Unit 15 Financial Management - Level 5

Unit 15 Financial Management - Level 5 (Diploma in Business)

1.1 Explain the purpose and use of different accounting records. Briefly explain why it is needed and how it is used to record business transactions.

1.2 Assess the importance and meaning of the fundamental accounting concepts.

1.3 Evaluate the factors which influence the nature and structure of accounting systems of an organization

2.1 Identify the different components of business risk associated with strategic move of an organization.

2.2 Critically analyses the control system in place in a business for the purpose of identification of fraud.

2.3 Evaluate the risk of fraud within a business suggesting methods for detection of fraud.

3.1 Plan an audit with reference to scope, materiality and risk.

3.2 Identify and explain the use appropriate audit tests.

3.3 Record the audit process in an appropriate manner.

4.1 You are required to prepare a draft audit report.

4.2 You are required to draft suitable management letters in relation to a statutory audit.

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