Recent Question/Assignment
MITE
RTO No: 45441
Student Assessment Tasks
FNSACC624 Monitor corporate governance activities
Table of Contents
Table of Contents 2
Assessment Information 3
Assessment Instructions 5
Student Assessment Agreement 6
Assessment Task 1 Cover Sheet 7
Assessment Task 1: Written Questions 8
Assessment Task 1 Instructions 10
Assessment Task 1 Checklist 12
Assessment Task 2 Cover Sheet 13
Assessment Task 2: Corporate Governance Project 14
Assessment Task 2 Instructions 15
Assessment Task 2 Checklist 18
Assessment Task 3 Cover Sheet 20
Assessment Task 3: Internal controls project 21
Assessment Task 3 Instructions 22
Assessment Task 3 Checklist 24
Assessment Task 4 Cover Sheet 25
Assessment Task 4: Case studies 26
Assessment Task 4 Instructions 27
Assessment Task 4 Checklist 32
Assessment Information
The assessment tasks for FNSACC624 Monitor corporate governance activities are included in this Student Assessment Tasks booklet and outlined in the assessment plan below.
To be assessed as competent for this unit, you must complete all of the assessment tasks satisfactorily.
Assessment Plan
Assessment Task Overview
1. Written questions You must correctly answer all questions.
2. Corporate governance project You must examine a case study and research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations.
3. Internal controls project You must review a case study organisation and evaluate internal controls.
4. Case studies You must assess and report on corporate governance practices for two case study organisations.
Assessment Preparation
Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions at all.
When you have read and understood this unit’s assessment tasks, print out the Student Assessment Agreement. Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file.
Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you.
Assessment appeals
If you do not agree with an assessment decision, you can make an assessment appeal as per your RTO’s assessment appeals process.
You have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.
Naming electronic documents
It is important that you name the documents that you create for this Assessment Task in a logical manner.
Each should include:
• Course identification code
• Assessment Task number
• Document title (if appropriate)
• Student name
• Date it was created
For example, FNSACC624 AT2 Review Report Joan Smith 20/10/18
Additional Resources
You will be provided with the following resources before you begin each Assessment Task.
Assessment Task 2
• Bryant Group Case Study
• Processes Report Template
• Review Report Template
Assessment Task 3
• Fly High Budget
• Budget Report Template
Assessment Instructions
Each assessment task in this booklet consists of the following:
Assessment Task Cover Sheet
This must be filled out, signed and submitted together with your assessment responses.
If you are submitting hardcopy, the Cover Sheet should be the first page of each task’s submission.
If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit the file.
The Assessment Task Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your assessor will include written feedback in the Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per
your RTO’s re-assessment policy.
Depending on the task, this may include
• resubmitting incorrect answers to questions (such as short answer questions and case studies)
• resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task
• redoing a role play after being provided with appropriate feedback about your performance
• being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback.
Assessment Task Information
This gives you:
• a summary of the assessment task
• information on the resources to be used
• submission requirements
• re-submission opportunities if required
Assessment Task Instructions
These give questions to answer or tasks which are to be completed.
Your answers need to be typed up using software as indicated in the Assessment Task Instructions.
Copy and paste each task’s instructions into a new document and use this as the basis for your assessment task submission. Include this document’s header and footer.
If you are submitting electronically, give the document a file name that includes the unit identification number, the task number, your name and the date.
Checklist
This will be used by your assessor to mark your assessment. Read through this as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses.
Student Assessment Agreement
Make sure you read through the assessments in this booklet before you fill out and sign the agreement below.
If there is anything that you are unsure of, consult your assessor prior to signing this agreement.
Have you read the assessment requirements for this unit? • Yes • No
Do you understand the requirements of the assessments for this unit? • Yes • No
Do you agree to the way in which you are being assessed? • Yes • No
Do you have any specific needs that should be considered? • Yes • No
If so, explain these in the space below.
Do you understand your rights to re-assessment? • Yes • No
Do you understand your right to appeal the decisions made in an assessment? • Yes • No
Student name
Student number
Student signature
Date
Assessor name
Assessor signature
Date
Assessment Task 1 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
• I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
• I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
• I have correctly referenced all resources and reference texts throughout these assessment tasks.
Student name
Student ID number
Student signature
Date
Assessor declaration
• I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response
• My performance in this assessment task has been discussed and explained to me.
• I would like to appeal this assessment decision.
Student signature
Date
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 1: Written Questions
Task summary
This is an open book test, to be completed in the classroom.
A time limit of 1.5 hours to answer the questions is provided.
You need to answer all of the written questions correctly.
Your answers must be word processed and sent to the assessor as an email attachment.
Required
• Access to textbooks/other learning materials
• Computer and Microsoft Office
• Access to the internet
Timing
Your assessor will advise you of the due date of this assessment.
Submit
• Answers to all questions
Assessment criteria
All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Written answer question guidance
The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.
Note that the following guidance is the minimum level of response required.
Analyse – when a question asks you to analyse something, you should do so in in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.
Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.
Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.
Discuss – when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.
Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long.
Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.
Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.
Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.
Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.
List – when a question asks you to list something, this means that you are asked to briefly state information in a list format.
Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.
Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.
Assessment Task 1 Instructions
Provide answers to all of the questions below:
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.
Assessment Task 1 Checklist
Student’s name:
Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? Completed successfully Comments
Yes No
Question 1a
Question 1b
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Question 9
Question 10
Question 11
Question 12
Question 13
Question 14
Question 15
Question 16
Question 17
Question 18
Task Outcome: Satisfactory • Not Satisfactory •
Assessor signature
Assessor name
Date
Assessment Task 2 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
• I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
• I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
• I have correctly referenced all resources and reference texts throughout these assessment tasks.
Student name
Student ID number
Student signature
Date
Assessor declaration
• I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response
• My performance in this assessment task has been discussed and explained to me.
