Institute NBIA

Course : FNOR602

-Who are the financial stakeholders at your organisation and how are they consulted re the financial plan of the organisation?

-What is the main purposes of financial planning and control

- Give three methods for estimating the organisations financial needs? How would these needs be recorded?

-What is the difference between an internal and external audit?

How often is your internal audit completed -

Who is it disseminated to, how is it disseminated, who analyses the reports, and how are the recommendations instigated ? Give examples if possible in your answer

• How are the audit processes run at your organisation, and how are the results disseminated?
• What planning takes place for contingency strategies in your organisation, and who ensures the strategies are followed through?
• No one is a specialist in all fields. How do you solve the problem of sourcing professional financial advice?
• What are the three time frames relating to financial services or planning, and how far ahead as a minimum should your financial plan project?
• For your industry research at least 3 different types of specialized computer software systems that are available. Give a brief summary of each, and a reason why you would choose one ahead of the other two
• For question 9, does the software system you chose meet your organisations needs?

Is there anything you would like to see changed in the system?

Does the system meet all your reporting requirements - both internal and external?

• All industries have CPD and generally some form of Government legislative requirements. How does your organisation maintain its currency and compliance requirements?
• What is the system used at your organisation for financial reporting? Explain how the reports are used in the day to day planning and long term planning of the business - use examples
• explain the difference between: seasonal and working capital

and short term versus long term finance pointing out the advantages and disadvantages of both

• Risk is a very broad term. Define risk in general and then the concept of financial risk.
• Research and explain the difference between financial accounting and management accounting.
• Your organisation should be constantly planning ahead for its survival and continuing success. Who does this in your organisation, are you involved, is any information disseminated and how, can you think of any changes brought about by financial planning that had an effect (positive or otherwise) on the organisation?
• For your organisation, how are fees structured and reviewed and how do they compare with industry standards - explain with examples.
• Personal risk insurances are readily available eg life insurance. Research and list the different types of risk insurance policies and explain which would be recommended for someone in your industry.