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Internal Guidelines for a Finance Department

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1. The CFO of your company has asked your team to develop a set of internal guidelines that will ensure that the finance department adheres to the highest of ethical standards for financial forecasting. Without consideration of any legal requirements develop a set of procedures that will facilitate this objective.

2. You were just employed by a small retail electronics firm as a financial consultant. The first issue the owner want to address is profitability. What are some of issues that you would be looking at from an industry perspective?

3.You've been asked to make a decision on whether to repair or replace an old copier machine. Come up with a list of items that would be considered relevant to the decision and another list that is not relevant. For each reason in both list provide a reason why the item is relevant or not relevant

4. You have worked at a small manufacturing firm for several years in the finance area. This company has grown from a 'garage' operation to a full fledged manufacturing plant that is struggling with their success. Your supervisor asks you about the value to the company of preparing pro forma financial statement and their use in the company. How would you answer her?

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This solution is comprised of a detailed explanation to develop a set of procedures that will facilitate this objective for the CFO, answer what are some of issues that you would be looking at from an industry perspective, provide a reason in order to make a decision on whether to repair or replace an old copier machine, and answer about the value to the company of preparing pro forma financial statement and their use in the company.

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1. The CFO of your company has asked your team to develop a set of internal guidelines that will ensure that the finance department adheres to the highest of ethical standards for financial forecasting. Without consideration of any legal requirements develop a set of procedures that will facilitate this objective.

First, I will set up a system of projected financial statements which can be used to analyze the effects of the operating plan on projected profits and various financial ratios. This system can be used to monitor operations after the plan has been finalized and put into effect. Then, I will determine the funds need to support the long-term plan for the company's requirement. Then, I will forecast funds availability over the next five years. This involves estimating the funds to be generated internally as well as those to be obtained from external sources. I will establish and maintain a system of controls governing the ...

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