The basic requirement is to write a considered and researched essay on the following topic:The final...

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The basic requirement is to write a considered and researched essay on the following topic: The final report into Misconduct in the Banking, Superannua/on and Financial Services Industry was tabled in...

The basic requirement is to write a considered and researched essay on the following topic:

The final report into Misconduct in the Banking, Superannua/on and Financial Services Industry was tabled in Parliament on 4 February 2019. The Honorable Kenneth Hayne has completed this Royal Commission aXer more than 10,000 submissions and mul/ple witnesses who were subject to indepth ques/oning and analysis.

There are many elements to the report into Misconduct in the Banking, Superannua/on and Financial Services Industry, however it is noted that the Australian Banking Associa/on recently released their updated Banking Code of Prac/ce (effec/ve 1 July 2019). The guiding principles of this Code are trust and confidence, integrity, service, transparency and accountability.

The Code of Ethics for Professional Accountants – APES 110 (effec/ve 1 January 2020) is the standard under which we will be conduc/ng our services as current and future accountants.

Ques/on: Compare the two Codes in terms of similari/es and differences. Why was there a need to have these Codes created? Do you expect either (or both) of these Codes to be effec/ve in their fundamental objec/ves? Explain and jus/fy your perspec/ve.

BUACC3706 Assignment #3.pages ! FEDERATIONBUSINESSSCHOOL BUACC3706FINANCIALACCOUNTING ASSESSMENTTASK3:RESEARCHASSIGNMENT/ESSAY 1.GENERALINFORMATION AspertheCourseDescrip/on,thisassignmentcons/tutes20percentofthetotalassessmentin thiscourseandisdueweektenofsemesteroneonMonday20May2019at9.00am.Submission isviatheMoodledrop-box. 2.PURPOSE CourseBUACC3706isconcernedprimarilywiththeuseofaccoun/ngstandards,ethicsandtheory. Themainpurposeofthisassignmentistoprovidestudentswiththeopportunitytoapplythe knowledgeandskillsacquiredduringthesemestertoa‘real-world’accoun/ngissue.Inpar/cular thiswillenableyoutogaininsightsintoandinforma/onaboutethics,codesofconduct,accoun/ng theoryandtheexpecta/onsoftheprofessionalcommunity.Thisisintendedtoconsolidate students’understandingoftheseaccoun/ngconcepts. 3.ASSESSMENTDETAILSANDREQUIREMENTS Thebasicrequirementistowriteaconsideredandresearchedessayonthefollowingtopic: ThefinalreportintoMisconductintheBanking,Superannua/onandFinancialServicesIndustry wastabledinParliamenton4February2019.TheHonorableKennethHaynehascompletedthis RoyalCommissionaXermorethan10,000submissionsandmul/plewitnesseswhoweresubjectto indepthques/oningandanalysis. TherearemanyelementstothereportintoMisconductintheBanking,Superannua/onand FinancialServicesIndustry,howeveritisnotedthattheAustralianBankingAssocia/onrecently releasedtheirupdatedBankingCodeofPrac/ce(effec/ve1July2019).Theguidingprinciplesof thisCodearetrustandconfidence,integrity,service,transparencyandaccountability. TheCodeofEthicsforProfessionalAccountants–APES110(effec/ve1January2020)isthe standardunderwhichwewillbeconduc/ngourservicesascurrentandfutureaccountants. Ques/on:ComparethetwoCodesintermsofsimilari/esanddifferences.Whywasthereaneedto havetheseCodescreated?Doyouexpecteither(orboth)oftheseCodestobeeffec/veintheir fundamentalobjec/ves?Explainandjus/fyyourperspec/ve. - ! - 2 4.RESEARCHASSIGNMENT/ESSAY Theresearchassignment/essayshould: • Explainbrieflythesimilari/esanddifferencesbetweenthetwoCodesinpar/cularsuchitems shouldbeiden/fied,discussedand,wherepossible,explained. • Jus/fica/onofthetwoCodesincludinganyrelevantunderlyingtheory. • Provideaconsideredandresearchedperspec/veofthelikelihoodofthesuccessorotherwise ofthesetwoCodesgoingforward.Acarefullyconsideredopinionwillberequiredaspartof thisassignment. Theassignment