• I would like to appeal this assessment decision.
Student signature
Date
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 2: Corporate Governance Project
Task summary
This assessment task requires students to research corporate governance practices and trends then apply this knowledge to the investigation of a company, the Bryant Group. Students will be required to develop two reports for submission to their assessor.
This assessment is to be completed in the simulated work environment in the RTO.
Required
• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
• Bryant Group Case Study
• Processes Report Template
• Review Report Template
• Access to information about IT systems to assist with corporate governance such as:
o https://www.xero.com/au/
o https://quickbooks.intuit.com/au/
o https://www.myob.com/au/enterprise
Timing
Your assessor will advise you of the due date of these submissions.
Submit
• Email with Review Report attached
• Email with Processes Report attached
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 2 Instructions
Carefully read the following:
Bryant Group Ltd is a public company, incorporated in 1960 as an importer of British cars, notably Wolseley and Hillman Minx. It is now a publically traded company, with shares listed on the Australian Stock Exchange.
William Downs, a professional investor, has recently been appointed as a member of the company’s board. He believes that the company has some corporate governance issues, and has contracted you, as an expert in this field, to write some reports for him.
Complete the following activities:
1. Develop a corporate governance review report
Review the Bryant Group Case Study.
Develop a report addressing each of the headings in the Review Report Template.
Conduct research according to the questions in the template and based on your interpretation of the case study and the corporate governance practices and trends.
In your report you should clearly list the sources of information on corporate governance that you used to answer the questions, as well as a short summary of the information included in each source of information.
2. Send an email to William Downs (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachment and seek their feedback and approval to move forward with the project.
Attach your Review Report to the email.
A short while after sending the email, you receive the following:
Dear Corporate Governance Expert
Thank you for the report you have sent on all aspects of our corporate governance.
However, I would urgently like to meet you to discuss further our internal controls procedures as follows, and to make sure that all the management processes we need to ensure our corporate governance obligations are met are in place.
I have also been reviewing the ASIC web site and am very concerned that we make every attempt to avoid investigation by ASIC. Could you please have your feedback on ASIC expectations of internal controls and your advice on additional changes that need to be made to our internal control procedures. I’d also like your analysis of the following guide, which I have located, and how we could apply it to our company:
http://www.ecgi.org/codes/documents/kpmg_internal_control_practical_guide.pdf
I have also been considering changes that we need to make to improve internal controls in terms of our IT systems. Could you possibly provide me with your evaluation of an IT system that we could use to manager our corporate compliance to ensure we manage our corporate governance obligations?
Please write a report on these processes, and then we can arrange a meeting to discuss it.
Kind Regards
William Downs
3. Write a processes report.
Review the above email from William and then do guided research on Corporate Governance reporting trends.
• Research the current requirements for internal controls.
• Review the following and identify best practice internal control procedures:
http://www.ecgi.org/codes/documents/kpmg_internal_control_practical_guide.pdf
As a minimum you should identify and explain 5 best practice requirements.
• Identify priority internal control procedures required to address the issues, particularly in relation to preventing improper management.
• Research best practice management processes that could be put in place to ensure corporate governance requirement are met. Identify at least five for discussion at the meeting.
• Research IT systems that could be used for managing corporate compliance including recording data from operations and transactions relating to corporate governance obligations. Research and report on a system to meet these needs and develop a short report that addresses:
o Key functions of the system and how it will ensure that corporate governance obligations are met.
o Benefits of the system
o Types of reports that can be generated
Use the Processes Report Template to guide your work.
4. Send an email to William
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
The email text should acknowledge the receipt of their email, then introduce and summarise the contents of the attachment.
The text should also suggest a place and time that you could meet to discuss it with them.
Attach your Processes Report to the email.
Your assessor will respond with the place, date and time of your meeting.
5. Meet with William to discuss internal control procedures.
You are required to participate in a roleplay meeting with William Downs (your assessor).
At the meeting, you will be expected to:
• Ask William to confirm the internal control procedures as outlined in the case study.
• Confirm the key issues you have identified for internal control procedures in your processes report.
• Discuss ASIC requirements for internal control
• Discuss the 5 key internal control measures that you have identified from the guide that William asked you to review.
• Discuss the management processes needed to meet corporate governance obligations you have identified.
• Give a short report evaluating the IT system for corporate compliance and go through this with William.
During the meeting, demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
Assessment Task 2 Checklist
Student’s name:
Did the student: Completed successfully Comments
Yes No
Demonstrate the ability to identify appropriate corporate governance standards and practices for Bryant Group including:
• Researching and interpreting corporate governance standards and practices
• Researching corporate governance trends
• Researching and interpreting professional and legal accounting standards
• Monitoring the application of and adherence to professional and legal accounting standards by the company through applying research findings to current practices
• Identifying current corporate governance trends relevant to Bryant Group
Research audit reports and practices to assess methodologies and recommendations?
Analyse the organisational practices of the Bryant Group and report on corporate governance obligations/failure, processes used and performance in respect of these obligations?
Assess content and structure of audit reports?
Assess and advise on the required changes to Bryant Group Pty Ltd internal control procedures?
Establish and advise on required management processes to meet corporate governance obligations?
Evaluate corporate compliance system for use and suitability for recording data from operations and transactions to support corporate governance?
During the meeting, demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
Establish and advise on required management processes to meet corporate governance obligations?
Task Outcome: Satisfactory • Not Satisfactory •
Assessor signature
Assessor name
Date
Assessment Task 3 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
• I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
• I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
• I have correctly referenced all resources and reference texts throughout these assessment tasks.
Student name
Student ID number
Student signature
Date
Assessor declaration
• I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response
• My performance in this assessment task has been discussed and explained to me.
• I would like to appeal this assessment decision.
