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Subject Code : FNS60217
Country : Australia

FNS60217: Accounting Assessment

1. Access the ASIC web site to answer the following questions:

a) Which companies are required to have their financial statements audited?
b) What is the purpose of an audit and an auditor’s report?

2. Review the Australian Consumer and Competition Commission (ACCC) web site. Identify two forms of anti-competitive behaviour that is against the law. Describe each in your own words.

3. Research the Code of Conduct issued by the Australian Institute of Company directors. Explain four key behaviours expected under the Code and the importance of adhering to each behaviour.

4. Explain the role of ASX in assisting corporate governance in Australia?

5. Explain the purpose of the Australian Securities and Investment Commission Act and the protections it offers to consumers.

6. Identify the Act that includes stipulations for the internal management of a company and the web site reference for the Act. Access the Act through the Internet and then explain the key requirements of this Act in relation to internal management of a company.

7. Identify and explain at least 3 statutory reporting requirements for companies in Australia

8. Explain the importance of ensuring that general purpose financial statements comply with accounting standards.

9. Discuss the Ethical Corporate Governance concept.

10. Explain how a company’s board members can demonstrate that they are committed to ethical standards.

11. Outline at least two key management processes that need to be inherent in a company to support effective corporate governance.

12. Explain the purpose of keeping employee records and 5 examples of employee records that must be kept.

13. Explain why an internal audit is useful in an organisation and how audit reports, assessments and recommendations can help improve Corporate Governance processes and objectives.

14. You have received a Qualified Auditor report for the company you work for. Auditors have reported the contravention about the director’s superannuation not being paid for the past 2 years. Prepare a list of suggestions to management to rectify this contravention. Your answer should focus on the rectification to the internal control system to prevent this contravention in future.

15. Conduct research on the AASB website (AASB 116) for the disclosure requirements on depreciating assets. Explain what these are.

16. List two common methods of depreciating assets.

17. Explain performance indicators and key results areas, identifying the difference.

18. Explain the importance of using performance Indicators and key results areas to monitor corporate governance activities. To illustrate your answer, identify at least two examples of performance indicators and two example key result areas that can be used to monitor corporate governance activities.

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  • Posted on : September 09th, 2018
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