Trainers Assessment Resource FNSACC XXXXXXXXXXVersion 2.1 April XXXXXXXXXXPage 1 of 4 ASSESSMENT 1 – RESEARCH REPORT STUDENT INFORMATION This information is to be handed to each student to outline the...

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Trainers Assessment Resource FNSACC516 Version 2.1 April 2018 Page 1 of 4 ASSESSMENT 1 – RESEARCH REPORT STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements 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 assessor. 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 assignment 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. Assessment Summary You are to submit the following evidence / perform the following tasks  Develop and submit your written report as outlined above This assessment is due on: __________________________________ FNSACC516 Version 2.1 April 2018 Page 2 of 4 ASSESSMENT 2: PROJECT STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements Part 1: (1,000 words) You are required to undertake a further review of the company chosen in Assignment 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 FNSACC516 Version 2.1 April 2018 Page 3 of 4 Assessment Summary You are to submit the following evidence / perform the following tasks  Submit company review report  Submit procedure developed  Submit monitoring report" This assessment is due on: __________________________________ FNSACC516 Version 2.1 April 2018 Page 4 of 4 ASSESSMENT 3: PROJECT STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements For this assessment, students are to write an 800 word report on the following:  What 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. Assessment Summary You are to submit the following evidence / perform the following tasks  Submit your 800 word report as outlined above  Submit your spreadsheet as outlined above This assessment is due on: __________________________________
Answered Same DayAug 15, 2021FNSACC516Training.Gov.Au

Answer To: Trainers Assessment Resource FNSACC XXXXXXXXXXVersion 2.1 April XXXXXXXXXXPage 1 of 4 ASSESSMENT 1 –...

Riddhi answered on Aug 17 2021
137 Votes
Report on Corporate Governance –
· Corporate Governance defines the relationship between Management of the Company, Shareholders and Board of directors. The primary objective of Corporate Governance is to protect rights of investors and shareholders of the company. Corporate governance helps in bringing in transparency within the organization and for the auditors and shareholders providing them detailed understanding in respect of business profits and losses and any unusual activity in the organization. Good corporate governance will in time highlight any unethical practices taken place within the organization and timely restructure it to make sure all the practices are ethical within the organization.
· Prin
ciples of Corporate Governance written for ASX are as follows –
1. Lay solid foundations for management and oversight
2. Board should add value to the company
3. Decision making should be ethical
4. Integrity should be maintained in financial reporting
5. Make proper disclosure of books of accounts over time
6. Safeguard the interest of shareholders
7. Identify inherent risk to the organization
8. Remuneration should be fair and at arm’s length price
Company 1 – Macquarie Group
· Macquarie group is an investment banking and financial services company. Here, Company is provided with funds to investment as seed capital or a company wherein potential of being a big brand is seen. Here, Responsibility of the company is have a report on the source of funds and utilization of funds. In case any of this is not properly accounted for or reported for the same could put company in a legal punishable offence. It is also very important to look at the utilization of funds to make sure none of the directors or management are directly or indirectly interested or benefited to keep the independence of the organization safe. It should also be kept in mind that authority who brings in the business and the one who does bank dealings are different to make sure everything is documented in efficient manner. Power should not be vested in the hands of a single department.
· Practical application of Corporate governance requirements from relevant sources –
1. Macquarie group website –
a. Identify opportunity and convert the opportunity into business and report the same to the shareholders, community and other legal authorities on timely basis
b. Promote long term profitability at the same time managing various inherent risk to the organization within and outside the organization
c. Meet expectations of stakeholders of good corporate governance as part of our responsibility for them
d. To understand that independent directors have an important role in safeguarding the interest of shareholders and should act in their best interest.
2. per ATO ”Some private groups now have to consider the publication of their tax information as a factor in managing their reputation with stakeholders, customers and the broader Australian community as part of corporate transparency measures”
As per professional associations “Several scholars criticize the closed system approach within agency theory that implies a universal and direct linkage between corporate governance practices and performance and devotes little attention to the distinct context in which companies function”
As per ASC ”Public companies must obtain member approval to provide financial benefits to related parties (such as directors, their spouse and certain other relatives).”
· Internal control procedures followed by Macquarie group are as follows –
1. All the related party transactions should be identified and made sure that they are all compensated at arm’s length price and not above that. This would safeguard conflict of interest of related party.
2. All the decisions in connection with significant transactions with creditors for goods or services or expenses should be made independently.
3. The staff managing funds should not be dedicated with any other responsibility to safeguard delegation or dual responsibility in the hand of same person.
4. If any recommendation is received from board, the same should be reviewed by a staff independently and also should be given for review to a board committee developed for this specific purpose.
5. Anyone who invest in the assets or businesses should be independently reviewed by fund houses and a committee developed for this purpose.
6. Everyone who has specific information in respect of corporate finance and capital markets should themselves away from the trading market.
There is a special report on corporate governance submitted by the company and requirements and measures have been taken to make sure corporate governance is adhered to. Reasonable measures have been taken to ensure corporate governance is been taken care of in the company.
Company 2 – Telstra
Telstra is an Australian telecommunication company that builds and operates telecommunication networks and markets voice, mobile, internet access, pay television and other products and services. Telstra is committed to excellence in corporate governance, transparency and accountability. Company regularly reviews governance arrangements, to reflect developments in market practice, expectations and regulation as appropriate. Company complies with the ASX Corporate governance principles and recommendations.
Practical applications of corporate governance requirements –
1. The primary objective of the board is to monitor and implement T22 Strategy. T22 Strategy is a major transformation in the telecommunication industry and Testra is leading in this industry.
2. T22 is trying to bring in balance in the board in the form of combination between experienced directors and less experienced one but with potential to excel and bring in bigger change in the organization.
3. Company has developed an audit and risk committee to identify the risk within the organization and mitigate the risk with potential as well as pre defined solutions.
4. A separate committee formed to review the remuneration paid to the directors. Any remuneration paid should be in the interest of investors and should be at Arm’s Length price or at the current market price of the resource available in the industry.
5. The objective of the company is to ensure that the goals of the company and the entire is same and it is a right blend between the current culture and the values to work for the same goals and objectives in the ethical manner. We strongly promote ethical working culture within the organization.

Internal control procedures of the company
1. Once the company receives financial statements, it shall take a declaration from the CEO and CFO of the company that the books of accounts are free from material mis-statements. The books of accounts are of true and fair view. In the current financial year no frauds or pilferage has been reported in the organization.
2. The internal control team reviews and identifies any potential risk to the organization in the near future and be ready with a predefined solution to mitigate the risk quickly.
3. Board has decided to undertake internal review of the processes, strategies of the organization over a period of time...
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