a) Coordinate the engagement, including managing people and time to make sure you get

results.
While engagement we assure that audit team members have the skills, competencies,
capabilities and time to perform the audit work. Audit hierarchy is designed to manage the team
members so that if the issues are arise they should be communicate to the relevant supervisor
for review, consultation and resolution of disputes are obtained on timely basis.

b) Carry out and document compliance, substantive tests and other audit work.
In order to assure compliance with system we should select and perform designed tests. We
should carry out tests of controls to observe all controls are effective and work properly so that
the risk of material misstatement is reduced to acceptable level. The decisions based on the
result of tests that may be either;
If the controls are effective and worked properly then we go on restricted substantive
procedures and more rely on controls and in case of vice versa although controls appeared on
books are very strong then we go on more extensive substantive procedures.

c) Evaluate evidence, demonstrate professional scepticism, investigate areas of concern and

make sure documentation is complete and all significant issues are highlighted.
Audit opinion based on evidences obtained throughout the audit work. We evaluate all
evidences properly with supporting documents and professional scepticism. Directional testing
used for misstatements and omissions. When we performed assets verification we check
accounting records from entries to all supporting documents and other evidences to see if there
is any misstatement should be rectified timely. Physical counting of assets also performed and
checks them back to accounting records to find out any omission or understatements. Check
that client systems provide opportunities for fraud and accounting estimates & assumptions are
reasonable. Questioning with employees on controls and compliance with local laws and
regulations to check and verify management assumption on going concern. Perform sampling
tests on vouchers and records to see all documentation is complete and related to current
financial period. Material issues should be highlighted and communicated to the audit
supervisor for review and consultation.
d) Assess that the audit evidence is sufficient and appropriate.
Sole responsibility of audit opinion is on auditor so we team members need to assure that all
audit evidences are sufficient and appropriate. In case of sales recognized in books of accounts
we obtain documented evidence that all sales are recorded according to IAS 18. Obtain Bank,
Receivable and payables balance confirmations. Obtain documentary evidence that inventory
measurement in accordance with IAS 2. Obtain management written representation on related
party relationships and IAS 24 applied to all related parties transactions.

e) Identify the main factor to be considered before forming opinion and reaching judgments.
On the basis of evidences gather during audit work, auditor will form an opinion as to the truth
and fairness of the financial statements as a whole. Before forming final audit opinion on
financial statements our audit engagement partner need to assure that;
 All the procedures necessary to meet the ISA requirements and to obtain all the information and
explanation for audit have been carried out.
Financial statements are prepared in accordance with applicable accounting requirements.
Financial statements provide true and fair view.

a Become familiar with the scope and services to be provided.

It is a management responsibility to prepare the financial statements and auditor need to ensure that
financial statements are prepared according to applicable reporting framework and provide true and fair
view. Purpose of audit is to enable us (auditors) to express an opinion that financial statements are
prepared, in all material respects, according to applicable financial reporting framework. On client audit
client request to prepare the financial statements and then perform audit on that financial statements
which create self-interest threat for us. We discuss the situation with supervisor and a meeting take
place between supervisor and client after that client prepare the financial statement for audit.

We need to ensure that while planning, evaluation of controls, obtaining evidence, forming opinion &
reports ISAs requirements are fulfilled. Audit work is performed in accordance of the requirements of
our professional body, local legislation and regulations.

b Identify ethical requirements at the start of an engagement or internal audit

investigation.

While engagement and investigation of internal audit or control we ensure that ethical requirements are
fulfilled. A team is designed for internal audit of one of our client. In the process of audit we find that
internal controls are not working properly and there are a lot of ways for fraudulent activities while in
books controls shows they are very strong and adhere by the management. We go on extensive
substantive test on business transaction and find fraudulent activities. One manager having family
relationship with one of our team member and he is trying to make influence on us that we didn’t
discuss the issues with supervisor and provide a report that all internal controls are effective and
working properly. Our team member decide that he is not taking any type of familiarity threat and
discuss all the issues with supervisor and also disclose the management influence. We prepare a report
on deficiencies, fraudulent findings and recommendations which reviewed by the auditor and later on
submitted to client board of directors.