istocomplywiththeUniversity’sGeneralGuidetoWriNngandStudySkillsand GeneralGuidetoReferencingandthewrieenreportisnottoexceed2,500words(excludingthe /tle page, bibliography and appendices). Students are required touse the ‘APA system’ for the acknowledgmentofsources.Inordertohelpensurethatassignmentsmeetrequiredpresenta/on standards, students are strongly advised to use the ‘Presenta/on check-list’ aeached to these notes. Extensiveresearchwillassistthedirec/onandcontentinprovidingaconsideredapproachtothis researchassignment/essay.Studentsmay,iftheywish,seekanduseinforma/onfromsourcessuch asnewspapers,businessmagazinesetc. 5.PRESENTATIONANDREFERENCING PRESENTATION The ‘Presenta/on check-list’ indicates the requirements and expected standards concerning presenta/on.Anassignmentthatcomplieswiththeguidelineshighlightedinthischeck-listwould normally be expected to achieve the required presenta/on standard). If further guidance is required, students should in the first instance refer to theGeneral Guide toWriNng and Study SkillsandGeneralGuidetoReferencingpublica/ons,availableonlinefromtheUniversityLibrary Wrieenworkinexcessof2,500wordswillbepenalised. REFERENCING Thelinktothelibrarywebsiteformoreinforma/onis:FedUniLibrary-Referencing Ifaddi/onalclarifica/onisnecessary,studentsshoulddiscussthemaeerwiththestaffmember responsibleforconduc/ngtheirtutorial. 6.ASSESSMENTCRITERIA Inassessingsubmieedassignmentsconsidera/onwillbegivento: • Anin-depthunderstandingofthecompletetopicinquesNonincludingevidenceofsuitable levelsofresearch. • Giventhisisathirdyearunitallstudentsareexpectedtoprovideawellresearched,well consideredandstructuredapproachandanalysis. • Overallneatness,completenessandqualityofpresentaNon.Degreelevelstudentsare expectedtoachieveasa/sfactorystandardwithrespecttothiscriterionasamaeerofcourse andforthisreasonnocreditwillbegrantedforachievingit.However,assignmentsthatfailto https://federation.edu.au/__data/assets/pdf_file/0018/190044/General-Guide-to-Writing-and-Study-Skills.pdf https://federation.edu.au/__data/assets/pdf_file/0020/313328/FedUni-General-Guide-to-Referencing-2016ed.pdf https://federation.edu.au/__data/assets/pdf_file/0018/190044/General-Guide-to-Writing-and-Study-Skills.pdf https://federation.edu.au/__data/assets/pdf_file/0020/313328/FedUni-General-Guide-to-Referencing-2016ed.pdf https://federation.edu.au/library/student-resources/help-with-study-skills2/guides-to-your-assessments https://federation.edu.au/__data/assets/pdf_file/0020/313328/FedUni-General-Guide-to-Referencing-2016ed.pdf - ! - 3 achievetheminimumstandardinconnec/onwiththiscriterionwillbepenalised.Theexpected standardconcerningthiscriterioniscontainedinthe‘Presenta/oncheck-list’. • Timelinessofsubmission. Degreelevelstudentsareexpectedtobeabletomeetreasonabledeadlinesforthesubmission ofassessableworkasamaeerofcourse.Forthisreasonnocreditwillbegivenforsubmihng theassignmentbytheduedate.AssessmenttaskssubmieedaXertheduedate,withoutprior approval/arrangement,willbepenalisedat10%oftheavailablemarksperday.Requestsfor • extensionofNmerequestmustbemadewiththelecturerconcernedandbasedonSpecial Considera/onguidelines 7.PLAGIARISM Plagiarismisthepresenta/onoftheexpressedthoughtorworkofanotherpersonasthoughitis one'sownwithoutproperlyacknowledgingthatperson. Studentsmustnotallowotherstudentstocopytheirworkandmusttakecaretosafeguardagainst this happening. In cases of copying, normally all students involvedwill be penalised equally; an excep/onwillbe ifthestudentcandemonstratetheworkistheirownandtheytookreasonable caretosafeguardagainstcopying. Plagiarismisaseriousoffence.Pleaserefertothefollowingdocuments: • Statute6.1:StudentDiscipline • Regula/on6.1:StudentDiscipline • Regula/on6.1.1:Plagiarism 8.PRESENTATIONCHECK-LIST Asindicatedabove,theassignmentforBUACC3706istobepresentedinaccordancewiththe University’sGeneralGuidetoWriNngandStudySkillsandGeneralGuidetoReferencing.Toassist