FNSACC506: Implement and Maintain Internal Control Procedures – BRB Pty Ltd – Case Study Assignment Help
What does the term ‘corporate governance’ refer to?
What are the most important recognised and sanctioned authoritative bodies in the Australian financial services industry?
What is internal control?
What is an account manager responsible for?
What is a balance sheet and what is its purpose?
Briefly describe the term ‘stakeholder.’
What is an effective method of internal control procedures and why?
What procedure would you use when monitoring a policy?
What are the guidelines used for a corporate governance strategy for accuracy?
What are key performance indicators? Briefly describe the term.
What is and audit trial for accounting purposes?
What reasons are there for a company to improve its corporate governance?
Discuss ethical considerations and confidentiality for management and handling of files and records.
Identify and explain the key features of financial legislation relating to taxable transactions and reporting requirements.
Explain a range of methods of work practices and routines relevant to internal control procedures.
Organisational guidelines and procedures relating to:
Financial delegations and accountabilities
Key principles of internal control and auditing
Case Study and Practical
Question 1 – Internal Control Requirements
Write a report detailing, how you would implement and maintain internal control procedures. Consider using the information provide in the links below:
ASX Corporate Governance Principals and Recommendations: http://www.asx.com.au/documents/asx-compliance/cgc-principles-and-recommendations-3rd-edn.pdf
CPA Australia Internal Control Procedures: https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/business/internal-controls-for-small-business.pdf?la=en
Your report must include details on the following:
Ways that you would review corporate governance requirements
Processes you would use to implement operating procedures
How you would monitor policy? This may include developing an implementation strategy that contains:
Methods used to communicate the strategy to colleagues
Methods used to train colleagues
Development of the control/operating procedures.
Please ensure you provide the full strategy including but not limited to all points listed above in a professional manner. You must ensure you check for accuracy before submission. If you research any websites of books, please make sure your reference each site accurately.
Question 2 – BRB Pty Ltd
Read the case study provided in Appendix and answers to the questions below.
Identify the errors in the policies and procedures of BRB Pty Ltd?
Analysing corporate governance requirements
Identify which are the most suitable principles of corporate governance requirements given by ASX in this given scenario, and then provide a justification for each principle you have identified in order to develop the application of corporate governance requirements, to help the company to prevent such fraud happening again.
You have identified the corporate governance requirements for BRB Pty Ltd. Before you take any action, you need to consult with the senior management and board members. You are required to do a role-play to conduct the consultation. You will be playing the role of the auditor and your assessor will be one of the board members.
You are required to:
Explain the errors that you have identified
Explain the corporate governance principles that should be applied with reasonable justifications
While consulting with the stakeholders you should:
Effectively engage others in verbal exchanges
Use active listening and questioning
Clarify and convey information
Act in a professional manner
Senior management wants to know the deadline. Complete the Gantt chart provided in Appendix for implementation of the corporate governance requirements that you have identified in section (a).
Write each milestone task beginning with an action verb, e.g. prepare, establish, write etc. Use the shading function under the HOME tab to shade the appropriate fields.
Internal controls analysis
Review the financial delegations and accountabilities for BRB Pty Ltd. Is the existing system strong enough to maintain internal control? Why or why not?
Develop a procedure to modify the existing system of financial delegations and accountabilities. Your plan should ensure consistency and compliance with internal control procedure.
How would you implement the suggested changes? Your response should include actions to be taken, person responsible and timeframe.