Client require strong confidentially on all business matters. While on audit we find that company assets
to be used by management personally which need to be disclose as per the requirement of local law
because these issues are having public interest but client does not agree to disclose and offer some
benefits to us not to discuss this matter with audit partner. We discuss the issue with supervisor who
discuss the same with audit partner and it’s a take long time after that client agree to disclose all
information required by law and having public interest.

We inform the client to make [Link] ensure that all team members are honest &
straightforwarded in business and professional relations (Integrity), members having professional
knowledge and skills required to provide competent services, knowledge of local laws & regulations and
act diligently & professionally (Professional Competence and Due Care), team members fulfill the
requirements of local laws and regulations and avoid such actions that discredit to the profession
(Professional Behaviour), members should ensure that they respect for all types of confidential
information obtained as a result of relationship and not used it for personal benefits nor disclose to
anyone unless required by law or professional body (Confidentially).

c Use up-to-date auditing standards and legal and ethical frameworks.

Being team member we ensure that all audit work is performed in accordance of auditing standards.
IAASB producing international standards on auditing (ISAs) and whenever ISAs are updated then a
presentation is prepared, reviewed by audit partner and discussion takes place among all team
members to make proper application of changes on audit work. During annual audit of client we find
some misstatement in financial statements and we request management to correct the misstatements.
Management refuse to correct and we find the reason why management refuse to correct the
misstatement. We discuss both with the supervisor and audit partner so that they evaluate the
misstatement and the reasons provided by the management and also take written representation from
those charged with governance that misstatement have no material effect on financial statements.

There is also changes in requirements of local regulations and time to time limitations imposed by
government which vary from industry to industry so all team member should consider all the
requirements in audit work. Code of ethic should be followed by team members in audit work but
sometime we face ethical conflict so that in such cases we consult the matter with audit partner to take
professional advice on issues of ethical conflict.
d Determine levels of risk and use them to document the audit plan. Design
programmes and plan tests for an internal or external audit.

On audit of client who deal in financial instruments we face problems to gather effective evidence
regarding valuation of financial instruments. The value of instruments change frequently and client
having high volume of financial instruments in financial statements. Management bonus and other
incentives are also profit based so that there is a great risk of manipulation in valuation of financial
instruments. When we require valuation method along with complete supporting management verbally
explain the method and didn’t provide proper supporting and also there is no proper disclosure of
instruments as per the requirement of IFRS. The issues are discussed with supervisor and engagement
partner and they decide to take the service of financial experts and after that we find that the valuation
method is obsolete and management intentionally presenting high value as compare to the value
provided by the experts. Auditor inform the management to revise the valuation of instruments and
make proper disclosure because these are material to the financial statements and also change the
auditor opinion.

e Evaluate risk in an organisation's internal control structure and make any

necessary changes to the audit programme/plan of work.
1-Contribute to drafting or reviewing primary financial statements according to accounting standards
and legislation.
Accounting standards and legislation should be followed by the companies while preparing financial
statements so that these statements are easily understandable and comparable across international
bodies. While reviewing the statements of a company fined that the measurement and discloser of
Non-current asset held for sale is not according to the requirements of IFRS-5, they are measured at
carrying value for sale. The issue discuss with the management that asset held for sale should be
measured at lower of carrying value and fair value less cost to sell and impairment must be
considered at the time of classification. When impairment test is carried out find that the asset is
impaired so impairment loss charged to income statement which reduce the profit. The fair value
less cost to sell value is lower than carrying value that management intentionally shown in the
financial statements and the disclosure of assets are not correct so at meeting with management it’s
decided that they are measured at fair value less cost to sell and disclosed separately from other
assets in the financial statements as per the requirement of IFRS-5.
2-Make sure that your organisational policies are fit for the purpose of preparing external financial
statements.

