Manage Finance: Financial Probity, Fraudulent Behaviour, Audited Accounts, Taxation Obligations, and Reporting Process

Manage Finance

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
Identify and discuss financial probity requirements for business...............................................3
Identify four cases of fraudulent behaviour for company finances.............................................3
Identify the audited accounts and purpose of audit report..........................................................4
Principle of cash accounting ......................................................................................................4
Principle of accrual accounting ..................................................................................................4
Four taxation and superannuation obligations............................................................................5
Identify act related to financial reporting and auditing along with its requirements..................5
Requirements for registered foreign companies related to preparing and lodging financial
reports..........................................................................................................................................5
Identify current company tax rates..............................................................................................5
Process of reporting business report GST to Australian Tax office............................................6
Identify the penalty rate if ABN is not provided by supplier......................................................6
A non- profit- organisation has to register GST after how much turnover.................................6
Explain the difference between Pay as you go withholdings obligation for employees and
contractors...................................................................................................................................6
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Managing finances means controlling the accounts and operations of business efficiently
from the financial point of view. It also focuses on ensuring that all rules and regulations of
various laws governing its functioning are implemented in the organisation properly (Keen and
Murphy, 2018). This report provides solutions to various queries including financial
requirements of business along with purpose of audited accounts, principle of various forms, tax
obligations, fraudulent behaviours and current taxation rates. It also discusses about requirements
for registered foreign companies, process of reporting GST to Australian Tax office, penalty in
absence of ABN and different sceneries of Pay as you go.
TASK
Identify and discuss financial probity requirements for business.
It means to comply with the rules and regulations of code of ethics related to the
monetary and legal matters of business. There are majorly four requirements under it.
 Transparency- Business must have clear explanation for all its operations and choice
and that clarification must be acceptable at the time of any kind of problem.
 Responsibility- it is the duty of organisation to perform all the obligations of laws and
should also have explanation about the manner cash is used and decisions are taken by it.
 Confidentiality- It is the job of management to keep its data, related to office as well as
its clients and staff safe from any type of mishandling or hacking.
 Impartiality- There should be no partiality with the employees or associations with
which the business is conducting its operations (Castell, 2018).
Identify four cases of fraudulent behaviour for company finances.
Fraud means any kind of activity with an aim to attain some advantage out of it. Some
examples of such behaviour are:
 Tax avoidance- In this, the owner tries to taxable income than actually earned by it to
evade tax.
 Ghost employees- many times the payroll staff create some dummy employees and pay
them salary which is transferred to their own accounts only.
 Expense Fraud- Here, workers tend to show inflated expenses for reimbursement to get
more then they spent.