Student signature
Date
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 3: Internal controls project
Task summary
For this assessment task in the role of Chief Financial officer of Fly Me High Travels, you are required to review financial information provided to you and prepare a report to be presented to the Directors.
This assessment is to be completed in the simulated work environment in the RTO.
Required
• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
• Fly High Budget
• Budget Report Template
Timing
Your assessor will advise you of the due date of these submissions.
Submit
• Email with budget report attached.
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 3 Instructions
Carefully read the following:
A company’s board of directors are responsible for maintaining good corporate governance. There are important policy and performance elements to these responsibilities. The board of directors is the guardian of fairness, transparency and accountability in all of the major financial and business dealings of the company, defending the interests of investors and wider stakeholders.
Fly Me High Travels International launched its operations on 1 January under the name of Fly Me High Travels Australia. The agency specialises in providing cheap tickets to customers via its one national store located in Sydney and an online store. It also deals in selling wholesale tickets to other agencies.
The company has set the following KPIs for its operations:
• Increase total sales by 10% every month
• Advertising expenses to remain the same for next 6 months
• Wages and salaries to be decreased by 5% every quarter
• Online sales to be increased by 15% each month
Open stores in all capital cities in Australia within the next 3 years
Complete the following activities:
1. Write a budget report.
You are required to plan a report that can presented to the directors of the company by the end of August. The objective of the report is to assist the directors in making further decisions on the business expansion and meeting business compliance requirements.
The report should be in clear and concise English to facilitate understanding by the Directors.
Review the case study information provided above and the Fly High Budget and develop a report that addresses the following points:
• What are the outcomes of the budgets for the first six months’ operation in Australia?
• Was the company able to achieve its KPIs? Explain why or why not.
• Is the business complying with ATO requirements and reporting in a timely and an efficient manner?
• What appropriate recommendations would you make for meeting ATO and other legal requirements? Prepare a plan for lodging and meeting those requirements within the required timeframes.
• Based on all of the information you have reviewed what recommendations would you make to see an overall improvement of the financial process and internal controls systems of the business?
Use the Budget Report Template to guide your work.
2. Write an email to your assessor.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should summarise the contents of the attachment.
Attach your budget report to the email.
Assessment Task 3 Checklist
Student’s name:
Did the student: Completed successfully Comments
Yes No
Demonstrate the ability to analyse organisation performance to identify internal control procedures and performance against KPIs including:
• The outcomes of the budget for the first six months of operation
• Review of KPI’s
• Comment regarding cash flow
• Proposed changes
• Compliance with ATO requirements
• Recommendations to meet ATO and other legal requirements
• A plan for lodging and meeting ATO and legal requirements within required timeframes
• Recommendations in order for overall improvement
Provide the report in clear and concise English to meet audience requirements?
Task Outcome: Satisfactory • Not Satisfactory •
Assessor signature
Assessor name
Date
Assessment Task 4 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
• I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
• I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
• I have correctly referenced all resources and reference texts throughout these assessment tasks.
Student name
Student ID number
Student signature
Date
Assessor declaration
• I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response
• My performance in this assessment task has been discussed and explained to me.
• I would like to appeal this assessment decision.
Student signature
Date
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 4: Case studies
Task summary
This assessment tasks requires students to review two case studies and answer questions.
Answers must be word processed and sent to the assessor as an email attachment.
This assessment is to be completed in the simulated work environment in the RTO.
Required
• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
Timing
Your assessor will advise you of the due date of these submissions.
Submit
• Email with answers to questions attached.
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly, or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 4 Instructions
Case Study 1
OK Construction Pty Ltd is a construction company operating in Australia with operations in several states. It provides a wide range of building and construction services mainly to the Department of Human Services and private sector. OK Construction Pty Ltd has undergone significant growth in the past three financial years with the turnover increasing from $500m to $800m from 30th June 2014 to 30th June 2017. At the end of 30th June 2017 70% of company revenue was generated from the Department of Human Resources and 30% of revenue was generated from the private sector. The Department of Human Resources needs houses constructed as part of its new community welfare program and serves as the biggest customer for OK Construction Pty Ltd.
The board of directors of OK Construction Pty Ltd consists of 8 directors, of which 5 directors are involved in the full-time management of the business. Stuart Warwick is the chairman of the board of directors. Stuart has over ten years’ experience in the building and construction industry. Stuart is also involved in the management of the business and overseeing day to day construction projects. Robert Penn is the chief executive officer of OK Construction Pty Ltd and is also one of the board of directors. Robert is responsible for the ongoing operations of the company including constructing the strategies and significant policies of the company. Robert with his management team undertakes the implementation of the corporate strategies approved by the board of directors.
OK Construction Pty Ltd is looking into establishing its operations in European countries. The business will require a significant amount of funding to expand its operations in the European market. The company is also heavily reliant on overseas markets for the supply of its construction materials. In regard to the shareholders’ composition, a majority of the shareholders are made up of small Self-Managed Superannuation Funds.
During the financial year ending 30th June 2017, OK Construction Pty Ltd invested a significant amount of funds in the latest information management system for their industry. The new system allows the company to track progress of the work undertaken on each site. The system then links to the trade debtors’ management. Invoices are raised based on the completion percentage of work on each site. Stuart enters information in the system regarding the stage of completion for each job. This information is reviewed by Robert, who then raises the invoices. At the end of each month a report is printed from the system showing the amount owed on each job. This report is presented to the board of directors along with the monthly financial reports.
As at 30 June 2017 the annual report of the company made mention of the two following committees with their main roles and responsibilities:
Audit Committee: The audit committee consists of the non-executive directors. Its main role is to ensure the assurance of financial accounts and making recommendations to the board of directors for the appointment of an external auditor. The committee reviews the adequacy of operational and internal control systems including the review of end of the year financial reports prior to the board of director’s approval. The audit committee ensures the integrity and independence of the external auditor is maintained. The committee keeps an eye on the changing accounting policies and the areas requiring judgment and estimation to ensure compliance with accounting and auditing/assurance standards.