Company polices shows that the financial statements are prepared in accordance with applicable
accounting standards and local law and regulations. There are some areas (Revenue and Inventory)
where accounting standards are not applied properly which later on corrected after discussion with
the company management. Company providing bonus to management annually based on achieving
sale target so at the end of year management invoiced all the order received from customer and
recognized revenue in books of accounts while goods against orders are delivered to the customer
after three to four months from end of the year and this practice is not according to IAS 18. Inventory
is also not measured at the lower of cost and NRV. While in meeting with the management it’s
explained that the risk & rewards associated with goods are not transferred and amount of revenue
not measured reliably then how management recognize the revenue in books and stock should be
valued at the lower of cost and NRV as per IAS 2 requirements. Finally management decide to
accept the requirements of respective accounting standards and revenue derecognized from books
of accounts not fulfilling the requirements of IAS 18 and stock valued at NRV and inventory loss
recognized in income statement which also reduce the profit.

3- Classify information correctly.

Company normally received and issued postdated cheque from customer and supplier to secure the
business. When a postdated cheque is received from customer then accounting entry is passed as
bank debit and receivable credit while in actual company received postdated cheque and cash is
realized in bank account after two or four months. This practice make more complications and a lot
of problems occur at the time of bank reconciliations because information about postdated cheque
not classified correctly. Management also want to resolve the issue so ambiguities are removed to
make the work smoothly. To resolve this issue a new accounts (PDC in hand and PDC issued) open
in company books to manage the postdated cheque. In this way information related to cheque is
maintained correctly and company have clear picture regarding cash in bank and bank reconciliation
process is also ease.

4 -Review financial statements and correct for errors and account for – or disclose – events after the
reporting date.
Company petty cash is normally used for both company expenses and also for small personal
expenses of board of director. Petty cash officer normally charges expenses in different heads of
accounts according to the nature of expenses but all the expenses incurred by the directors are
charged to a single head irrespective of the nature of the expense. Petty officer mistakenly charged
all the expense of directors to company expense heads which late on correctly by passing o JV
voucher and should be supported by proper working and evidence and approved from the
management. Events after the reporting date are having two types adjusting and non-adjusting
events. Company maintained a receivable in books of accounts while there is evidence that the
amount of receivable is not recovered. After the reporting period company received more evidence
that amount of receivable become insolvent. Receivable officer wants to keep the amount in
receivables and shows as bed debts in the coming year. The issue is taken to finance manager and
explain that this is adjusting event in the financial statements as per IFRS 10 requirements but
receivable officer refused to make the adjustment in receivables. Finally a decision is taken by the
management and receivables are adjusted by taking the effect of insolvent receivable balance.

5 -Prepare or review narrative and quantitative information to include with financial statements.
While reviewing the financial statements ensure that relevant, reliable and comparable information is
presented in the financial statements so that users understand the financial statements properly and
take investment decision. Company have large type of transaction with related parties and the decision
of investors are effected due to such transactions. There is no disclosure of such transactions and
manager also want not to disclose the related parties relationships as well as the information about the
transactions and outstanding balances necessary for an understanding of the potential effect of
the relationship on the financial statements. The issue is taken to the committee members and a final
decision is taken to make proper disclosures of related parties relation, transactions and their effect on
financial statements.
  Applying legislation appropriately to client needs
 Continually reviewing legislation and regulation that affects your working
environment
 Briefing a team on a new standard and how to apply it
 Keeping sensitive information confidential and disclosing only to those who need
it or when disclosure is legally required
 Recognising unethical behaviour and telling your line manager about what you
have seen
 Avoiding situations where there may be any threat to your professional
independence
 Deciding what information is important and reliable, using it to support your
decision making
 Completing all the code of conduct and/or professional ethics training provided
by your organisation
 Checking transactions and supporting documents to verify the accuracy of
accounting records

a Act diligently and honestly, following codes of conduct, taking into Claim
account – and keeping up-to-date with – legislation.

