Financial Control – NBC Institute

FM – May 2022 – L3 – Q4 – Treasury Management

Discuss the roles of a treasury department and analyze its operation as a profit versus cost centre.

Question

he finance director of Keyman Plc. has recently reorganised the finance department following a number of years of growth within the business, which now includes a number of overseas operations. The company has created separate treasury and financial control departments.

Required:

a. Describe the main responsibilities of a treasury department, and comment on the advantages to Keyman Plc. of having separate treasury and financial control departments. (14 Marks)

b. Identify the advantages and disadvantages of operating the treasury department as a profit centre rather than a cost centre. (6 Marks)

Answer

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Tags: Cost Centre, Financial Control, Organizational Structuring, Profit Centre, Treasury Roles
Level: Level 3

Topic: Treasury management

PSAF – Nov 2014 – L2 – Q3 – Public Sector Audit

Explanation of financial fraud types and calculation of revenue loss within EFCC operations.

Question

Fraud is described as an intentional act involving deception to obtain an unjust or illegal advantage. It involves the presentation of a statement or representation made recklessly or without the belief in the truth or suppression of facts.

The Economic and Financial Crime Commission (EFCC) is a criminal investigation organisation in charge of investigating financial crimes involving politicians, economic saboteurs, and electoral fraudsters. EFCC’s “modus operandi” is such that any suspect or ‘accused’ must deposit all his money and other belongings with the exhibit section headed by Mr. Oripipe, a cashier, who is expected to pay all cash receipts collected by him to the Banking officer. The banking officer issues a revenue receipt to the Cashier.

Mrs. Innocent, the resident auditor, conducted a physical cash survey and discovered that the total amount on the duplicate receipt book with the banking officer is N4,550,000, which does not agree with the actual cash paid in. It was suspected that the organisation has been defrauded.

The following information relates to the deposits collected from January to December 2013:

Cash from Honourable Talaka: N12,500
Cash from a container with five suitcases, each containing N250,000: N1,250,000
Cash recovered from Anine, a criminal that raided Ifako bank: N4,000,000
Cash sales of impounded lace: N425,000
Five boxes containing consumable items earlier disposed of for N16,000, mistakenly kept in Mr. Oripipe’s drawer, were later discovered by the auditor.
On investigation, it was discovered that the banking officer was illegally removing N500 from every N2,500 paid to him by the cashier.

Required:

a. Explain briefly FOUR types of financial fraud. (4 Marks)

b. Prepare the correct statement of deposits from detainees as it should be in Mr. Oripipe’s records and identify the shortfall due to his negligence. (10 Marks)

c. Calculate the amount of cash lost by the government as a result of the fraud. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Handling, EFCC Operations, Financial Control, Fraud Detection, Fraud Prevention, Public Sector Audit
Level: Level 2

Topic: Public Sector Auditing

PSAF – May 2021 – L2 – Q3a – Treasury Management in the Public Sector

Explain strategies to enhance cash management and factors affecting its effectiveness in public finance.

Question

Cash management implemented by the Budget Office of the Federation (BoF) was to ensure that the right amount of money is made available to fund government expenditure in a timely manner as well as meeting its obligations as they fall due.

Required:
Explain FIVE strategies to enhance cash management control and FIVE factors militating against effective cash management. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Office, Cash Management, Financial Control, Public Expenditure, Treasury Management
Level: Level 2

Topic: Treasury Management in the Public Sector
Series: MAY 2021

AA – May 2017 – L2 – Q2b – Internal Audit and Its Relationship with External Audit

Distinction between internal audit and internal check.

Question

Distinguish between internal audit and internal check.

Answer

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Tags: Financial Control, Fraud Detection, Fraud Prevention, Internal Audit, Internal Check

Topic: Internal Audit and Its Relationship with External Audit
Series: MAY 2017

MA – Aug 2022 – L2 – Q2b – Budgetary control

This question asks for the similarities and differences between a budget and a standard in financial control.

Question

Budgets and standards are very similar and interrelated, but there are notable differences between them.

Required:
Explain TWO (2) similarities and TWO (2) differences between a budget and a standard.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budgeting, Financial Control, Forecasting, Standard Costing
Level: Level 2

Topic: Budgetary control
Series: AUG 2022

FM – May 2022 – L3 – Q4 – Treasury Management

Discuss the roles of a treasury department and analyze its operation as a profit versus cost centre.

Question

Required:

a. Describe the main responsibilities of a treasury department, and comment on the advantages to Keyman Plc. of having separate treasury and financial control departments. (14 Marks)

b. Identify the advantages and disadvantages of operating the treasury department as a profit centre rather than a cost centre. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Centre, Financial Control, Organizational Structuring, Profit Centre, Treasury Roles
Level: Level 3

Topic: Treasury management

PSAF – Nov 2014 – L2 – Q3 – Public Sector Audit

Explanation of financial fraud types and calculation of revenue loss within EFCC operations.

Question

The following information relates to the deposits collected from January to December 2013:

Cash from Honourable Talaka: N12,500
Cash from a container with five suitcases, each containing N250,000: N1,250,000
Cash recovered from Anine, a criminal that raided Ifako bank: N4,000,000
Cash sales of impounded lace: N425,000
Five boxes containing consumable items earlier disposed of for N16,000, mistakenly kept in Mr. Oripipe’s drawer, were later discovered by the auditor.
On investigation, it was discovered that the banking officer was illegally removing N500 from every N2,500 paid to him by the cashier.

