1. Identify and describe financial probity requirements for businesses. 2. Identify four examples of what would be consider fraudulent behaviour in regard to company finances. 3. Identify the...

Identify and describe financial probity requirements for businesses
1. To accomplish public construction procurement that helps to create value for the public sectors.
2. To treat the participants in a tender fairly and uniformly without any show of any biasness.
3. It also helps to maintain confidentiality of the participants’ data and details which includes sensitive information and details related to intellectual property.
4. To guarantee that the tendering process, dialogues, analysis and contract management are auditable, transparent and held responsible.
5. Identification of conflict and management of the same as per the legal policies and requirements and as per the Australian public sector code of conducts.
Identify four examples of what would be consider fraudulent behaviour in regard to company finances
Corporate frauds in company finances are as follows:
1. Employee conducting personal purchases and diverting the funds to purchase the goods and services on his behalf.
2. Payroll employees purposefully creating ghost or fake employees and directing the funds into those employees bank account.
3. Alteration in the tax returns in order to reveal lower income which results in less tax charging. This is conducted with the help of senior administration of the company.
4. Weak organizational controls leading the employees to steal company’s assets like cash and fixed assets known as asset theft.

Identify the requirements for audited accounts and the purpose of an audit report
As per ASIC except small companies registered companies and a company which holds increased disclosure security must get their annual financial reports audited. The midsized charities with annual revenue of more than $250000 also need to get their financial statement audited and finally the companies which falls under the incorporated association act and also under large charities with annual revenue of more than $1 million should get their financial reports audited.
The purpose is to obtain government grants for the charitable organizations, the government organizations will need to...