b Act with integrity, objectivity, professional competence and due care Claim
and confidentiality. You should raise concerns about non-compliance.

c Develop a commitment to your personal and professional knowledge Claim

and development. You should become a life-long learner and
continuous improver, seeking feedback and reflect on your
contribution and skills.

d Identify, extract, process and evaluate information to make reliable, Claim

well-reasoned conclusions.

e Check, critically analyse and assess financial and other data with
professional scepticism. You should question opinion and facts
through corroboration and robust testing.
Client producing chemical items and also having air omission which effect the environment badly. In the
previous financial statements there is a disclosure of contingent liability that there is a chances not
probable that Govt impose new regulations which need to be fulfilled and also impose some fines
regarding damage to the environment. Before year end Govt change and having policies to protect the
environment from all types of omissions and make it green community. We review the industry situation
and find that Govt impose fines and penalties to companies in order to make the environment green.
Our client management didn’t make the provision in financial statements with reason that this policy
effect will be considered in the next year while there is clear indication that the contingency is probable
and amount of fines liability estimated reliably. The issue is discussed with audit supervisor who plan a
meeting with client management to resolve the issue timely after that management agree to recognize
contingent liability in books of accounts which also effect current year profit. Management sales out
some assets and lease back to enhance the company cash flow. IAS 17 requirements revised in term of
that excess proceeds over the carrying value is deferred and amortised over the lease term and a
brief presentation is received how to apply the new changes introduced in IAS 17. Client want to
consider the new requirements in the next year so the issue is discussed with supervisor and
audit partner that how management try to make influence on us regarding the treatment of
leased assets. Audit partner discuss and resolve the issue and financial statements adjusted by
the management according to revised requirements of IAS 17.

Management recognized excess proceeds over the carrying value in the current year as per
obsolete requirements of IAS 17 and having intentions to show higher profitability to get bonus
and other profit based incentives. The issue discussed with management with briefing of revised
requirements of ISA 17. Management offer some gifts and try to make influence to accept the
treatment of leased assets. Management create threat to our professional independence by
offering gifts and lunch in hotels. The issue is discussed with supervisor and audit partner that
how management try to make influence on us regarding the treatment of leased assets. We
reject the gifts offered by the management and a discussion take place between audit partner
and client management. This issue takes some time to resolve and financial statements
adjusted by the management according to revised requirements of IAS 17. As client is
producing chemical items which further used by pharmaceutical companies to produce
medicines. Company using purchased formulas to produce chemical and the information about
formulas are very confidential and sensitive. Our team members ensure that they didn’t disclose
any information related to company secrets to anyone but the chemical items are used in
producing medicines which are used by public for health care so it’s a legal requirement from
Govt to make disclosure of formulas used to prepare the chemicals. Transactions are verified on
sampling basis while performing directional testing for the verification of assets found that some
company assets are physically exist and used in production but in books of accounts they are
not exist. Complete record of assets are obtained that assets are purchased with approval of
authorized signatory, when assets are ready for commercial use to assess the depreciation
expense not charged in the financial statements. During audit management offers expense gifts
& hospitality and offer job recruitment in the company to create self-interest threat but the issue
is discussed to supervisor and also reject the offers made by the management.
  Communicating in a way that suits the audience or audiences, using the right tone, style and
medium. This could include communicating with clients from different cultures
 Developing relationships in meetings that lead to positive outcomes
 Discussing work problems with colleagues or clients to improve and maintain relationships
 Planning for and engaging positively with the appraisal process
 Using media and technology to contribute to business-related discussions – for example,
contributing to intranet community conversations, hosting teleconferences or making online
presentations
 Presenting internally or externally
 Participating effectively in interviews
 Drafting reports effectively
 Dealing well with conflicting deadlines or requirements
 Acting responsibly and with maturity when there are disagreements
 Addressing service level complaints
 Engaging with internal customers throughout the organisation
 Discussing expectations of your work with your supervisor
 Working within your supervisor’s requirements and giving them regular progress updates
 Networking at conferences, internally or by joining business-related groups