Risk Management Committee: OK Construction Pty Ltd understands the strategic planning and management decisions are based on the risk appetite of the business and its shareholders. This committee is responsible for the systems and process for managing the risk. The committee considers risk factors such as interest rates and operational risk. The committee also considers risk associated with the core corporate strategy and provides recommendations to the board of directors.
Complete the following activities:
1. What are the key drivers of Corporate Governance in OK Construction Pty Ltd?
Your answer should make reference to the key drivers such as Globalisation, Capital Markets and Shareholders Activism.
2. Comment on the board composition of the OK Construction with reference to the ASX corporate governance principals and recommendation for the board of directors.
3. The board chairman Stuart Warwick has asked you to provide a brief review of the audit committee of OK Construction Pty Ltd.
You are to evaluate the effectiveness of the audit committee in relation to the ASX principles and recommendations on Corporate Governance. Your review should provide a summary of the ASX recommendation outlined in Principle 4, and advise how OK Construction Pty Ltd addresses this.
4. Access the ‘Principles of Corporate Governance ‘document from the Organisation for Economic Cooperation & Development website.
Provide a summary report to Stuart Warwick on how OK Construction Pty Ltd can shape its Corporate Governance Framework to address these principles.
5. Assess how the risk management committee can enhance the management of Internal Control systems in OK Construction Pty Ltd? Your answer should make reference to the relationship between Internal Control systems and Risk Management.
6. How can you relate Agency theory to Corporate Governance in OK Construction Pty Ltd?
Case Study 2
Perfect Fruit Pty Ltd is a large business entity with orchard operations in regional Victoria. The company operates in growing stone fruit and selling it Australia wide and overseas. The business has increased the production by 20% in the past two years with significant increase being in export. The main risk for the export is Australian currency fluctuations and the change in Australian dollar which can have major impact in exports for Perfect Fruit Pty.
Due to the size of the business and volume of the transactions, Perfect Fruit Pty Ltd uses accounting software to record financial information. The software allows the administrator to enter the customer orders in the system. The customer order does not affect the Profit & Loss or Balance Sheet items until the sale transaction is created. Once the order is approved, it is converted into a sale transaction. It is very important to keep track of the dates in the software. The date of the sale transaction should be the date it is converted from customer order not the date when original order was created. At the end of each month Financial Reports are printed from the software and provided to management. The management then reviews the reports and ensures the business has complied with the following Corporate Governance objectives:
A. Fruit sales are in line with the budgeted target of an average of $400,000 per month.
B. Trade creditors balance is maintained at the creditors ageing 30 days.
C. Trade debtors balance is maintained at the debtors ageing 30 days.
For the month ending 30th June 2017, the Financial Reports produced from the software show the following figures:
Fruit Sales $325,000
Trade Debtors $300,000 (60% ageing 30 days, 40% ageing 45 days)
Trade Creditors $180,000 (70% ageing 30 days, 30% ageing 45 days)
After reviewing the above figures, Lenard Cooper the head manager of Perfect Fruit Pty Ltd is concerned as the business has been unable to meet its Corporate Governance for the month of June 2017.Upon further investigation he found there were customer orders entered in the month of May 2017; these orders became sale transactions in the month of June 2017. When the orders were converted into sales, the dates on the transactions were not changed. Also, there was a delay in reporting due to the major breakdown of the IT system.
Complete the following activities:
7. Explain 'Performance' as one of the key elements of Good Corporate Governance?
8. The CEO is trying to identify a performance measure for Fruity Fruits Pty Ltd. He wants to take into account the 'Qualitative' factors of performance. During his research, he comes across the term 'Balanced Scorecard'. Discuss how the company can assess their operations in relation to the four dimensions of the ‘Balanced Scorecard’.
9. Discuss whether Perfect Fruit Pty Ltd has complied with its Corporate Governance objectives in relation to each of the dimensions in the Balanced Scorecard.
10. What remedies should Perfect Fruits Pty Ltd take to improve Performance in order to meet its Corporate Governance objectives?
11. Do you believe that the business is effectively using its financial management system? Provide a brief report evaluating the management system. How can it be made more useful in ensuring that the corporate governance objectives are met?
12. Discuss whether Perfect Fruits Pty Ltd managed to achieve its corporate governance objectives by reviewing the financial reporting of the corporate governance objectives on 30th June.
Assessment Task 4 Checklist
Student’s name:
Did the student: Completed successfully Comments
Yes No
Case Study 1
Identify and report on factors that will impact on corporate governance for the company including:
• Globalisation
• Capital Markets
• Shareholder Activism?
Review and report the board composition according to ASX corporate governance principals and recommendations?
Review and report on audit committee arrangements highlighting relevant principles and recommendations from ASX?
Access the Principles of Corporate Governance document and provide a summary report on how the case organisation can shape the Corporate Governance Framework to address these?
Assess the risk management committee and identify suitable improvements to improve internal control systems?
Assess and report on agency theory in relation to Corporate Governance?
Case Study 2
Report on ‘Performance’ as one of the key elements of good corporate governance?
Review and report on the ‘Balanced Scorecard’ and how this can be used as an indicator to assess the company’s operations?
Assess and report on risk management committee and identify suitable improvements to improve internal control systems?
Review and report the compliance of the case organisation in relation to Corporate Governance objectives?
Identify and report on appropriate remedies to improve performance to meet corporate governance objectives?
Review and report on the financial management system and recommend improvements?
Review and report on financial reporting against the corporate governance objectives?