studentsinachievingtherequiredstandardthefollowingcheck-listisprovided. Itishighlyrecommendedthatstudentsreadthroughthefollowingitemsbeforetheycommence workontheassignmentsothattheyhaveageneralunderstandingofwhatisexpectedconcerning presenta/on.Anassignmentthatcomplieswiththeguidelineshighlightedinthischeck-listwould normallybeexpectedtoachievetherequiredpresenta/onstandard. Sec/onreferencesaretotheUniversity’sGeneralGuideforLayoutanAppearancefor Assignments.Allstudentsshouldensurethattheyhaveacopyofthisdocumentbefore commencingworkontheassignment. https://federation.edu.au/current-students/essential-info/administration/special-consideration http://federation.edu.au/staff/governance/legal/feduni-legislation/feduni-statutes-and-regulations http://federation.edu.au/staff/governance/legal/feduni-legislation/feduni-statutes-and-regulations http://federation.edu.au/staff/governance/legal/feduni-legislation/feduni-statutes-and-regulations https://federation.edu.au/__data/assets/pdf_file/0018/190044/General-Guide-to-Writing-and-Study-Skills.pdf https://federation.edu.au/__data/assets/pdf_file/0020/313328/FedUni-General-Guide-to-Referencing-2016ed.pdf https://federation.edu.au/__data/assets/pdf_file/0017/190043/General-Guide-to-Layout-and-Appearance.pdf - ! - 4 Completed 1. IhavereadtheGeneralGuidetoWri3ngandStudySkillsandGeneralGuideto Referencingandunderstandwhytheproperpresenta/onofacademicworkis important. o 2. Ihavereadandunderstoodthesec/ondealingwithplagiarism. o 3. Ihavereadthesec/onconcerning‘Layoutanappearance’andcompliedwith itsguidelines.Pleasenotethat‘1.5’or‘double’spacingisrequiredforthis assignment. o 4. Theassignmenthasa/tlepagethatcontainstheinforma/onspecifiedinthe ‘Titlepageorcoversheet’sec/on,thisincludesstudentname,number,course nameandnumber,duedateandlengthofresearchassignment/essay. o 5. Iftheassignmentcontainsappendices,theyhavebeenpreparedin accordancewiththeGeneralGuidetoWri3ngandStudySkills. o 6. IhavereadtheGeneralGuidetoReferencingandunderstandtheimportance ofproperlyacknowledgingtheuseofotherwriters’works.Forthis assignmenttheAPAsystemisrequiredtobeused. o 7. IhavereadtheGeneralGuidetoReferencingwhichdealswiththeAPA cita/onstyle,andusedtheAPAsysteminourassignment. o Note:Wherestudentsquoteoruseideasfromapar/cularsource(for example,anewspaperar/cleoratextbook)thisshouldbeacknowledged. Somejudgementmaybeneededinthismaeer,however,ifapar/cular authorisquoted,orapar/cularauthor’sideas,thenanacknowledgment usingan‘author-date’reference(seeexamplesintheGeneralGuideto Referencing)willberequired.Theproperacknowledgmentofsourcesisvery importantinacademicworkanditisworthinves/ngsome/meinlearningto doitcorrectly. 7. Myassignmentcontainsareferencelistpreparedinaccordancewiththe GeneralGuidetoReferencing. o https://federation.edu.au/library/student-resources/help-with-study-skills2/guides-to-your-assessments https://federation.edu.au/__data/assets/pdf_file/0018/190044/General-Guide-to-Writing-and-Study-Skills.pdf https://federation.edu.au/__data/assets/pdf_file/0020/313328/FedUni-General-Guide-to-Referencing-2016ed.pdf https://federation.edu.au/__data/assets/pdf_file/0020/313328/FedUni-General-Guide-to-Referencing-2016ed.pdf https://federation.edu.au/__data/assets/pdf_file/0020/313328/FedUni-General-Guide-to-Referencing-2016ed.pdf https://federation.edu.au/__data/assets/pdf_file/0020/313328/FedUni-General-Guide-to-Referencing-2016ed.pdf - ! - 5 8. Ihavecarefullyproofreadmyassignmentpriortosubmihngit.(Simply runningtheassignmentthroughaspell-checker,whilehelpful,isnota subs/tuteforacarefulproofreading).Whenproofreadingyourassignment endeavourtoiden/fyandcorrectallspelling,punctua/on,gramma/caland othersimilarerrors. o 9. Iunderstandthatthestaffmember(s)responsiblefortakingmytutorialsis availabletoanswerques/onsrela/ngtothepresenta/onofmyassignment. Ifuncertainofhowtoachievetheproperpresenta/onstandardweaskeda staffmemberforadvice. o