Elements
Here are the elements you need to achieve for this performance objective

a Display sensitivity, empathy and cultural awareness in all your

communications. This allows you to establish trust and credibility with a range
of stakeholders and gain their confidence.

b Use a range of mediums and make appropriate use of IT to communicate

clearly, concisely and persuasively in formal and informal situations.

c Gain commitment from stakeholders by consulting and influencing them to

solve problems, meet objectives and maximise mutually beneficial
opportunities.

d Develop and build effective and ethical professional relationships and

networks.

e Deal calmly and efficiently with conflicting priorities, deadlines or opinions –

both internally and externally – by listening and negotiating.
F1 – F7 – P1 – P2 – P3 – P4

All types of requirements are shared with client management through channel. Requiring information
through email channel do not interrupt the recipient and the person will prepare and share the required
information easily. On annual stock taking of a client we have tight deadlines to complete the work
quickly because its interrupt the normal working activities. Client have some valuable inventory items
for those item we need 100% verification. We send an email to the store keeper responsible for
maintaining books of record of that items to share the inventory register. The store keeper making
excuse that I need to perform daily work first after that share the inventory register with you. We have
tight deadlines to complete the work quickly and for that we need to reconcile main office records with
the store keeper records and then go on physical verification. We discuss the matter with supervisor.
Supervisor send an email with attention to management and putting committee members in mail and
explain the situation clearly. After that management decide to enhance the time period for stock taking
and inform the store keeper to do over time work and prepare the required information. Store keeper
takes three days after that we get the inventory register reconcile it with office records and also perform
direction testing. We discuss with the storekeeper that these are the valuable inventory items and if you
didn’t provide the required information timely then your accountability will be questionable. A report of
100% verification of these items are prepared with the help of storekeeper, reviewed by the supervisor
and share with the management through email. Mostly all types of information is shared through email
while putting related person, management, committee members, supervisor and engagement partner in
the email.

During audit work we need to confirm about existence and completeness of account balances, for
receivable balances confirmation we prepare the confirmation letter which send to respective customer
with intimation that confirmation couriered to us directly. On audit of one client we send the letter for
confirmation but didn’t get the reply by return. We discuss the situation with line manager who prepare
the briefing that how this issue effect the audit opinion and client financial statements which present to
the management after that management decide to help us and email reminder and telephonic
conversation used to solve the issue timely.

Face to Face communication is also done with key employees regarding, how company recognize the
non-current assets in books of accounts, is there any practice that company capitalized expense nature
cost incurred on assets at initial recognition and subsequently. Breakup of cost of assets capitalized is
obtained from management and also check the deprecation schedule.

Audit supervisor required from us that all team members ensure that control system of the client
working efficiently and effectively. During audit we observe that controls are override by the managers
and no proper training is provided to the employees regarding control system. We inform the supervisor
that controls are not properly followed by the managers so we need to perform more detailed work
which slow down the audit work progress and less reliance on control system.