Task Outcome: Satisfactory • Not Satisfactory •
Assessor signature
Assessor name
Date
RTO No: 45441
Student Assessment Tasks
FNSACC624 Monitor corporate governance activities
Table of Contents
Table of Contents 2
Assessment Information 3
Assessment Instructions 5
Student Assessment Agreement 6
Assessment Task 1 Cover Sheet 7
Assessment Task 1: Written Questions 8
Assessment Task 1 Instructions 10
Assessment Task 1 Checklist 12
Assessment Task 2 Cover Sheet 13
Assessment Task 2: Corporate Governance Project 14
Assessment Task 2 Instructions 15
Assessment Task 2 Checklist 18
Assessment Task 3 Cover Sheet 20
Assessment Task 3: Internal controls project 21
Assessment Task 3 Instructions 22
Assessment Task 3 Checklist 24
Assessment Task 4 Cover Sheet 25
Assessment Task 4: Case studies 26
Assessment Task 4 Instructions 27
Assessment Task 4 Checklist 32
Assessment Information
The assessment tasks for FNSACC624 Monitor corporate governance activities are included in this Student Assessment Tasks booklet and outlined in the assessment plan below.
To be assessed as competent for this unit, you must complete all of the assessment tasks satisfactorily.
Assessment Plan
Assessment Task Overview
1. Written questions You must correctly answer all questions.
2. Corporate governance project You must examine a case study and research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations.
3. Internal controls project You must review a case study organisation and evaluate internal controls.
4. Case studies You must assess and report on corporate governance practices for two case study organisations.
Assessment Preparation
Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions at all.
When you have read and understood this unit’s assessment tasks, print out the Student Assessment Agreement. Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file.
Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you.
Assessment appeals
If you do not agree with an assessment decision, you can make an assessment appeal as per your RTO’s assessment appeals process.
You have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.
Naming electronic documents
It is important that you name the documents that you create for this Assessment Task in a logical manner.
Each should include:
• Course identification code
• Assessment Task number
• Document title (if appropriate)
• Student name
• Date it was created
For example, FNSACC624 AT2 Review Report Joan Smith 20/10/18
Additional Resources
You will be provided with the following resources before you begin each Assessment Task.
Assessment Task 2
• Bryant Group Case Study
• Processes Report Template
• Review Report Template
Assessment Task 3
• Fly High Budget
• Budget Report Template
Assessment Instructions
Each assessment task in this booklet consists of the following:
Assessment Task Cover Sheet
This must be filled out, signed and submitted together with your assessment responses.
If you are submitting hardcopy, the Cover Sheet should be the first page of each task’s submission.
If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit the file.
The Assessment Task Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your assessor will include written feedback in the Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per
your RTO’s re-assessment policy.
Depending on the task, this may include
• resubmitting incorrect answers to questions (such as short answer questions and case studies)
• resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task
• redoing a role play after being provided with appropriate feedback about your performance
• being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback.
Assessment Task Information
This gives you:
• a summary of the assessment task
• information on the resources to be used
• submission requirements
• re-submission opportunities if required
Assessment Task Instructions
These give questions to answer or tasks which are to be completed.
Your answers need to be typed up using software as indicated in the Assessment Task Instructions.
Copy and paste each task’s instructions into a new document and use this as the basis for your assessment task submission. Include this document’s header and footer.
If you are submitting electronically, give the document a file name that includes the unit identification number, the task number, your name and the date.
Checklist
This will be used by your assessor to mark your assessment. Read through this as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses.
Student Assessment Agreement
Make sure you read through the assessments in this booklet before you fill out and sign the agreement below.
If there is anything that you are unsure of, consult your assessor prior to signing this agreement.
Have you read the assessment requirements for this unit? • Yes • No
Do you understand the requirements of the assessments for this unit? • Yes • No
Do you agree to the way in which you are being assessed? • Yes • No
Do you have any specific needs that should be considered? • Yes • No
If so, explain these in the space below.
Do you understand your rights to re-assessment? • Yes • No
Do you understand your right to appeal the decisions made in an assessment? • Yes • No
Student name
Student number
Student signature
Date
Assessor name
Assessor signature
Date
Assessment Task 1 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
• I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
• I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
• I have correctly referenced all resources and reference texts throughout these assessment tasks.
Student name
Student ID number
Student signature
Date
Assessor declaration
• I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response
• My performance in this assessment task has been discussed and explained to me.
• I would like to appeal this assessment decision.
Student signature
Date
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 1: Written Questions
Task summary
This is an open book test, to be completed in the classroom.
A time limit of 1.5 hours to answer the questions is provided.
You need to answer all of the written questions correctly.
Your answers must be word processed and sent to the assessor as an email attachment.
Required
• Access to textbooks/other learning materials
• Computer and Microsoft Office
• Access to the internet
Timing
Your assessor will advise you of the due date of this assessment.
Submit
• Answers to all questions
Assessment criteria
All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Written answer question guidance
The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.
Note that the following guidance is the minimum level of response required.
Analyse – when a question asks you to analyse something, you should do so in in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.
Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.
Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.
Discuss – when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.
Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long.
Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.
Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.
Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.
Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.
List – when a question asks you to list something, this means that you are asked to briefly state information in a list format.
Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.
Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.
Assessment Task 1 Instructions
Provide answers to all of the questions below:
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.
Assessment Task 1 Checklist
Student’s name:
Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? Completed successfully Comments
Yes No
Question 1a
Question 1b
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Question 9
Question 10
Question 11
Question 12
Question 13
Question 14
Question 15
Question 16
Question 17
Question 18
Task Outcome: Satisfactory • Not Satisfactory •
Assessor signature
Assessor name
Date
Assessment Task 2 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
• I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
• I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
• I have correctly referenced all resources and reference texts throughout these assessment tasks.
Student name
Student ID number
Student signature
Date
Assessor declaration
• I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response
• My performance in this assessment task has been discussed and explained to me.
