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is expanding its operations globally. As part of its growth strategy, Sife and Co.
is aiming to enhance its financial management processes to ensure efficiency and
compliance with regulatory requirements. In a recent team meeting, the Chief
Financial Officer highlighted the importance of developing both an accounting
work plan and an accounting action plan to streamline financial operations and
achieve the company’s strategic objectives. However, there seems to be confusion
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among team members about the distinction between these two plans.
Required: Clarify the differences between an accounting work plan and an accounting
action plan, and explain how each contributes to achieving the company’s
financial goals.
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3. What differentiates an accounting work plan from an accounting action plan?
4. Describe various stages and procedures involved in the preparation of an accounting
work plan and its associated action plan.
5. Consider the following statement: There are significant differences between the
key issues that need to be considered before the preparation of an accounting
work plan and the actual steps involved in its preparation.

Required. Explain the given statement giving relevant illustrations and examples to
support your arguments.
6. Assume you are an accountant for a company named Bongo Zozo Pty, which is
involved in numerous accounting and related activities. In the upcoming month,
the entity plans to engage in several activities. These activities include, preparing
a complete set of financial statements, conducting two different internal audit
assignments in various parts of the organisation such as in human resources,
procuring furniture and equipment, filing tax returns, and presenting a complete
set of financial statements to the management and the board of directors.
Required. Consider/think about different dates by which the identified activities
would need to be completed and prepare a detailed accounting action plan
for Bongo Zozo Pty.

7. You are the Chief Financial Officer (CFO) for Dynamic Global Ltd, a multinational
corporation that operates in various sectors including technology, healthcare, and
finance. In the upcoming quarter, the company plans to engage in a multitude of
accounting activities across its different sectors. These activities include:
(i) Preparing quarterly financial statements for each sector by the end of the
first month of the quarter

(ii) Conducting risk assessments in various departments across all sectors, to
be completed by the middle of the second month

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