please provide answer to question 1,2,3

please provide reference to answers

Question

You are working as an accountant for a small training organisation called The Train Station. The CEO has approached you with the following issues:

Several invoices have been received recently that have no prior approval from management for purchase

One of the staff members was paid at the incorrect pay rate as the payroll officer processed pays based on information the staff member provided rather than the employment contract

Cash flow and profit and loss reports are not being reviewed regularly

Staff are unsure who they can seek approval or guidance from, as there is not a clearly delegated role

The CEO has decided to appoint a Chief Financial Officer (CFO), who will have high level approval responsibilities and assist to control business operations. The CFO will now become the delegated person responsible for all financial purchases, queries and monitoring.

The CEO has requested that you help to resolve the above issues by developing new Control Procedures that address the issues. You are also asked to write several reports that will be used in the development and implementation of the new procedures.

1.Develop two internal control procedures to resolve the issues regarding unapproved purchases and payroll processing.

Refer to the following for guidance on internal procedure development: https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional- resources/business/internal-controls-for-small-business.pdf?la=en

Undertake research to find any similar processes used by other companies. Review these to ensure that your process is in line with other recognized practices.

2.give a report for your CEO.

You will now write plan for the procedures' implementation.

The report should include the following:

Who the relevant stakeholders are

How you will arrange consultation with the stakeholders

Proposed timeframes for the proposed implementation

Three performance indicators that will be used to evaluate future compliance to each procedure

A timetable for to review the ongoing success of the procedures.

3.give an internal Management Report.

When the procedures have been finalized after discussion with your CEO, the company's management will be informed by way of a written report.

The report should include all relevant information, including:

What the issues were and what the causes of those are.

Your review of any similar processes used by other companies

Supporting research from relevant sources in order to support the application of this process

Where procedural information can be accessed

Implementation and review timetables

The people responsible for certain areas of implementation

Why the changes are being implemented

Three performance indicators that will be used to evaluate future compliance to each procedure

How the ongoing success of the procedures will be assessed.

It is important that you reference the sources of your information. For instance, if you have found an internal control procedure that seems to be appropriate to the case study, and has worked for another company, cite the company and the effect that the procedure has had on its bottom line, as well as how it is relevant to the case study