primarily at the rights of shareholders. In Germany and much of continental Europe, and also in Japan, In Japan, many major company structures were traditionally based around banks. Large groups of companies from many industries would all be financed, and part-owned by a major bank, which would create a strong financial alliance. Cross-shareholdings between companies were common, and in many cases the companies in the "group" would all supply each other. In South America, Italy, Spain, and large parts of East Asia (e.g. Indonesia) the focus is more on banks play a more prominent role, often holding shares and having Board members. Such governance models tend to be more inclusive, ensuring that the rights of workers, customers and suppliers (and maybe the community) are represented at Board level. family ownership , with a large % of the bigges...

SARBANES-OXLEY ACT (SARBOX, SOX) After the collapse of Enron, WorldCom, and a series of other American corporate frauds and failures, the US Government was keen to act quickly and firmly. On 30 July 2002, the Sarbanes-Oxley Act was passed (it is named after the 2 US politicians who sponsored it through Congress). It was not long before it became known as Sarbox … or SOX. There are many differences between SOX and the UK Combined Code: ● SOX is law, with strict penalties for non-compliance. The Combined Code is Best Practice, not law ● SOX makes audit partner rotation the law, whereas in the UK such matters are covered by the profession’s Codes of Ethics ● SOX has a ban on auditors providing a range of "other services" to their audit clients. In the UK, very few "other services" are banned, but are instead considered within the objectivity area of Ethics. ● SOX requires the CEO and CFO to personally attest to the accuracy of the Annual Report, Quarterly Report...

If you plan on starting a business , a basic knowledge of the accounting code guide is necessary in order to keep track of your transactions. Even if you are not a bookkeeper and you decide to hire a professional, the basic accounting knowledge is always a plus in the success of your business . Accounting information is organized within the financial system of your company through the Chart of Accounts (COA). A list of all account names and numbers (cost elements) that appear in the company's General Ledger is included in this document . The COA is used to classify transactions as income , expenditure, assets, liabilities and equity. All financial transactions must be coded against an internal order (indicating ownership) and cost element (what the transaction represents), which provide the basis for budgeting, monitoring and reporting. The elements of the COA are: FUND This is a 6 character code which basically describes to source of funding in a transaction. Generally...