Required:

a. Explain briefly FOUR types of financial fraud. (4 Marks)

b. Prepare the correct statement of deposits from detainees as it should be in Mr. Oripipe’s records and identify the shortfall due to his negligence. (10 Marks)

c. Calculate the amount of cash lost by the government as a result of the fraud. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Handling, EFCC Operations, Financial Control, Fraud Detection, Fraud Prevention, Public Sector Audit
Level: Level 2

Topic: Public Sector Auditing

PSAF – May 2021 – L2 – Q3a – Treasury Management in the Public Sector

Explain strategies to enhance cash management and factors affecting its effectiveness in public finance.

Question

Required:
Explain FIVE strategies to enhance cash management control and FIVE factors militating against effective cash management. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Office, Cash Management, Financial Control, Public Expenditure, Treasury Management
Level: Level 2

Topic: Treasury Management in the Public Sector
Series: MAY 2021

AA – May 2017 – L2 – Q2b – Internal Audit and Its Relationship with External Audit

Distinction between internal audit and internal check.

Question

Distinguish between internal audit and internal check.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Control, Fraud Detection, Fraud Prevention, Internal Audit, Internal Check

Topic: Internal Audit and Its Relationship with External Audit
Series: MAY 2017

MA – Aug 2022 – L2 – Q2b – Budgetary control

This question asks for the similarities and differences between a budget and a standard in financial control.

Question

Budgets and standards are very similar and interrelated, but there are notable differences between them.

Required:
Explain TWO (2) similarities and TWO (2) differences between a budget and a standard.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budgeting, Financial Control, Forecasting, Standard Costing
Level: Level 2

Topic: Budgetary control
Series: AUG 2022

Question Tag: Financial Control

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FM – May 2022 – L3 – Q4 – Treasury Management

Discuss the roles of a treasury department and analyze its operation as a profit versus cost centre.

PSAF – Nov 2014 – L2 – Q3 – Public Sector Audit

Explanation of financial fraud types and calculation of revenue loss within EFCC operations.

PSAF – May 2021 – L2 – Q3a – Treasury Management in the Public Sector

Explain strategies to enhance cash management and factors affecting its effectiveness in public finance.

AA – May 2017 – L2 – Q2b – Internal Audit and Its Relationship with External Audit

Distinction between internal audit and internal check.

MA – Aug 2022 – L2 – Q2b – Budgetary control

This question asks for the similarities and differences between a budget and a standard in financial control.

FM – May 2022 – L3 – Q4 – Treasury Management

Discuss the roles of a treasury department and analyze its operation as a profit versus cost centre.

PSAF – Nov 2014 – L2 – Q3 – Public Sector Audit

Explanation of financial fraud types and calculation of revenue loss within EFCC operations.

PSAF – May 2021 – L2 – Q3a – Treasury Management in the Public Sector

Explain strategies to enhance cash management and factors affecting its effectiveness in public finance.

AA – May 2017 – L2 – Q2b – Internal Audit and Its Relationship with External Audit

Distinction between internal audit and internal check.

MA – Aug 2022 – L2 – Q2b – Budgetary control

This question asks for the similarities and differences between a budget and a standard in financial control.

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FM – May 2022 – L3 – Q4 – Treasury Management

Discuss the roles of a treasury department and analyze its operation as a profit versus cost centre.

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PSAF – Nov 2014 – L2 – Q3 – Public Sector Audit

Explanation of financial fraud types and calculation of revenue loss within EFCC operations.

You're reporting an error for "PSAF – Nov 2014 – L2 – Q3 – Public Sector Audit"

PSAF – May 2021 – L2 – Q3a – Treasury Management in the Public Sector

Explain strategies to enhance cash management and factors affecting its effectiveness in public finance.

You're reporting an error for "PSAF – May 2021 – L2 – Q3a – Treasury Management in the Public Sector"

AA – May 2017 – L2 – Q2b – Internal Audit and Its Relationship with External Audit

Distinction between internal audit and internal check.

You're reporting an error for "AA – May 2017 – L2 – Q2b – Internal Audit and Its Relationship with External Audit"

MA – Aug 2022 – L2 – Q2b – Budgetary control

This question asks for the similarities and differences between a budget and a standard in financial control.

You're reporting an error for "MA – Aug 2022 – L2 – Q2b – Budgetary control"

FM – May 2022 – L3 – Q4 – Treasury Management

Discuss the roles of a treasury department and analyze its operation as a profit versus cost centre.

You're reporting an error for "FM – May 2022 – L3 – Q4 – Treasury Management"

PSAF – Nov 2014 – L2 – Q3 – Public Sector Audit

Explanation of financial fraud types and calculation of revenue loss within EFCC operations.

You're reporting an error for "PSAF – Nov 2014 – L2 – Q3 – Public Sector Audit"

PSAF – May 2021 – L2 – Q3a – Treasury Management in the Public Sector

Explain strategies to enhance cash management and factors affecting its effectiveness in public finance.

You're reporting an error for "PSAF – May 2021 – L2 – Q3a – Treasury Management in the Public Sector"

AA – May 2017 – L2 – Q2b – Internal Audit and Its Relationship with External Audit

Distinction between internal audit and internal check.

You're reporting an error for "AA – May 2017 – L2 – Q2b – Internal Audit and Its Relationship with External Audit"

MA – Aug 2022 – L2 – Q2b – Budgetary control

This question asks for the similarities and differences between a budget and a standard in financial control.

You're reporting an error for "MA – Aug 2022 – L2 – Q2b – Budgetary control"

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