Assessment Task 1 Instructions
Provide answers to all of the questions below:
1. Identify and describe financial probity requirements for businesses.
Treating all tender participants fairly and equally;
Conducting Public Construction Procurement in an open and transparent
manner ensuring defensibility of processes; and
Undertaking Public Construction Procurement in accordance with the
relevant legislation, policy, guidance and any mandatory requirements in
these directions.
2. Identify four examples of what would be consider fraudulent behaviour in
regard to company finances.
Misuse of position
Taking money out
Creating false supplies
Obtaining bribes
Wrong timesheets
Personal use of business resources
Giving Discounted services to associates
3. Identify the requirements for audited accounts and the purpose of an audit
report.
Audit report on the financial statements can be used in many different purpose,
and for many different requirements. For example, it is required by board of
directors,
shareholders, entity’s board of management, as well as general tax department.
These entities use the audit report to assess the quality of information that
present in the financial statements.
4. Describe the principle of cash accounting one advantage and one disadvantage
of cash accounting.
Cash accounting tracks the actual money coming in and out of your business. In
cash accounting, when you: get an invoice for something – you don't record the
cost in your books until you've paid the invoice. send an invoice to a customer –
you don't record the sale in your books until you get their payment.
1
Provide answers to all of the questions below:
1. Identify and describe financial probity requirements for businesses.
Treating all tender participants fairly and equally;
Conducting Public Construction Procurement in an open and transparent
manner ensuring defensibility of processes; and
Undertaking Public Construction Procurement in accordance with the
relevant legislation, policy, guidance and any mandatory requirements in
these directions.
2. Identify four examples of what would be consider fraudulent behaviour in
regard to company finances.
Misuse of position
Taking money out
Creating false supplies
Obtaining bribes
Wrong timesheets
Personal use of business resources
Giving Discounted services to associates
3. Identify the requirements for audited accounts and the purpose of an audit
report.
Audit report on the financial statements can be used in many different purpose,
and for many different requirements. For example, it is required by board of
directors,
shareholders, entity’s board of management, as well as general tax department.
These entities use the audit report to assess the quality of information that
present in the financial statements.
4. Describe the principle of cash accounting one advantage and one disadvantage
of cash accounting.
Cash accounting tracks the actual money coming in and out of your business. In
cash accounting, when you: get an invoice for something – you don't record the
cost in your books until you've paid the invoice. send an invoice to a customer –
you don't record the sale in your books until you get their payment.
1
