Internal Control And Remedial Actions For Improvements Discussion hi therethis assignment is about Internal Control and remedial actions for improvements20

Internal Control And Remedial Actions For Improvements Discussion hi therethis assignment is about Internal
Control and remedial actions for improvements2000 words COLLEGE OF BANKING AND FINANCIAL STUDIES
B.Sc. in Accounting, Auditing and Finance &
Bachelor of Business Administration
Weightage: 20 %
Student Name & ST Number
February – June 2020
Assignment Title
Internal Control and remedial actions for improvements
Financial Accounting 2
Dr. Mohammed Ali Lawati
Start Date:
8th March 2020
Due Date:
7th April 2020
Internal Verifier
Dr.Ahmed Al Hadi
Required Work, Format and Grading
You must submit the following by the assignment due date:
▪ Completed answers to each task, making sure that you fully address each of the
outcome criteria.
▪ Answer all questions separately.
▪ Assignments without TURNITIN report will not be accepted.
You need to demonstrate a confident application of the theories to the assignment task. The
theoretical underpinning of your observations and deliberations should also demonstrate a
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good understanding of the subject by the way that your analysis is structured.
You can access the Internet to research about the topic. You should demonstrate good
academic practice by the appropriate use of academic texts and journals that are properly
Guidelines and further information about assignment:
Assignment must be submitted with the “Turnitin” report. If the report generated indicates a
similarity index percentage of 20% or more, a review of your assignment is necessary to
ensure the same is reduced to less than 20%.
Student declaration:
I certify that the work contained in this assignment was researched and prepared by
Signature: ___________________________
Date: ___________________
The user ID and Password for submitting the soft copy of the report through TURNITIN
is as follows:
Class ID: ___________
Enrolment Password: ___________
Submission time and date
You should submit the assignment by the time and date mentioned otherwise a ‘NA’ will
be awarded. Fill in the form cover and staple it with your assignment. Make sure that all
the relevant details are complete. Assignments must be submitted by the due date. You
may include diagrams, figures etc without word penalty.
Plagiarism Writing
1. Plagiarism occurs if you use somebody else’s work in an assignment or exam
answer, but fail to state where you got the material from. You need to be also
very careful about the amount of words you are using from somebody else’s
2. It can happen in any type of assessment where you are given the questions or
tasks in advance.
3. If another student uses your work in his/her answer(s), both you and he/she will
be punished when caught.
4. Punishments for committing plagiarism can be very severe.
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Plagiarism is a form of cheating in which students use the work of others and present it
as their own. It may include all or any one of the following –
1. Copy extensively from the work of others (from sources such as books,
magazines, journal, web-sites etc) and submit the work as your own.
2. Copy another students’ work and submit it for assessment under your own
3. Allow another student to copy your work and then submit it for assessment
under their own name.
What happens if you get caught?
The examining body of CBFS may punish offending students in any manner that they
deem fit. Typical punishments may range from reduction in grades, making students resit modules and even failing students on a module or an entire award. The college
considers this form of cheating as a serious offence. Therefore be forewarned!
Turnitin Details
Class IDEnrollment Key –
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Jonathan LLC
Mr.Paul was working as senior accountant of Jonathan LLC for the last five years. Two
month before Mr.Paul has given resignation and agreed to work for three months until the
management finds a suitable replacement for his position. The accounts department
consists of 5 employees including Mr.Paul at present and the assistant accountant has
been given signing authority of supplier cheques and some of the functions of senior
accountant also assigned to him.
It has been noted that large amount of outstanding for the suppliers were pending and few
of the suppliers have stop supplying goods to Jonathan LLC from last month. The credit
period was extended to customers to improve the sales and most of the customers have
not settled the dues on time. Few of the customers are disappeared and unable to find
them in the market. The assistant accountant has suggested to the management that to
meet the temporary financial difficulties, Jonathan LLC should approach the bank for
additional overdraft facilities to overcome the cash-flow difficulties.
Managing director proposed to appoint an internal auditor to find out the reasons for
present financial difficulties and rectify weakness in record maintenance by the staff in
finance department. He further commented that the computer system that has been
installed many years ago is not supporting increased number of transactions in present
In the meantime, the managing director has informed the assistant accountant that there is
a new project is going to be awarded to Jonathan LLC in three months’ time. There is an
immediate fund requirement of RO 1,000,000 to be raised. The assistant accountant to
evaluate the options available for raising funds to meet the financial obligation of
Jonathan LLC.
You have been appointed as senior accountant to Jonathan LLC to function from the next
month to take over many tasks handed over to the assistant accountant.
You are required to prepare a report to the managing director by addressing the following
two concerns raised by the managing director.
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Task 1
The reason for the internal control weaknesses and what are the actions that you can
proposed to the management improve the existing internal control system. You also need
to state in your report what are the consequence of having weak internal control system in
the organization. (Your report should be supported with proper explanations with
reasonable number of examples).
(Marks 10)
Task 2
There are many ways to fund any projects in businesses. Based on the given case identify
what are the possible ways of funding Jonathan LLC to meet the requirements of RO
1,000,000. Justify what is the best method of obtaining finance for the new project and
justify your suggestion with proper reasons.
(Marks 10)
Word count should be within the limits of 2000 to 2250.
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