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Answered Same DayJun 02, 2021BUACC3706

Answer To: The basic requirement is to write a considered and researched essay on the following topic: The...

Kuldeep answered on Jun 04 2021

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Student Name:
University Name:
Unit Name:
Date:
Contents
Similarities and difference    3
There a need to have these Codes created    6
Banking code of practice (effective from 1july 2019)    6
Code of ethics for professional accountants (APES 110) (effective from 1 January 2020)    8
Both of these Codes to be effective in their fundamental objectives    10
Conclusion    11
References    12
Compare the two Codes in terms of similarities and differences. Why was there a need to have these Codes created? Do you expect either (or both) of these Codes to be effective in their fundamental objectives? Explain and justify your perspective.
Similarities and difference
Code presents new solutions to protect customers' interests, raise accountability and transparency, and increase confidence and trust in the banks. Australian Banking Association ("ABA") with retail presence in Australia, all member banks must sign up for codes according to their ABA membership status. This mandatory need is contrary to 2013 version where the dependencies were completely voluntary. The banks accepted the code is listed on ABA website. The code that has been accepted or accepted by each bank should fulfil with its needs by 1 July 2019 (Akers & Giacomino, 2011).
AEPSB has launched a project to improve the APES 110 to include the IESBA Restored Code correction. APES is expecting to release an exposure draft of APES 110 (excluding inspiration), restored in the beginning of 2018. Comment period will be closed on 31st July 2018. Provision for the provision of restored fuel is planned from the middle of 2018 to late. IESBA rearranged temptation provisions). At this point, the APESB plans to release the fully restructured APES 110 (with inspiration) by the end of 2018 or beginning of 2019 on the effective date of 1 January 2020. Code Members apply to customers, current and prospective, who are individuals, small scale and guarantor. In 2013 version the code has been created and enforced by the existing protection. Importantly, the Code increases the reach or effect of the legal protection for customers as well as small businesses.
The protection provided by code is required to include the member bank with a contract with their consumers (Brouard, Bujaki, Durocher & Neilson, 2016). The Code will also be followed by independent organization - Banking Code Compliance Committee ("BCCC"). Code BCCCC can complain about the non-compliance with code. 2019 thinks of the Code that the borrower may give short notice period or not at the time of any notice:
1. According to a reasonable opinion of the loan, it is necessary to work immediately to manage risks;
2. Customer is insolvent or goes into bankruptcy, administration or another insolvency process, or another action is taken against the customer through loan of another loan;
3. The borrower believes that on reasonable grounds, small business or guarantor does not comply with the law or there is no need for legal authority;
4. Already notification has been given to resolve the non-monetary default of loan amount.
Further, if a small business provides overdraft or on-demand facility due to debt, there is no need to give any notice unless the repayment is necessary (Espinosa-Pike & Barrainkua-Aroztegi, 2014).
The 2019 Code also reduces the scope of non-monetary default to the restriction on "general content adverse change" as a default event for any common type of small-scale corporate debt agreement.
This article considers the need for 30-day notice to be the first exception, in which it is a reasonable opinion that a borrower needs to work to manage an immediate risk.
Replaced APES 110 is mostly compatible with IESBA code. The difference is largely due to the aberration of Australian legal or regulatory requirements. The main differences are: • It is necessary to set in bold fonts, consistent with other standard APIs; • Non-compliance summaries of words and rules are NOCLAR rather than 'compliance' word used in IESBA Restored Code; • Australian needs (as outlined above) except for the provision for the replacement of the existing auditors, as addressed in the IESBA reconstruction code; And • The code guide has been updated to include a part of the APESB announcement (Montmartin, 2010). If the borrower has to face situations where he needs to take immediate action for the implementation of his security, then he will have to make a "reasonable opinion" of the loan. The Code of 2019 does not guide the "reasonable opinion". To make a reasonable opinion, borrowers should show that they have followed a process that includes internal inspection. Whether it is a policy documentary or a guideline, it is wise to document it. It is necessary to ensure the internal monitoring process, without requiring a 30-day notice to manage the risk for the security of the loan, reasonable decision of the loan, any decision is necessary (Sobhani, Abdollahi, Bagherian & Khatami, 2019). It may include a provision with an additional internal maintenance for the following example: In the reasonable opinion of the loan, if the borrower is required to manage the risk for immediate risk, then at least two bank officials, ideally 2019 Code, will decide whether the borrower can behave ethically and manage the potential conflict Ensure the need to make a decision.
The Australian Banking Association has issued a Banking Code of Practice (BCP) that sets standards for the employees of a bank. Banks following BCP follow the code under all circumstances. In any case, if the bank is forced to comply with the code and the law, then the bank will follow the code without violating the law (Sonnerfeldt & Loft, 2018). The code that is being monitored should take care of two...

