Step 3. Accounting And Reporting Systems, Controls And Compliance
C2. Accounting and finance functions within business
a) Explain the contribution of the accounting function to the formulation, implementation, and control of the organisation’s policies, procedures, and performance
b) Identify and describe the main financial accounting functions in business:
i) recording financial information
ii) codifying and processing financial information
iii) preparing financial statements
c) Identify and describe the main management accounting and performance management functions in business:
i) Recording and analysing costs and revenues
ii) Providing management accounting information for decision-making
iii) Planning and preparing budgets and exercising budgetary control.
d) Identify and describe the main finance and treasury functions:
i) Calculating and mitigating business tax liabilities
ii) Evaluating and obtaining finance
iii) Managing working capital
iv) Treasury and risk management.
e) Identify and describe the main audit and assurance roles in business
i) Internal audit
ii) External audit.
f) Explain the main functions of the internal auditor and the external auditor and how they differ