Reference no: EM131427569 , Length: 2000 Words

Assessment 32017/03

FNSACC506: Implement and maintain internal control procedures

FNSACC604: Monitor corporate governance activities

Assessment Description

By completing this assessment the learner will gather evidence of the knowledge and skills required to:

• review corporate governance requirements, implement operating procedures and monitor policy
• research corporate governance reporting trends
• examine corporate governance standards and practices
• review compliance to develop and implement processes and procedures for meeting corporate governance obligations.

Part A - Written Report

The Audit Committee of the Ethical Trading Group has asked you to lead a broader review of their existing internal control procedures.

Specifically the remit of your review will cover each of the following three areas:

1. Review corporate governance requirements

2. Implement operating procedures

3. Monitor policy

Before you attempt the questions please familiarise yourself with the following pages from the Ethical Trading Group Policies and Procedures.

• Pages 25 – 27 for question 1.3

• Page 56 for question 2.1

1. Review corporate governance requirements

1.1 Referring to the Audit Procedures section (pages 25 – 27), review the procedure and develop an alternate version that clearly states how your version will be applied to the daily operations of Ethical Trading Group.

2. Implement operating procedures

2.1 From the Delegated Authority Schedule section of the Policy and Procedure Manual:

List three (3) actions you would complete to review and maintain financial delegations and accountabilities to ensure consistency and compliance with internal control procedures

3. Monitor policy

3.1 Identify three (3) examples of financial legislation relating to taxable transactions and reporting requirements and describe three (3) key features of all three.