FINAL THESIS
FOR
CERTIFIED FINANCIAL ACCOUNTANT PROGRAM
THE SOCIETY OF ACCOUNTING
EDUCATION
Submitted by :
Mr. Adeel Hafeez, ACFA
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1-What do you understand about Corporate Governance?
Ans. Corporate is a business or entity which has separate legal personality, with limited liability or unlimited
liability for its members or shareholders, who buy and sell their shares/stocks depending on the performance of the
board of directors.
Corporate refers to the business as a whole unit, including all partners and business operations, no matter how
separate or different these might be
.
2-How do you can elaborate Audit and Assurance Concepts?
Ans. An audit of historical financial statements has been defined as a systematic process of objectively obtaining
and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of
correspondence between those assertions and established criteria, and communicating the results to interested
parties. It is a form of attestation service in which the auditor issues a written report expressing an opinion about
whether the financial statements are in material conformity with generally accepted accounting principles or other
recognized criteria. The fundamental aspects of the objectives of financial statements in the context of providing the
users with sincere financial information about the entity, and consequently the audit of such statements, remain
unchanged in spite of the significant changes that have taken place in the business environmentand financial
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markets.The main objective of an audit of financial statement is to enable the auditor to expressan opinion on
whether the overall financial statements (the information being verified) are prepared, in all material respects, in
accordance with an identified financial reporting framework. Normally, this framework can be defined as the
generally accepted accounting principles (GAAP) such as the US GAAP or the equivalents in other countries. The
International Financial Reporting Standards (IFRSs) issued by the International AccountingStandards Board
(IASB) can also be considered for this purpose. The financial statementsmost often included are the statement of
financial position, income statement and statementof cash flows, including accompanying footnotes. The phrases
used to express theauditor’s opinion are ‘give a true and fair view’ or ‘present fairly, in all material respects,’which
are equivalent.
Q # 5 What role required to a financial manager to boast up the organization business and market worth?
Financial management entails planning for the future of a person or a business enterprise to ensure a positive cash
flow. It includes the administration and maintenance of financial assets. Besides, financial management covers the
process of identifying and managing risks.
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The primary concern of financial management is the assessment rather than the techniques of financial
quantification. A financial manager looks at the available data to judge the performance of enterprises. Managerial
finance is an interdisciplinary approach that borrows from both managerial accounting and corporate finance.
Some experts refer to financial management as the science of money management. The primary usage of this term is
in the world of financing business activities. However, financial management is important at all levels of human
existence because every entity needs to look after its finances.
Financial Management: Levels
Broadly speaking, the process of financial management takes place at two levels. At the individual level, financial
management involves tailoring expenses according to the financial resources of an individual. Individuals with
surplus cash or access to funding invest their money to make up for the impact of taxation and inflation. Else, they
spend it on discretionary items. They need to be able to take the financial decisions that are intended to benefit them
in the long run and help them achieve their financial goals.
From an organizational point of view, the process of financial management is associated with financial planning and
financial control. Financial planning seeks to quantify various financial resources available and plan the size and
timing of expenditures. Financial control refers to monitoring cash flow. Inflow is the amount of money coming into
a particular company, while outflow is a record of the expenditure being made by the company. Managing this
movement of funds in relation to the budget is essential for a business.
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At the corporate level, the main aim of the process of managing finances is to achieve the various goals a company
sets at a given point of time. Businesses also seek to generate substantial amounts of profits, following a particular
set of financial processes.
Financial managers aim to boost the levels of resources at their disposal. Besides, they control the functioning on
money put in by external investors. Providing investors with sufficient amount of returns on their investments is one
of the goals that every company tries to achieve. Efficient financial management ensures that this becomes possible.
Strong
financial
management
in
the
business
arena
requires
managers
to
be
able
to:

Interpret financial reports including income statements, Profits and Loss or P&L, cash flow statements and
balance sheetstatements

Improve

Review

Look at the funding options for business expansion, including both long and short term financing

