Assessment 32017/03

FNSACC506: Implement and maintain internal control procedures

FNSACC604: Monitor corporate governance activities

Assessment Description

By completing this assessment the learner will gather evidence of the knowledge and skills required to:

• review corporate governance requirements, implement operating procedures and monitor policy
• research corporate governance reporting trends
• examine corporate governance standards and practices
• review compliance to develop and implement processes and procedures for meeting corporate governance obligations.

Part A - Written Report

The Audit Committee of the Ethical Trading Group has asked you to lead a broader review of their existing internal control procedures.

Specifically the remit of your review will cover each of the following three areas:

1. Review corporate governance requirements

2. Implement operating procedures

3. Monitor policy

Before you attempt the questions please familiarise yourself with the following pages from the Ethical Trading Group Policies and Procedures.

• Pages 25 – 27 for question 1.3

• Page 56 for question 2.1

1. Review corporate governance requirements

1.1 Referring to the Audit Procedures section (pages 25 – 27), review the procedure and develop an alternate version that clearly states how your version will be applied to the daily operations of Ethical Trading Group.

2. Implement operating procedures

2.1 From the Delegated Authority Schedule section of the Policy and Procedure Manual:

List three (3) actions you would complete to review and maintain financial delegations and accountabilities to ensure consistency and compliance with internal control procedures

3. Monitor policy

3.1 Identify three (3) examples of financial legislation relating to taxable transactions and reporting requirements and describe three (3) key features of all three.

Part B – Deliver a Presentation (audio recording required)

Instructions:

The Audit Committee of Ethical Trading Group has asked you to develop and report on performance indicators to evaluate compliance with internal control procedures.  

They ask you to prepare and deliver a presentation running for no longer than seven (7) minutes in duration.  

The audience for your presentation can be drawn from colleagues, family or friends and should comprise of at least two people.  To participate in the presentation they must also complete the consent form located in Appendix A.

Please access the Case Study PowerPoint Template to help you complete this assessment. This file is also available in the Ethical Trading Group folder in the Additional Resources for this course.

Tasks to be completed in preparation for your presentation:

You are to prepare a PowerPoint presentation (maximum 4 slides) covering the following:

1. Develop three (3) performance indicators to evaluate compliance with internal control procedures

2. Using the template in Appendix B complete a report describing:

• Progress and success-to-date of your three performance indicators

• Describe two (2) remedial actions required to improve the progress of one (1) of your performance indicators

3. Describe your planned timetable for implementing one of your remedial actions

After the presentation the participants must also complete Appendix C providing feedback on how you delivered the presentation. 

For the presentation you will need to:

Submit an audio recording providing evidence of you covering each of the following four points:

1. Briefly explain the three performance indicators you have developed to evaluate compliance with internal control procedures (2 minutes)

2. Distribute the report you will have developed describing the progress and success of your three performance indicators to attendees and allow them the opportunity to review it and ask and questions.  

3. Ensure attendees understand the details of the report are confidential and are not to be distributed. (3 minutes)

4. Allow attendees the opportunity to review and comment on your planned timetable for implementing one of your remedial actions (2 minutes)

When you have finished your audio recording, you will need to upload your file to OpenSpace.  Click on the ‘Support’ tab – then ‘Assessment’ and instruction on how to do this are within the ‘Frequently Asked Questions’.