• I would like to appeal this assessment decision.
Student signature
Date
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 2: Corporate Governance Project
Task summary
This assessment task requires students to research corporate governance practices and trends then apply this knowledge to the investigation of a company, the Bryant Group. Students will be required to develop two reports for submission to their assessor.
This assessment is to be completed in the simulated work environment in the RTO.
Required
• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
• Bryant Group Case Study
• Processes Report Template
• Review Report Template
• Access to information about IT systems to assist with corporate governance such as:
o https://www.xero.com/au/
o https://quickbooks.intuit.com/au/
o https://www.myob.com/au/enterprise
Timing
Your assessor will advise you of the due date of these submissions.
Submit
• Email with Review Report attached
• Email with Processes Report attached
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 2 Instructions
Carefully read the following:
Bryant Group Ltd is a public company, incorporated in 1960 as an importer of British cars, notably Wolseley and Hillman Minx. It is now a publically traded company, with shares listed on the Australian Stock Exchange.
William Downs, a professional investor, has recently been appointed as a member of the company’s board. He believes that the company has some corporate governance issues, and has contracted you, as an expert in this field, to write some reports for him.
Complete the following activities:
1. Develop a corporate governance review report
Review the Bryant Group Case Study.
Develop a report addressing each of the headings in the Review Report Template.
Conduct research according to the questions in the template and based on your interpretation of the case study and the corporate governance practices and trends.
In your report you should clearly list the sources of information on corporate governance that you used to answer the questions, as well as a short summary of the information included in each source of information.
2. Send an email to William Downs (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachment and seek their feedback and approval to move forward with the project.
Attach your Review Report to the email.
A short while after sending the email, you receive the following:
Dear Corporate Governance Expert
Thank you for the report you have sent on all aspects of our corporate governance.
However, I would urgently like to meet you to discuss further our internal controls procedures as follows, and to make sure that all the management processes we need to ensure our corporate governance obligations are met are in place.
I have also been reviewing the ASIC web site and am very concerned that we make every attempt to avoid investigation by ASIC. Could you please have your feedback on ASIC expectations of internal controls and your advice on additional changes that need to be made to our internal control procedures. I’d also like your analysis of the following guide, which I have located, and how we could apply it to our company:
http://www.ecgi.org/codes/documents/kpmg_internal_control_practical_guide.pdf
I have also been considering changes that we need to make to improve internal controls in terms of our IT systems. Could you possibly provide me with your evaluation of an IT system that we could use to manager our corporate compliance to ensure we manage our corporate governance obligations?
Please write a report on these processes, and then we can arrange a meeting to discuss it.
Kind Regards
William Downs
3. Write a processes report.
Review the above email from William and then do guided research on Corporate Governance reporting trends.
• Research the current requirements for internal controls.
• Review the following and identify best practice internal control procedures:
http://www.ecgi.org/codes/documents/kpmg_internal_control_practical_guide.pdf
As a minimum you should identify and explain 5 best practice requirements.
• Identify priority internal control procedures required to address the issues, particularly in relation to preventing improper management.
• Research best practice management processes that could be put in place to ensure corporate governance requirement are met. Identify at least five for discussion at the meeting.
• Research IT systems that could be used for managing corporate compliance including recording data from operations and transactions relating to corporate governance obligations. Research and report on a system to meet these needs and develop a short report that addresses:
o Key functions of the system and how it will ensure that corporate governance obligations are met.
o Benefits of the system
o Types of reports that can be generated
Use the Processes Report Template to guide your work.
4. Send an email to William
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
The email text should acknowledge the receipt of their email, then introduce and summarise the contents of the attachment.
The text should also suggest a place and time that you could meet to discuss it with them.
Attach your Processes Report to the email.
Your assessor will respond with the place, date and time of your meeting.
5. Meet with William to discuss internal control procedures.
You are required to participate in a roleplay meeting with William Downs (your assessor).
At the meeting, you will be expected to:
• Ask William to confirm the internal control procedures as outlined in the case study.
• Confirm the key issues you have identified for internal control procedures in your processes report.
• Discuss ASIC requirements for internal control
• Discuss the 5 key internal control measures that you have identified from the guide that William asked you to review.
• Discuss the management processes needed to meet corporate governance obligations you have identified.
• Give a short report evaluating the IT system for corporate compliance and go through this with William.
During the meeting, demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
Assessment Task 2 Checklist
Student’s name:
Did the student: Completed successfully Comments
Yes No
Demonstrate the ability to identify appropriate corporate governance standards and practices for Bryant Group including:
• Researching and interpreting corporate governance standards and practices
• Researching corporate governance trends
• Researching and interpreting professional and legal accounting standards
• Monitoring the application of and adherence to professional and legal accounting standards by the company through applying research findings to current practices
• Identifying current corporate governance trends relevant to Bryant Group
Research audit reports and practices to assess methodologies and recommendations?
Analyse the organisational practices of the Bryant Group and report on corporate governance obligations/failure, processes used and performance in respect of these obligations?
Assess content and structure of audit reports?
Assess and advise on the required changes to Bryant Group Pty Ltd internal control procedures?
Establish and advise on required management processes to meet corporate governance obligations?
Evaluate corporate compliance system for use and suitability for recording data from operations and transactions to support corporate governance?
During the meeting, demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
Establish and advise on required management processes to meet corporate governance obligations?
Task Outcome: Satisfactory • Not Satisfactory •
Assessor signature
Assessor name
Date
Assessment Task 3 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
• I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
• I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
• I have correctly referenced all resources and reference texts throughout these assessment tasks.
Student name
Student ID number
Student signature
Date
Assessor declaration
• I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response
• My performance in this assessment task has been discussed and explained to me.
• I would like to appeal this assessment decision.