Review the financial health of the company or business unit using ratio analyses, such as the gearing
ratio,profit per employee and weighted cost of capital

Understand the various techniques using in project and asset valuations

Apply critical financial decision making techniques to assess whether to proceed with an investmtn

Understand valuations frameworks for businesses, portfolios and intangible assets
the
and
allocation
fine
tune
of
financial
working
budgeting,
capital
within
and
revenue
business
and
cost
operations
forecasting
Q # 6 What do you understand about corporate performance evalution?
Introduction
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Corporate performance management is a set of management and analytic processes that enable the performance of
an organization to be managed with a view to achieving one or more preselected goals. It is often comprised within
approaches to business process management.
Business performance management has three main activities:
1. the selection of goals
2. the consolidation of measurement information relevant to an organization’s progress against these goals,
3. the interventions made by managers in light of this information with a view to improving future performance
against these goals.
Although presented here sequentially, typically all three activities will run concurrently, with the interventions made
by managers affecting both the choice of goals, the measurement information monitored, and the activities being
undertaken within the organization. Because business performance management activities in large organizations
often involve the collation and reporting of large volumes of data, many software vendors, particularly those
offering "business intelligence" tools, market products intended to assist in this process. As a result of this marketing
effort, business performance management is often (wrongly) seen as being an activity that relies on software systems
to work, and many definitions of business performance management explicitly suggest software as being a necessary
component of the approach.
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Since 1992, business performance management has been strongly influenced by the rise of the Balanced Scorecard
framework. It is common for managers to use the Balanced Scorecard framework to clarify the goals of an
organization, to identify how to track them, and to structure the mechanisms by which interventions will be
triggered. These steps are the same as those that are found in CPM (corporate performance management), and as a
result Balanced Scorecard is often used as the basis for business performance management activity with
organizations. In the past,owners have sought to drive strategy down and across their organizations, they have
struggled to transform strategies into actionable metrics and they have grappled with meaningful analysis to expose
the cause-and-effect relationships that, if understood, could give profitable insight to their operational decision-
makers.
Definition and scope
Corporate performance management consists of a set of management and analytic processes, supported by
technology, that enable businesses to define strategic goals and then measure and manage performance against those
goals. Core business performance management processes include financial planning, operational planning,
consolidation and reporting, business modeling, analysis, and monitoring of key performance indicators linked to
strategy. Corporate performance management involves consolidation of data from various sources, querying, and
analysis of the data, and putting the results into practice.
Methodologies
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Various methodologies for implementing corporate performance management exist. The discipline gives companies
a top-down framework by which to align planning and execution, strategy and tactics, and business-unit and
enterprise objectives. Reactions may include the SixSigma strategy, balanced scorecard, activity-based costing
(ABC), Total Quality Management, economic value-add, integrated strategic measurement and Theory of
Constraints. The balanced scorecard is the most widely adopted performance management methodology.
There I will briefly discuss the balanced scorecard and SWOT analysis as the part of performance
methodologies.
Methodologies on their own cannot deliver a full solution to an enterprise's CPM needs.Many pure-methodology
implementations fail to deliver the anticipated benefits due to lack ofintegration with fundamental CPM processes.
Q7: What professional va;ues & ethics are required to a professional accountant while doing the job?
Ans; Professional Values, Ethics and Attitudes
The program of professional accounting education should provide
potential professional accountants with a framework of professional
values, ethics and attitudes for exercising professional judgment and for
acting in an ethical manner that is in the best interest of society and the
profession.
The required values, ethics and attitudes of professional accountants
include a commitment to comply with the relevant local codes of ethics
which should be in conformity with the IFAC Code of Ethics for
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Professional Accountants.
The coverage of values and attitudes in education programs for
professional accountants should lead to a commitment to:
(a) the public interest and sensitivity to social responsibilities;
(b) continual improvement and lifelong learning;
(c) reliability, responsibility, timeliness, courtesy and respect; and
(d) laws and regulations.
PROFESSIONAL VALUES, ETHICS AND ATTITUDES
While the approach of each program to the learning of professional
values, ethics and attitudes will reflect its own national and cultural
environment and objectives, as a minimum all programs should include:
(a) the nature of ethics;
(b) differences of detailed rules-based and framework approaches to
ethics, their advantages and drawbacks;
(c) compliance with the fundamental ethical principles of integrity,
objectivity, commitment to professional competence and due
care, and confidentiality;
(d) professional behavior and compliance with technical standards;
(e) concepts of independence, skepticism, accountability and public
expectations;
(f) ethics and the profession: social responsibility;
(g) ethics and law, including the relationship between laws,
regulations and the public interest;
(h) consequences of unethical behavior to the individual, to the
profession and to society at large;
(i) ethics in relation to business and good governance; and
(j) ethics and the individual professional accountant: whistle
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blowing, conflicts of interest, ethical dilemmas and their
resolution.
9. What do you understand about Total Quality Management?
TQM stands for total quality management. TQM is a management approach for an organization, centered on quality,
based on the participation of all its members. It focuses on long-term success through identifying and prioritizing
customer requirements, setting and aligning goals, and providing deliverables that warrant customer satisfaction (as
well as customer delight). It also measures results to continually provide value and benefits to all members of the
organization
and
to
society.
Total Quality Management is the integration of all functions and processes within an organisation in order to achieve
continuous improvement of the quality of goods and services. TQM is based on a number of ideas. It means thinking
about quality in terms of all functions of the enterprise and is a start to finish process that integrates interrelated
functions at all levels
10. What is the ways to improve the Communication in your career building?
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Mindtools.com published a “checklist” for clear communication that can help you develop the critical habit of
expressing yourself effectively. Use these brief reminders to help you become an outstanding communicator on the
job. Along with boosting your career, you might enjoy a more pleasant personal life, as you polish your verbal
communication skills.
Adopt these business communication tips to improve your performance.

