CGA-CANADA MANAGING INFORMATION SYSTEMS [MS1] EXAMINATION December 2010 Marks 20 Time: 3 Hours Question 1 Select the best answer for each of the following unrelated items. Answer each of these items in your examination booklet by giving the number of your choice. For example, if the best answer for item (a) is (1), write (a)(1) in your examination booklet. If more than one answer is given for an item, that item will not be marked. Incorrect answers will be marked as zero.
* Given name | * | * Surname | * | * Student number | * | * Email | * | * Unit name | * Business Law 100 | * Unit code | * 11011 | * Assignment title | * Assignment Two: Four Step Process | * Lecturer's name | * Alice Urud | * Date submitted | * 3st May 2014 | * Student’s comment to tutor | * An excellent tutor. She explains clearly the format to the students so that we can understand the way to apply the four steps. | * * Marker’s comments | * | * Recorded mark | * | * Marker | * | * Comments | * | * | * | Question 1 STEP 1: The area of law in this question is the elements of agreement required for the formation of a valid contract. STEP 2: There are three main elements required to form a legally enforceable contract: Intention to be legally bound, agreement and consideration. An agreement requires a meeting of the minds of both parties.
These factors consider the organisation’s team and reporting structure, level of support and commitment and the overall impact to the organisation. The factors are then quantified and prioritised based on these criteria then reviewed to ensure the projects do not exceed the organisation’s resource capabilities. The selection criteria may also include return of investment, risks and the time frame, PPM involves a strategic process that allows the decision makers’ to visualise and monitor the performance of each project by taking into account whether the project is performing or underperforming. PPM is gaining interest due to organisations abilities to respond to challenges confronted by a globalised, information-rich, dynamic and competitive environment. PPM has helped project officers negotiate between stakeholders according the to the organisation’s PPM status.
A. Independence in Fact and Appearance To fulfill the important role assigned to the auditor, the auditor must approach each audit with professional skepticism and must have a willingness and freedom to decide issues in an unbiased and objective manner, even when the auditor's decisions may be against the interests of management of an audit client. According to a 1947 statement by the accounting profession, "The independent auditor is under a responsibility peculiar to his profession to maintain strict independence of attitude and judgment in planning and conducting his examination and in expressing his opinion on financial statements. "25 Further, the AICPA's SAS No. 1 requires that "in all matters relating to the assignment, independence in mental attitude is to be maintained by the auditor...he must be without bias with respect to the client.
CQC cannot prosecute for a breach of this regulation or any of its parts, but we can take regulatory action. See the offences section on pages 10-11 of this guidance for more detail. CQC must refuse registration if providers cannot satisfy us that they can and will continue to comply with this regulation. Regulation 5: Fit and proper persons: directors Summary of the Regulation The intention of this regulation is to ensure that people who have director level responsibility
Finanical Planner/Adviser Code of Ethics and Professional Responsbility Difference between code of ethics and code of conduct: A code of ethics expresses fundamental principles that provide guidance in cases where no specific rule is in place or where matters are genuinely unclear. A well drafted code of conduct will be consistent with the primary code of ethics, however, it will provide much more specific guidance. A code of ethics is a document outlines a set of principles that affect decision-making A code of conduct outlines specific behaviors that are required or prohibited as a condition of ongoing employment Divided Parts Possibilities: (1) Ethical behavior, client care, (Competence, knowledge and skill) (2) Responsibilities to : Self, Clients, Colleagues, Workplace, Profession, Wider Community 1) Client First Place the client’s interest first Placing the client’s interests first is a hallmark of professionalism, requiring the financial planning professional to act honestly and not place personal gain or advantage before the client’s interest 2) Integrity Provide professional services with integrity Integrity requires honesty and candor in all professional matters. Financial planning professionals are placed in positions of trust by clients, and the ultimate source of that trust is the financial planning professional’s personal integrity. Allowance can be made for legitimate differences of opinion, but integrity cannot co-exist with deceit or subordination of one’s principles.
5. Assume all amounts are material unless directed otherwise. Question 1 (30 marks): Select the best answer for each of the following unrelated items. Answer each of these items in your examination booklet by giving the number of your choice. For example, if (1) is the best answer for item (a), write (a)(1) in your examination booklet.
The Board is completing an update to the Conceptual Framework for Financial Reporting in order to give it a more complete, concise and updated set of concepts to use when the Board develops or revises IFRS Standards. The Conceptual Framework for Financial Reporting describes the basic concepts and objectives of general purpose financial reporting. It underlies the preparation and presentation of financial statements for external parties. It is an empirical tool that helps the International Accounting Standards Board (IASB) develop requirements in IFRS Standards which is based on clear and regular principles (ifrs, 2018). These principles, on the other hand, must bring about the Board developing IFRS Standards that makes it necessary for entities to present more important, comparable and clear information in financial statements.
How do you think managers can ensure that their performance behavior meets the requirements of the organization for which they work? It is important for a manager to have experience with and an understanding of the processes and procedures carried out by their team/department. Managers should be familiar with company schedules and deadlines, communicate these deadlines to their team and plan accordingly. They should also have a clear understanding of the company’s goals and objectives. A manger should report on and audit their team/departments overall productivity and outputs to ensure that time and recourses are being spent wisely.
An objective, yet professional, view should be applied when planning and performing the audit, and when preparing the report. Fieldwork Standards Three fieldwork standards exist as a component of GAAS. The first is that the auditor arranges and carries out the audit in a manner that adheres to audit objectives (Louwers, Ramsay, Sinason, & Strawser, 2007). The agent should plan, time, direct, supervise, and review audit team members performance throughout the audit. Second, the auditor should try to understand the entity being reviewed and its atmosphere.