Student signature
Date
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 3: Internal controls project
Task summary
For this assessment task in the role of Chief Financial officer of Fly Me High Travels, you are required to review financial information provided to you and prepare a report to be presented to the Directors.
This assessment is to be completed in the simulated work environment in the RTO.
Required
• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
• Fly High Budget
• Budget Report Template
Timing
Your assessor will advise you of the due date of these submissions.
Submit
• Email with budget report attached.
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 3 Instructions
Carefully read the following:
A company’s board of directors are responsible for maintaining good corporate governance. There are important policy and performance elements to these responsibilities. The board of directors is the guardian of fairness, transparency and accountability in all of the major financial and business dealings of the company, defending the interests of investors and wider stakeholders.
Fly Me High Travels International launched its operations on 1 January under the name of Fly Me High Travels Australia. The agency specialises in providing cheap tickets to customers via its one national store located in Sydney and an online store. It also deals in selling wholesale tickets to other agencies.
The company has set the following KPIs for its operations:
• Increase total sales by 10% every month
• Advertising expenses to remain the same for next 6 months
• Wages and salaries to be decreased by 5% every quarter
• Online sales to be increased by 15% each month
Open stores in all capital cities in Australia within the next 3 years
Complete the following activities:
1. Write a budget report.
You are required to plan a report that can presented to the directors of the company by the end of August. The objective of the report is to assist the directors in making further decisions on the business expansion and meeting business compliance requirements.
The report should be in clear and concise English to facilitate understanding by the Directors.
Review the case study information provided above and the Fly High Budget and develop a report that addresses the following points:
• What are the outcomes of the budgets for the first six months’ operation in Australia?
• Was the company able to achieve its KPIs? Explain why or why not.
• Is the business complying with ATO requirements and reporting in a timely and an efficient manner?
• What appropriate recommendations would you make for meeting ATO and other legal requirements? Prepare a plan for lodging and meeting those requirements within the required timeframes.
• Based on all of the information you have reviewed what recommendations would you make to see an overall improvement of the financial process and internal controls systems of the business?
Use the Budget Report Template to guide your work.
2. Write an email to your assessor.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should summarise the contents of the attachment.
Attach your budget report to the email.
Assessment Task 3 Checklist
Student’s name:
Did the student: Completed successfully Comments
Yes No
Demonstrate the ability to analyse organisation performance to identify internal control procedures and performance against KPIs including:
• The outcomes of the budget for the first six months of operation
• Review of KPI’s
• Comment regarding cash flow
• Proposed changes
• Compliance with ATO requirements
• Recommendations to meet ATO and other legal requirements
• A plan for lodging and meeting ATO and legal requirements within required timeframes
• Recommendations in order for overall improvement
Provide the report in clear and concise English to meet audience requirements?
Task Outcome: Satisfactory • Not Satisfactory •
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Assessment Task 4 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
• I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
• I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
• I have correctly referenced all resources and reference texts throughout these assessment tasks.
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Assessor declaration
• I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
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Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response
• My performance in this assessment task has been discussed and explained to me.
• I would like to appeal this assessment decision.
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A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 4: Case studies
Task summary
This assessment tasks requires students to review two case studies and answer questions.
Answers must be word processed and sent to the assessor as an email attachment.
This assessment is to be completed in the simulated work environment in the RTO.
Required
• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
Timing
Your assessor will advise you of the due date of these submissions.
Submit
• Email with answers to questions attached.
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly, or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 4 Instructions
Case Study 1
OK Construction Pty Ltd is a construction company operating in Australia with operations in several states. It provides a wide range of building and construction services mainly to the Department of Human Services and private sector. OK Construction Pty Ltd has undergone significant growth in the past three financial years with the turnover increasing from $500m to $800m from 30th June 2014 to 30th June 2017. At the end of 30th June 2017 70% of company revenue was generated from the Department of Human Resources and 30% of revenue was generated from the private sector. The Department of Human Resources needs houses constructed as part of its new community welfare program and serves as the biggest customer for OK Construction Pty Ltd.
The board of directors of OK Construction Pty Ltd consists of 8 directors, of which 5 directors are involved in the full-time management of the business. Stuart Warwick is the chairman of the board of directors. Stuart has over ten years’ experience in the building and construction industry. Stuart is also involved in the management of the business and overseeing day to day construction projects. Robert Penn is the chief executive officer of OK Construction Pty Ltd and is also one of the board of directors. Robert is responsible for the ongoing operations of the company including constructing the strategies and significant policies of the company. Robert with his management team undertakes the implementation of the corporate strategies approved by the board of directors.
OK Construction Pty Ltd is looking into establishing its operations in European countries. The business will require a significant amount of funding to expand its operations in the European market. The company is also heavily reliant on overseas markets for the supply of its construction materials. In regard to the shareholders’ composition, a majority of the shareholders are made up of small Self-Managed Superannuation Funds.
During the financial year ending 30th June 2017, OK Construction Pty Ltd invested a significant amount of funds in the latest information management system for their industry. The new system allows the company to track progress of the work undertaken on each site. The system then links to the trade debtors’ management. Invoices are raised based on the completion percentage of work on each site. Stuart enters information in the system regarding the stage of completion for each job. This information is reviewed by Robert, who then raises the invoices. At the end of each month a report is printed from the system showing the amount owed on each job. This report is presented to the board of directors along with the monthly financial reports.
As at 30 June 2017 the annual report of the company made mention of the two following committees with their main roles and responsibilities:
Audit Committee: The audit committee consists of the non-executive directors. Its main role is to ensure the assurance of financial accounts and making recommendations to the board of directors for the appointment of an external auditor. The committee reviews the adequacy of operational and internal control systems including the review of end of the year financial reports prior to the board of director’s approval. The audit committee ensures the integrity and independence of the external auditor is maintained. The committee keeps an eye on the changing accounting policies and the areas requiring judgment and estimation to ensure compliance with accounting and auditing/assurance standards.
