Implement and Maintain Internal Control Procedures Assignment

ASSESSMENT 1 -

For this assessment, you are to research and review corporate governance requirements for a company of their choice. The company must be chosen in consultation with your instructor. You may base this task on your Training Organisation if no other companies are suitable. As a minimum, it is important that you:

Undertake a comprehensive review of corporate governance requirements applicable to corporations, and determine their relevance to your chosen company

Research and explain 8 corporate governance principles. You may refer to governance principles written for ASX, however if your company is not ASX listed, you should choose relevant standards to apply. Be sure to provide you reasons for choosing these standards.

Determine what practical applications these requirements have on the company

Seek further information regarding practical application of corporate governance requirements from relevant sources (these sources must be included in your report). Further information may be sought from a variety of sources including, but not limited to:

• ATO
• Professional associations
• Financial information systems
• ASIC

Comprehensively review any internal control procedures your business has in place and determine whether compliance with corporate governance requirements has been met. If so, detail how. If not, suggest additional internal control policies to ensure compliance.

This assessment should be submitted in the form of a detailed written report. You must utilise sources as listed above for clarification, and these sources must be documented in your report.

Content -

1. Background (Use Times New Roman Font, Size 14, Bold and Numbering, paragraphing spacing 1.5)

All text in 12 Font size with same Times New Roman. No bold

The reason behind the importance of Corporate Governance.

2. Corporate Governance

What is corporate governance?

Definition of corporate governance?

3. Principles of Corporate Governance

You have to describe about the eight principles that I had explained in class.

4. Other guidelines by regulatory bodies

There are other regulatory bodies who also involve in strengthen corporate governance system in organisation. These are some regulatory bodies and their guidelines in regards to CG.

• Australian Taxation Office
• ASIC
• AASB
• Professional Bodies (e.g. CPA)

5. Corporate governance and Selected Company (e.g. JB HiFi)

What is the mechanism of this company in regards to implement and maintain internal control system?

6. Conclusion

What did you find in JB HiFi. Please write strong and weakness part in CG and Internal Control System. How this weakness part may hamper to the performance of company (Just in three to four sentences)?

7. Recommendation

What is your recommendation to the company? Your recommendation should be valuable. If company apply that, that will lead the company to the strong position in term of everything such as internal control, compliance, financial performance etc.

Word Limit for this Assessment 2500 words (excluding reference).

10 reference is required.

2 Reference from book

2 Reference from Journal

4 Reference from Web

2 Reference from ASX, AASB, ATO.

ASSESSMENT 2 -

Part 1: (1,000 words)

You are required to undertake a further review of the company chosen in Assessment 1. Students are required to undertake the following:

Review the following aspects of financial delegations and accountabilities within the company and determine their compliance with internal control procedures

• Expenditure and / or investment approvals
• Corporate governance requirements
• Loan and lending approvals
• Sign off authorities

Determine timeframes taken to complete and release reports such as operating and cash flow statements

• Are these completed within agreed-upon timeframes?
• Do the deadlines comply with legislative requirements?

Once students have reviewed the relevant areas, they should write a 1,000 word report on their findings. Students should focus on an area that either does not meet corporate governance requirements, or can be improved for the next part of this assignment.

Part 2:

Students must next choose an area to write a new procedure that will meet corporate governance requirements. Ideally, this should be within the context of financial reporting, recording of data, filing etc.

• Determine the need for a new procedure that could better meet corporate governance requirements. If all requirements are already met, the students should consult with their instructor to determine what area they should focus on.
• Liaison with instructor to determine timeframes and deadlines for implementation of your new policy / procedure.
• Consult with published sources such as the ASX to obtain a template for your procedure.
• Create a detailed internal control procedure to meet the needs of corporate governance as determined in Part 1.
• The procedure must be in an appropriate format and documented / filed as necessary.
• The procedure can be completely new in the case of non-compliance with corporate governance, or can be a modification of an existing policy to improve internal control measures.

Finally, students must write a 500 word report on the following:

• Discuss how the procedure can be monitored to ensure it is effective - i.e. any relevant errors should be well documented by staff.
• Comment on any variations of corporate governance requirements you have discovered, and give reasons why these variations may exist.

Content -

Part 1.

1. Background

2. Financial Delegation and Company

3. Internal control system in Company

4. Financial Reporting compliance

• Whether you company is meeting this requirement in timely manner. If yes how?

5. Conclusion

6. Recommendation

• Find some issue in regards to financial reporting.
• Find some issue in regards to Internal control in financial transaction and reporting
• Recommend the policy.
• Better to select the disclosure policy or Fraud control policy for financial transaction.

Part 2 -

1. Background

• Issue in financial transaction and reporting from the different point of view such as proper disclosure, internal control tools.

2. Prepare Policy

• For example disclosure policy
• For example fraud control policy

3. Conclusion

ASSESSMENT 3 -

For this assessment, students are to write an 800 word report on the following:

• What are is purpose of corporate governance recommendations?
• Discuss how corporate governance and compliance with these policies and recommendations promotes ethics in business and accounting
• Give specific examples relating to the company you have researched in Assessments 1 & 2.

Students must also create a spreadsheet listing the following information:

• For each corporate governance recommendation, list exactly how the company has met the recommendation
• If any recommendations are not met, then briefly list in the cell what the company could implement to ensure compliance.

Content -

1. Introduction

• What is the purpose of Corporate governance? (30 words)
• AXS has issued the different eight principle and recommendation. So what is the main purpose of these recommendation? (100 words)

2. Relationship of Different recommendation and business and accounting ethics

• How do these recommendations of eight principle promote business and accounting ethics?

3. Practical application of recommendation in Company (for example JB HiFi)

• You can first read the recommendation of Principle 1 of CG.
• Then you have to relate that recommendation with your company.
• Note: You have to do this in spreadsheet

4. Gaps in compliance

Please check whether all recommendation is met by company. If not please write the process, the company can follow to meet that recommendation. But if company has me all recommendation, then you can skip this section.

5. Conclusion

Note - Word limit is around 1500-1600 for each assessment.

Attachment:- Assignment Files.rar