Minor Paper Essay Example | Topics and Well Written Essays - 1500 words

Minor Paper - Essay Exampleidentify that there are issues around the monetary control, particularly the bank reconciliation and capacity and skill direct in fiscal reporting. The 2013 financial statements were not submitted in time (Mulgan, 2013). The finance director informed me that this was due to the late implementation of the regulatory boldness approach and the way the new external auditor was conducting their work with rigor. During the review, the trouble issued me with the draft of the Price Water-house Coopers management letter in relation to the year ended 31st December 2013, which has twenty recommendations to the financial administration.It points break a number of areas in financial administration within the department that needs improvement. These include the public level of skills, capacity and competence reporting of the financial across the department is not at the level they should be in light with the government expansion and the increasing complexity in rep orting of the financial statements (Parliament of Australia, 2007). Close observation of the financial statements of the department reveals that the department has not demonstrated a consistent and train approach to bank reconciliation. This was noted in the external auditors management letter and adjudge by the department.The other area of the review is the supplier and the professional services that are carried out by the department. It was not practicable for the review to look at the entire procurement practices with the department and all those for the government, exactly focused on the issues in board minutes. The board minutes indicated that there had been procedural irregularities in watch to certain contracts of the department and the government lets and that the extent of irregularities was a notch higher in the department (Business Council of Australia, 2008). My procedural review into the discrepancies of the procurement procedures also revealed so. I came to realiz e that there were