Risk Management Committee: OK Construction Pty Ltd understands the strategic planning and management decisions are based on the risk appetite of the business and its shareholders. This committee is responsible for the systems and process for managing the risk. The committee considers risk factors such as interest rates and operational risk. The committee also considers risk associated with the core corporate strategy and provides recommendations to the board of directors.
Complete the following activities:
1. What are the key drivers of Corporate Governance in OK Construction Pty Ltd?
Your answer should make reference to the key drivers such as Globalisation, Capital Markets and Shareholders Activism.
2. Comment on the board composition of the OK Construction with reference to the ASX corporate governance principals and recommendation for the board of directors.
3. The board chairman Stuart Warwick has asked you to provide a brief review of the audit committee of OK Construction Pty Ltd.
You are to evaluate the effectiveness of the audit committee in relation to the ASX principles and recommendations on Corporate Governance. Your review should provide a summary of the ASX recommendation outlined in Principle 4, and advise how OK Construction Pty Ltd addresses this.
4. Access the ‘Principles of Corporate Governance ‘document from the Organisation for Economic Cooperation & Development website.
Provide a summary report to Stuart Warwick on how OK Construction Pty Ltd can shape its Corporate Governance Framework to address these principles.
5. Assess how the risk management committee can enhance the management of Internal Control systems in OK Construction Pty Ltd? Your answer should make reference to the relationship between Internal Control systems and Risk Management.
6. How can you relate Agency theory to Corporate Governance in OK Construction Pty Ltd?
Case Study 2
Perfect Fruit Pty Ltd is a large business entity with orchard operations in regional Victoria. The company operates in growing stone fruit and selling it Australia wide and overseas. The business has increased the production by 20% in the past two years with significant increase being in export. The main risk for the export is Australian currency fluctuations and the change in Australian dollar which can have major impact in exports for Perfect Fruit Pty.
Due to the size of the business and volume of the transactions, Perfect Fruit Pty Ltd uses accounting software to record financial information. The software allows the administrator to enter the customer orders in the system. The customer order does not affect the Profit & Loss or Balance Sheet items until the sale transaction is created. Once the order is approved, it is converted into a sale transaction. It is very important to keep track of the dates in the software. The date of the sale transaction should be the date it is converted from customer order not the date when original order was created. At the end of each month Financial Reports are printed from the software and provided to management. The management then reviews the reports and ensures the business has complied with the following Corporate Governance objectives:
A. Fruit sales are in line with the budgeted target of an average of $400,000 per month.
B. Trade creditors balance is maintained at the creditors ageing 30 days.
C. Trade debtors balance is maintained at the debtors ageing 30 days.
For the month ending 30th June 2017, the Financial Reports produced from the software show the following figures:
Fruit Sales $325,000
Trade Debtors $300,000 (60% ageing 30 days, 40% ageing 45 days)
Trade Creditors $180,000 (70% ageing 30 days, 30% ageing 45 days)
After reviewing the above figures, Lenard Cooper the head manager of Perfect Fruit Pty Ltd is concerned as the business has been unable to meet its Corporate Governance for the month of June 2017.Upon further investigation he found there were customer orders entered in the month of May 2017; these orders became sale transactions in the month of June 2017. When the orders were converted into sales, the dates on the transactions were not changed. Also, there was a delay in reporting due to the major breakdown of the IT system.
Complete the following activities:
7. Explain 'Performance' as one of the key elements of Good Corporate Governance?
8. The CEO is trying to identify a performance measure for Fruity Fruits Pty Ltd. He wants to take into account the 'Qualitative' factors of performance. During his research, he comes across the term 'Balanced Scorecard'. Discuss how the company can assess their operations in relation to the four dimensions of the ‘Balanced Scorecard’.
9. Discuss whether Perfect Fruit Pty Ltd has complied with its Corporate Governance objectives in relation to each of the dimensions in the Balanced Scorecard.
10. What remedies should Perfect Fruits Pty Ltd take to improve Performance in order to meet its Corporate Governance objectives?
11. Do you believe that the business is effectively using its financial management system? Provide a brief report evaluating the management system. How can it be made more useful in ensuring that the corporate governance objectives are met?
12. Discuss whether Perfect Fruits Pty Ltd managed to achieve its corporate governance objectives by reviewing the financial reporting of the corporate governance objectives on 30th June.
Assessment Task 4 Checklist
Student’s name:
Did the student: Completed successfully Comments
Yes No
Case Study 1
Identify and report on factors that will impact on corporate governance for the company including:
• Globalisation
• Capital Markets
• Shareholder Activism?
Review and report the board composition according to ASX corporate governance principals and recommendations?
Review and report on audit committee arrangements highlighting relevant principles and recommendations from ASX?
Access the Principles of Corporate Governance document and provide a summary report on how the case organisation can shape the Corporate Governance Framework to address these?
Assess the risk management committee and identify suitable improvements to improve internal control systems?
Assess and report on agency theory in relation to Corporate Governance?
Case Study 2
Report on ‘Performance’ as one of the key elements of good corporate governance?
Review and report on the ‘Balanced Scorecard’ and how this can be used as an indicator to assess the company’s operations?
Assess and report on risk management committee and identify suitable improvements to improve internal control systems?
Review and report the compliance of the case organisation in relation to Corporate Governance objectives?
Identify and report on appropriate remedies to improve performance to meet corporate governance objectives?
Review and report on the financial management system and recommend improvements?
Review and report on financial reporting against the corporate governance objectives?
Task Outcome: Satisfactory • Not Satisfactory •
Assessor signature
Assessor name
Date
Editable Microsoft Word Document
Word Count: 2232 words including References
Note: Available Task 2,3 and 4 only
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