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Student Name:
University Name:
Unit Name:
Date:
Contents
Similarities and difference	3
There a need to have these Codes created	6
Banking code of practice (effective from 1july 2019)	6
Code of ethics for professional accountants (APES 110) (effective from 1 January 2020)	8
Both of these Codes to be effective in their fundamental objectives	10
Conclusion	11
References	12
Compare the two Codes in terms of similarities and differences. Why was there a need to have these Codes created? Do you expect either (or both) of these Codes to be effective in their fundamental objectives? Explain and justify your perspective.
Similarities and difference
Code presents new solutions to protect customers' interests, raise accountability and transparency, and increase confidence and trust in the banks. Australian Banking Association ("ABA") with retail presence in Australia, all member banks must sign up for codes according to their ABA membership status. This mandatory need is contrary to 2013 version where the dependencies were completely voluntary. The banks accepted the code is listed on ABA website. The code that has been accepted or accepted by each bank should fulfil with its needs by 1 July 2019 (Akers & Giacomino, 2011). 
AEPSB has launched a project to improve the APES 110 to include the IESBA Restored Code correction. APES is expecting to release an exposure draft of APES 110 (excluding inspiration), restored in the beginning of 2018. Comment period will be closed on 31st July 2018. Provision for the provision of restored fuel is planned from the middle of 2018 to late. IESBA rearranged temptation provisions). At this point, the APESB plans to release the fully restructured APES 110 (with inspiration) by the end of 2018 or beginning of 2019 on the effective date of 1 January 2020. Code Members apply to customers, current and prospective, who are individuals, small scale and guarantor. In 2013 version the code has been created and enforced by the existing protection. Importantly, the Code increases the reach or effect of the legal protection for customers as well as small businesses.
The protection provided by code is required to include the member bank with a contract with their consumers (Brouard, Bujaki, Durocher & Neilson, 2016). The Code will also be followed by independent organization - Banking Code Compliance Committee ("BCCC"). Code BCCCC can complain about the non-compliance with code. 2019 thinks of the Code that the borrower may give short notice period or not at the time of any notice:
1. According to a reasonable opinion of the loan, it is necessary to work immediately to manage risks;
2. Customer is insolvent or goes into bankruptcy, administration or another insolvency process, or another action is taken against the customer through loan of another loan;
3. The borrower believes that on reasonable grounds, small business or guarantor does not comply with the law or there is no need for legal authority; 
4. Already notification has been given to resolve the non-monetary default of loan amount.
Further, if a small business provides overdraft or on-demand facility due to debt, there is no need to give any notice unless the repayment is necessary (Espinosa-Pike & Barrainkua-Aroztegi, 2014).
The 2019 Code also reduces the scope of non-monetary default to the restriction on "general content adverse change" as a default event for any common type of small-scale corporate debt agreement.
This article considers the need for 30-day notice to be the first exception, in which it is a reasonable opinion that a borrower needs to work to manage an immediate risk.
Replaced APES 110 is mostly compatible with IESBA code. The difference is largely due to the aberration of Australian legal or regulatory requirements. The main differences are: • It is necessary to set in bold fonts, consistent with other standard APIs; • Non-compliance summaries of words and rules are NOCLAR rather than 'compliance' word used in IESBA Restored Code; • Australian needs (as outlined above) except for the provision for the replacement of the existing auditors, as addressed in the IESBA reconstruction code; And • The code guide has been updated to include a part of the APESB announcement (Montmartin, 2010). If the borrower has to face situations where he needs to take immediate action for the implementation of his security, then he will have to make a "reasonable opinion" of the loan. The Code of 2019 does not guide the "reasonable opinion". To make a reasonable opinion, borrowers should show that they have followed a process that includes internal inspection. Whether it is a policy documentary or a guideline, it is wise to document it. It is necessary to ensure the internal monitoring process, without requiring a 30-day notice to manage the risk for the security of the loan, reasonable decision of the loan, any decision is necessary (Sobhani, Abdollahi, Bagherian & Khatami, 2019). It may include a provision with an additional internal maintenance for the following example: In the reasonable opinion of the loan, if the borrower is required to manage the risk for immediate risk, then at least two bank officials, ideally 2019 Code, will decide whether the borrower can behave ethically and manage the potential conflict Ensure the need to make a decision.
The Australian Banking Association has issued a Banking Code of Practice (BCP) that sets standards for the employees of a bank. Banks following BCP follow the code under all circumstances. In any case, if the bank is forced to comply with the code and the law, then the bank will follow the code without violating the law (Sonnerfeldt & Loft, 2018).