UNIVERSITY OF CENTRAL PUNJAB
Name : Sana Riaz
Registration # 0185
Section: 1A
Sir Ahsan
11 th
june, 2013

1.
Internal Controls and Quality Assurance of Financial Information
Responsible for the maintenance and improvements of procedures that aim to uphold the integrity of IDRC’s corporate financial information.
2.
Control of Accruals
Reviews and approves the quarter- and year-end expense accruals.
3.
Control of Employee Benefits
Oversees the employee benefit accrual calculations received from the Human Resources
Division and regions
4.
Estimates and Provisions
Prepares analyses for quarter-end estimations for certain accounts requiring adjustment or provisions .
5.
Control of Equity
Prepares and maintains working papers to properly reflect the equity provisions.
6.
Preparation of Financial Statements
Prepares quarterly and year-end financial statements and notes for review
7.
Legislative Reporting
Prepares summary financial statements and financial reports for Public Works and Government
Services
8.
General Financial Management
Takes a critical view of financial operations to identify opportunities to improve internal controls

1.
Authority of Internal Audit
Establish the authority of the internal audit activity and review it.
2.
Review Policies
Obtain and review your organization's written policies and procedures.
3.
Map Major Process
Map the major processes/operations within the organization.
4.
Develop Risk Assessment
Develop a risk assessment for your organization.
5.
Develop Charter for Internal Audit
Develop a charter for internal audit.
6.
Develop an Audit Plan
Based on your risk assessment, develop an audit plan.
7.
Establish Best-Practice Reporting Relationships
Work with management to establish best-practice reporting relationships.
8.
Hire Staff and Develop Training Plan
Hire your staff and develop a plan for staff training.
:
1.
Analyze Financial Reporting Risks
An external auditor reviews internal controls and processes around financial reporting mechanisms.

2.
Test Financial Statement Accounts
An external auditor tests a financial statement item to verify that an account balance is correct and agrees with ledger amounts .
3.
Rank Control Risks
An external auditor might rate activities or processes as high, medium or low.
4.
Discuss Risks with Management
An external auditor presents a "summary of findings." and discuss it with mngemennt.
5.
Review Management's Correction of Problems
An external auditor reviews a business entity's management response to a control problem.
6.
Provides Credibility
Your financial statements will be more credible if an external auditor evaluates them.
7.
Critique Internal Processes
External auditors can observe operations from the outside and determine where the company is wasting time or money.
8.
Double-Check Internal Audit
External auditors can look at the same factors as internal auditors and double-check their work.
1.
Financing and investing
The financial manager performs the financing and investing function of an enterprise.
2.
Financial analysis
Financial manager makes analysis of financial condition of the firm.
3.
Dividend decisions
The financial manager takes dividend decision.
4.
Accounting and control

The financial manager arranges for the maintenance of financial records.
5.
Forecasting and long-run planning
The finance manager forecasts costs and technological changes.
6.
Cash management
The financial manager arranges for cash management of the enterprise.
7.
Decision regarding capital structure
The financial manager takes decision regarding capital structure of the firm.
8.
Evaluation of financial performance
The financial manager evaluates the financial performance for the analysis of financial performance of the enterprise.
1.
Decision-Making
Managerial accountants often perform cost analysis for certain products and divisions.
2.
Forecasting and Planning
The information presented by managerial accountants is often used by managers to forecast and plan.
3.
Budgets
Preparing budgets is a basic activity for managerial accountants.
4.
Leading:
Managerial Accountant lead a team of staff responsible for the production of management accounts.
5.
Prepration of Statements :
Preparation of cashflow statements, income and expenditure accounts and tax returns
6.
Planning projects
Planning projects exploring potential problems or opportunities.

7.
Maintain Reporting Systems:
Managerial Accountant set up and maintaining regional/branch reporting systems for the company.
8.
Budgeting:
Budgeting, planning and forecasting for the retail outlets and implementing performance measures for the business
As my tasks involve financial analyses, the review of working papers done by others, the preparation of estimates and the preparation of working papers to ensure that all financial transactions are accurately recorded in the financial system so in I think I am much suitable for the post of financial accountant because I can prepare financial statements in a good way and can make analysis on these statements.
1.
http://smallbusiness.chron.com/importance-external-audit-17630.html
2.
http://www.ehow.com/list_6582612_external-auditor_s-duties.html
3.
http://www.ehow.com/list_6582612_external-auditor_s-duties.html#ixzz2VLgEUafQ
4.
http://freembanotes.blogspot.com/2011/06/discuss-role-of-financial-managers.html
5.
http://www.mbaknol.com/business-finance/role-and-duties-of-management-accountant/
6.
http://hiring.monster.com/hr/hr-best-practices/recruiting-hiring-advice/job-descriptions/financialaccountant-job-description.aspx
No. of Words : 735 words