• Using market data to research competitor activities

• Attending courses or conferences that will help you with your work
• Highlighting business problems or system issues
• Planning or managing a project
• Proposing innovative and practical ideas
• Discussing general business matters with your colleagues
• Thinking creatively and speaking openly about business issues and how to solve them
• Using online resources to develop commercial awareness. This could include using social
and business media to develop your business networks
• Highlighting issues at work which cause ineffectiveness or inefficiencies and
recommending solutions
• Improving organisational systems/tools to drive innovation or process improvement
• Obtaining information from other departments to evaluate performance or suggest business
improvements

Elements
Here are the elements you need to achieve for this performance objective

a Research and be familiar with your employer’s business, the sector it operates
within and the wider business environment.

b Listen to and learn from colleagues and experts. Anticipate challenges, show
openness and contribute to new ideas and opportunities.

c Plan, identify and monitor your personal targets and standards of delivery so that
they meet the wider departmental and strategic objectives of your organisation.

d Think systematically, critically and innovatively when you’re solving business

problems.

e Develop financial acumen and sound business judgement. This will allow you to
anticipate potential business problems, recognise weaknesses and propose
solutions.

Employer producing hardware goods which are used as basic material item in construction, refinery and
automotive industry. In the recent years oil prices decrease dramatically worldwide and effect every
industry in the world. There is a business movement and companies even oil producing countries try to
move on other source of income. This situation create opportunities and demand for hardware items
are increase. Employer buy approximately 70% to 80% raw material on cash as compared to competitors
who purchased material on credit. According to market situation supplier want to sell on cash instead of
credit which is another benefit to the employer. This is a risky situation for us but a proper analysis is
made on market situation and comparison with competitor after that all the analysis and reports discuss
with the management and describe that company have a strong cash flow position and history of cash
purchasing with supplier so if we continue the same practice and sell the goods to customer by using
secure ways of selling like receiving postdated cheques on delivery and providing credit by using letter
of credit method so in this way banks are involved and our payments are secured. After a long
discussion, management agree to accept the new policies of selling which will increase the company
business and market share also grows gradually. We also get some Govt projects which go along with
company for defined period of time. To Solve Manpower problem Company decide to hire employees
on contracts instead of providing permanent employment in the company. A cost and benefit analysis is
carried out and find that hire manpower on contract is beneficial to the company.

Employer providing quality goods to the customer which enhance the creditability of company. Another
market opportunity discussed with the management that is we need to present our quality products in
other countries and also different expo. This idea is also appreciated by the management and company
get long term contracts for the supply of goods. As business grows the problem of manpower arise
although profit margin is good but this situation add cost to employer. International contracts for the
supply of goods subjected to timely delivery otherwise penalty clause imposed by the customer. System
of the company to manage all data is also too old and complex which create a lot of hurdles while
fulfilling customer orders. Both situation discuss with management and provide suggestions regarding
the issues. For Manpower Company decide to hire employees on contracts instead of providing
permanent employment in the company. A cost and benefit analysis is carried out and find that hire
manpower on contract is beneficial to the company. For data management System Company decide to
go on latest software’s so that all type of data will be available on one click and also provide links to
suppliers and customers to get the solution for their enquires.

Collating data on risks and assessing their likelihood and potential impact
• When you identify risks, bringing them to the attention of your line manager
• Complying with authorisation limits and other internal controls
• Complying with money laundering legislation or regulation – a and reporting any suspicious
activities
• Briefing a team on a new policy, procedure or methodology
• Creating and/or updating policies and/or process documentation/procedures
• Training staff on recent compliance issues
• Reviewing policies, processes or procedures following audit reviews and revise them
accordingly
• Contributing or organising a survey or focus group to obtain opinions and feedback from
colleagues, clients or customers

Elements
Here are the elements you need to achieve for this performance objective

a Provide and present information at the appropriate time to comply with

organisational requirements and external regulation.

b Operate according to the governance standards, policies and controls of your

organisation. You also review your work and your colleagues’ work to make sure
it complies.

c Evaluate and identify areas of risk – assessing the probability of fraud, error and
other hazards in your area of responsibility, and the impact they would have.

d Assess the risk of failures in the internal controls and procedures in your area of
responsibility.

E Consult with stakeholders and specialists, communicating with them to solve

problems and reach conclusions.

F1, F8, P1 & P7.

