1. Define the term Quality Assurance and briefly explain why it is important for an organization to develop a Quality Assurance Manual to guide its daily operations. (5 marks)
2. Briefly explain THREE (3) functions of an internal auditor in a typical business organization and list TWO (2) code of practice which governs the financial sector. (6 marks)
3. Explain why it is important for a financial institution to adjust on a timely basis to changes in regulatory and legislative requirements when passed by parliament. (3 marks)
4. List and explain THREE (3) unethical practices which an accountant should not be engaged in at his place of employment. (3 marks)
5. Briefly explain why the following actions are necessary to ensure that the integrity of an accounting system is maintained:
   1. The general ledger, debtors and creditors control accounts are reconciled on a timely basis. (4 marks)
   2. Bank accounts are reconciled on a regular basis and all suspense accounts are investigated and cleared urgently. (3 marks)
6. The financial controller at the Shipping Association of Jamaica has instructed the accountant to back up all accounting information processed electronically at the end of each day so that the integrity and security of the accounting system can be maintained.
   1. List and explain the names of TWO (2) storage devices which the accountant can use as a back- up medium. (4 marks)
   2. Explain THREE (3) critical challenges which a company may face if the accountant loses all accounting information which was not backed up electronically after a disaster. (4 marks)
   3. Why is it important for companies to engage in the practice of storing back up devices in a remote location or off site? (2 marks)
   4. Explain TWO (2) check and balance mechanisms which an organization can put in place to ensure that the integrity of the accounting system is maintained. (4 marks)
   5. List THREE (3) negative implications which can affect an organization if employees fail to follow policies and procedures which are implemented. (6 Marks)
   6. Identify and explain three types of policies which an organization can create to manage the operation of the business. (5 marks)
7. Explain the following terms:
   1. Manual and computerized accounting system. (3 marks)
   2. Contract Law and Taxation Act (5marks)
   3. Industry code of practice and Consumer Affairs Act (5 marks)