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

Minor Paper - Essay Example identify that there are issues around the financial control, particularly the bank reconciliation and capacity and skill level in financial 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 assurance approach and the way the new external auditor was conducting their work with rigor. During the review, the management 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 out a number of areas in financial administration within the department that needs improvement. These include the general 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 reporting 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 disciplined approach to bank reconciliation. This was noted in the external auditor’s management letter and acknowledged 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, but focused on the issues in board minutes. The board minutes indicated that there had been procedural irregularities in respect 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 realize that there were