Be clear. King of all the communication skills, clarity is the foundation for all business and personal verbal
success, whether spoken or written. Even the most eloquent presentation, report or opinion can be rendered
useless if readers and listeners are unclear of your point. Before eloquence, strive for clarity first.

Be concise. Stick to your point, state your position, goal or request as briefly as possible and eliminate
unnecessary words, sentences and, of course, paragraphs. Time can be more valuable than money. Respect
the time constraints of your listeners and readers, just as you want them to respect your responsibilities.

Be concrete. Similar to good taste, you may be unable to define this feature, but you know it when you see
or hear it. Much like the creed of all writers, “show, don’t tell,” being concrete delivers a clear “picture” of
the purpose and subject of your communication. Certainly, you might face challenges to paint a vivid,
exciting picture with more mundane, repetitive or less than stimulating communications. However, creating
the correct picture in the mind of your listener or reader eliminates confusion and delivers the proper
message.
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
Be correct. This tip may, at first, appear to be self-evident. Think about instructions you’ve received,
confusing emails addressed to you, memos not worth the time you spent reading—and trying to decipher
them—or other directives you have read that either made no sense or were filled with spelling and word
usage errors. Being correct involves using proper grammar and spelling, along with tailoring your oral or
written communication to your “audience.” For example, over using “buzzwords” to express your point to a
non-technical group does more to confuse than enlighten. Strive to make all of your communications
correct in content, point-of-view and message.

Be coherent. This is another of the important verbal communication skills that is often overlooked. Are
you aware of the once-famous writing style called “stream of consciousness?” If you haven’t yet had the
“pleasure” of reading this style, find a book, essay or other communication using this method. You only
need to read a page or two to start a headache. This exercise will reinforce the importance of being coherent
in your workplace communications. Thinking about something is typically very different than expressing
your thoughts in a logical and consistent fashion. That which makes perfect sense to your mind may be
excruciatingly incoherent to your reader or listener. Communicate logically to people, leaving no need for
“reading between the lines,” which often leads the reader/interpreter to misunderstanding.
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