ACCA/CAT

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Section B–TWO questions ONLY to be attempted

In addition,the manufacturing director said that he could offer another reason why the short-term liquidity at UU was a problem.He said that the credit control department was poor,taking approximately 50 days to receive payment from each customer.He also said that his own inventory control could be improved and he said he would look into that.It was pointed out to the manufacturing director that cost of goods sold was 65% of turnover and this proportion was continuously rising,driving down gross and profi t margins.Due to poor inventory controls,excessively high levels of inventory were held in store at all stages of production.The long-serving sales manager wanted to keep high levels of fi nished goods so that customers could buy from existing inventory and the manufacturing director wanted to keep high levels of raw materials and work-in-progress to give him minimum response times when a new order came in.

One of the non-executive directors(NEDs)of UU Limited,Bob Ndumo,said that he could not work out why UU was in such a situation as no other company in which he was a NED was having liquidity problems.Bob Ndumo held a number of other NED positions but these were mainly in service-based companies.

Required:

(a)Defi ne 'liquidity risk'and explain why it might be a signifi cant risk to UU Limited.(5 marks)

(b)Defi ne 'risk embeddedness'and explain the methods by which risk awareness and management can be embedded in organisations.(7 marks)

(c)Examine the obstacles to embedding liquidity risk management at UU Limited.(8 marks)

(d)Criticise the voluntary supplier payment policy as a means of demonstrating UU's social responsibility.(5 marks)

(25 marks)

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