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35 
Corporate governance is the 
system
by which organisations are 
directed and controlled
by senior 
officers. Most corporate governance 
reports
are based around the principles of integrity, 
accountability
, independence and good management but there is disagreement on how much 
these principles need to be 
supplemented
by detailed rules.
Businesses, particularly large ones, are subject to increasing 
expectations
that they will exercise 
social responsibility. This is an ill-defined concept, but appears to focus on the 
provision
of 
specific benefits to society in general, such as charitable donations, the creation or preservation 
of 
employment
, and spending on 
environmental
improvement or maintenance. 
(Chapter 7)
36 
The financial manager
The financial manager is responsible for raising finance and controlling financial resources. The 
management accountant presents accounting information to support the management of the 
business. The financial accountant reports the results and financial position of a business. 
(Chapter 8)
37 Purchasing 
Purchasing system tests are based around buying and goods inwards. The equivalent for sales 
would be selling and goods outwards. Payroll concerns the payment of wages and salaries. Cash 
management focuses on the authorisation, verification and recording of payments and receipts. 
(Chapter 8)
38 
The need for security checks for authorising access 
The need for security checks to ensure unauthorised personnel do not gain access to data files is 
a disadvantage rather than an advantage. 
(Chapter 8)
39 
Financial accountants provide historical information for external use. 
This is a true statement concerning financial accounts. 
(Chapter 8)
40 
All the options are valid comparisons that can be made. Note the difference between a