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FNSACC506 Implement and maintain internal control procedures: Assessment Task 1

Assessment Task 1 Instructions 

Provide answers to all of the questions below: 


  1. Describe how the Privacy Act 1988 applies to the handling of files and records.
  2. Explain how the Privacy Act 1988 may affect the management of a company’s files.
  3. Discuss at least two ethical responsibilities of an accountant when preparing financial statements
  4. Discuss the ethical implications of finding that a work colleague has been accessing some of your files that they should not have had access to.
  5. Explain the role of the Australian Securities & Investments Commission (ASIC) and the legislation that determines its authority and scope?
  6. Identify the three pieces of legislation that ASIC is responsible for administering. Explain the purpose of each Act. 
  7. According to the Corporations Act 2001, what are company directors’ four main duties? Briefly explain each.
  8. Identify and explain three key features of A New Tax System (GST) Act 1999
  9. Explain the effect that the Common Reporting Standard for the Automatic Exchange of Financial Account Information have on foreign tax residents in Australia, and on Australians earning money in other countries.
  10. Describe the Global Reporting Initiative (GRI).
  11. Explain how an effective internal control structure assists management.
  12. Discuss the relationship between corporate governance and internal audit
  13. List five work practices or routines that are also internal control procedures
  14. Describe the accountability mechanisms between the following, and where each mechanism is usually documented within the organisation:
  15. CEO (or managing director)
  16. Company directors
  17. Executive management team
  18. Shareholders
  19. Employees.
  20. According to the ASX Corporate Governance Principles, after how many years may the CEO take on the role of Chair?
  21. Describe the key requirements of an Operational Policies and Procedures Governance Manual (or Charter).
  22. Identify and explain the five components of internal control.
  23. List and explain the stages of an auditor’s evaluation of internal controls.
  24. Explain the difference between internal and external audits.
  25. Identify and explain the Seven Internal Control Procedures in Accounting.

Answer

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