Client is producing chemical items which further used by pharmaceutical companies to produce
medicines. Company using purchased formulas to produce chemical and the information about
formulas are very confidential and sensitive. Our team members ensure that they didn’t disclose
any information related to company secrets to anyone but the chemical items are used in
producing medicines and it’s a legal requirement from Govt to make disclosure of formulas used
to prepare the chemicals. Transactions are verified on sampling basis while performing
directional testing for the verification of assets found that some company assets are physically
exist and used in production but in books of accounts they are not exist. Complete record of
assets are obtained that assets are purchased with approval of authorized signatory, when
assets are ready for commercial use to assess the depreciation expense not charged in the
financial statements. During audit management offers expense gifts & hospitality and offer job
recruitment in the company to create self-interest threat but the issue is discussed to supervisor
and also reject the offers made by the management. Client require strong confidentially on all
business matters. While on audit we find that company assets to be used by management personally
which need to be disclose as per the requirement of company policies and local law because these
issues are having public interest but client does not agree to disclose and offer some benefits to us not
to discuss this matter with audit partner. We discuss the issue with supervisor and it’s a take long time
after that client agree to disclose all information required by law and having public interest. Briefing on
requirements of local laws and regulations effecting the client also given to the team member and
insure that proper provision is made in books of accounts.
We inform the client to make disclosure. We ensure that all team members are honest & straight
forwarded in business and professional relations (Integrity), members having professional knowledge
and skills required to provide competent services, knowledge of local laws & regulations and act
diligently & professionally (Professional Competence and Due Care), team members fulfill the
requirements of local laws and regulations and avoid such actions that discredit to the profession
(Professional Behavior), members should ensure that they respect for all types of confidential
information obtained as a result of relationship and not used it for personal benefits nor disclose to
anyone unless required by law or professional body (Confidentially).

• Effectively managing or leading a group of people

• Identifying and allocating resources
• Coordinating activities involving more than one team or department
• Creating a project plan with timelines
• Participating in a project team using project management methodology
• Learning from and influencing others positively, to reach acceptable and desirable results
• Sharing best practice with colleagues
• Supporting a positive, inclusive and respectful work environment
• Training others on an area of work
• Being a role model to others
• Allocating work effectively to other team members or suppliers

Elements
Here are the elements you need to achieve for this performance objective

a Show initiative with your team – working towards organisational goals,

collaborating with and supporting others.

b Manage time and tasks effectively to meet business needs and professional
commitments. You are capable of working under pressure.

c Manage resources – including teams – to deliver your objectives to agreed

deadlines. You motivate other people and you’re actively involved in helping them
to develop.

d Work with others to recognise, assess and improve business performance. You use
different techniques and technology to do this.
e You negotiate effectively and can justify solutions logically and persuasively to
colleagues and clients.

F1, P1, P3, P4 & P5

Employer normally received and issued postdated cheque from customer and supplier to secure the
business. When a postdated cheque is received from customer then accounting entry is passed as bank
debit and receivable credit while in actual company received postdated cheque and cash is realized in
bank account after two or four months. This practice make more complications and a lot of problems
occur at the time of bank reconciliations. To resolve this issue a new accounts (PDC in hand and PDC
issued) open in company books to manage the postdated cheque. In this way information related to PDC
cheque is maintained correctly and company have clear picture regarding cash in bank and bank
reconciliation process is also ease. Petty cash is normally used for both company expenses and also for
small personal expenses of board of director. Petty cash officer normally record expenses in different
heads of accounts according to the nature of expenses but expenses incurred by the directors having
large in value as compared to normal expense and new policy introduce that expenses incurred by
director should be maintained separately, with proper supporting and voucher should be signed by
relevant director so that further analysis can be made easily on them. Proper training provided to
colleagues that double entry passed in books of accounts. Control system and benefits of compliance
with controls explained to colleagues. Educate the colleagues how to ensure the proper application of
applicable accounting standards requirements on accounting transaction.