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.
Assessment Summary
You are to submit the following evidence / perform the following tasks
- Develop and submit your written report as outlined above
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.
For example:
Corporate governance gets more attention in the last few decades because of various crises such as East Asian crises of the late 1990s (Reference). Similarly, concept of corporate governance is considered as important mechanism due to big corporate collapse such as Enron, Lehman Brothers in US and HIH and One Tel in Australia (Reference).
- Why do you think Corporate Governance is important in big company such as listed company in ASX?
For example: Investors protections
- Do you think it also improve internal control system in organization through various rules. (Just try to write in two or three sentence)
- Who are the main and subsidiary regulatory bodies issued some guidelines of CG for the listed company.
When you finish all above writing, then it is the requirement of your assessment that you have to choose the company or your teacher provide you the company and you have to identity the CG in that company and how do all CG can be relevant for your company.
For example, the next section of this study starts with meaning and definition of corporate governance followed by CG principle. The fourth section discuss the relevancy of Corporate Governance in selected company e.g JB HiFi.
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)
- You can get some idea from this link as well
- What is the mechanism of this company in regards to implement and maintain internal control system?
For example:
The JB HiFi has risk management policy procedure where it is clearly mention that the company has to maintain dual authorisation process in any kind of payment. This kind of policy always minimize the opportunity for fraud.
Suppose the company has divided the role of responsibility of every senior and junior staff.
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 - STUDENT INFORMATION
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
ASSESSMENT 3
For this assessment, students are to write an 800 word report on the following:
- What are 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.