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101Details of Assessment
Details of Subject
Details of Student
Student Name Student ID
Details of Assessor
Assessors Name KANEEZ SELIM
Assessment Outcome
FEEDBACK TO STUDENT
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
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Student Declaration: I declare that I have been Assessor Declaration: I declare that I have
assessed in this unit, and I have been advised of my conducted a fair, valid, reliable and flexible
result. I also am aware of my appeal rights and assessment with this student, and I have provided
reassessment procedure. appropriate feedback
The purpose of this Assessment task 2: Satisfactory (S) Not Yet Satisfactory
assessment is to Project and Q & A
assess the student in (NYC)
the following learning (Task numbers)
elements and
performance criteria
of the unit :
1.1 Monitor application of and adherence to professional and legal accounting standards to identify
emerging trends and interpretations of statutory and other regulatory requirements
Part B: Q 1, Q 2
1.2 Research audit reports and practices to assess methodologies and recommendations
Part B: Q 3, Q 10
2.1 Analyse organisational practices to identify corporate governance obligations and performance
Part A: Task 2a), b), c)
2.2 Examine queries from statutory and other regulatory authorities for corporate governance failure to
assess change effects on internal control procedures
Part B: Q 10
2.3 Assess content and structure of reports, returns and processes for review to evaluate policies being
followed by organization
Part A:Task 1-4
Part B: Q3
3.1 Analyze and monitor internal control procedures to determine performance indicators for compliance
with corporate governance requirements
Part B: Q 10, Q 11
3.2 Evaluate information technology systems to determine their use and suitability for recording data from
operations and transactions for corporate governance obligations
Part A: Task 1g)
3.4 Establish reporting plans to ensure completion of compliance requirements within scheduled timeframes
Part A: Task 1f)
Part B: Q 12
4.1 Assess achievement of performance indicators and review against key result areas
Part B: Q 11
4.2 Monitor compliance preparation processes and review in line with corporate governance requirements
Part A: Task 1 e), f), g) &Task 2
4.3 Analyse failures in compliance to diagnose shortcomings and to remedy processes in line with corporate
governance requirements
Part A: Task 3
Each assessment component is recorded as either Satisfactory (S) or Not Satisfactory (NS). A student can
only achieve competence when all assessment components listed under Purpose of the assessment section
are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who
is assessed as NS (Not Satisfactory) is eligible for re-assessment.
Assessment 2:
Background information
A companys 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 in Australia 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 Melbourne 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 should 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
You are the Chief Financial officer of the company. You are responsible for preparing fair and accurate
financial documents that will present the current picture of the business to all relevant stakeholders. In the
following task, you are required to analyse the given budget of the business, plan and prepare a report and
present this to the directors in an important business meeting.
Task 2: You will be required to consult with your trainer regarding the report you have developed. This
consultation process will be to discuss and receive feedback on (see Appendix 1):(9 Marks)
a) your review of the budget
b) the corporate governance requirements and parameters
c) How the business can improve the internal control procedures to create more reliable budgets.
Task 3: You are now required to present the report to the board of directors (from the Australian
subsidiary and International office), discussing the budget results and the implications of this on the
business. The board members will be played by your class mates and your assessor. You are to
present your report summarising your findings and highlighting the key points and improvements to
corporate governance that you recommend. You are to ensure you provide opportunity for the board
members to ask questions throughout the presentation. As you are also presenting this report to
members of the board from the International Office who may have difficulty understanding Australian
compliance requirements, you must also consider cultural differences and the language used to
ensure they are able to understand this. (10 Marks)
Task 4: Following completion of the above steps you will be required to demonstrate to your assessor
your ability to access and use an integrated financial management system such as MYOB. You are
required to produce variance report from MYOB or any integrated financial management system
using the cash budget information of Fly Me High Travels. Both hard copy and soft copy of the
variance must be submitted. (9 Marks)
APENDIX:
EXCLdocumsenthiapxfr.
You are required to answer all questions correctly. If incorrect answers are provided, your assessor
will identify the gaps in your knowledge and understanding and make arrangements for
reassessment.
Question 1 (2 marks)
What are the five statutory and other regulatory requirements relating to corporate governance in
accounting?
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Question 2 (3 marks)
a) How do you ensure you are up to date on professional and legal accounting standards for
any organisation?
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Question 3 (2 marks)
Determine three statutory reporting requirements for companies in Australia.
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Question 4 (2 marks)
The board of directors of an organization has a concern about the internal control procedures. Why
should these procedures be analysed and monitored in order to ensure compliance with corporate
governance requirements?
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Question5(2 marks)
Explainwhyterudsfgo aiprt,emnsdcohlvpCrateGncsdobji.
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Question 6 (2 marks)
Evaluate the role of Australian Securities Exchange (ASX) in assisting corporate governance in
Australia?
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Question7(2 marks)
How would you explain the Ethical Corporate Governance concept and how can the board members
of an organization demonstrate that they are committed to ethical standards?
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Question8(2 marks)
Bxrieflyphanmtockgdsbizrnhwfetpacmlx.
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Question9(3 marks)
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Question 10 (2 marks)
An organization has just received a Qualified Auditor report. Auditors have reported the
contravention about the directors 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.
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Question 11 (3 marks)
a Explain three major Performance indicators that can be used as a benchmark for Corporate
Governance Compliance requirements.
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Question 12 (2 marks)
Make a plan for submitting the following reports according to the Australian Taxation Office
requirements.
Question 13 (3 marks)
Analyse the following situation and comment if they need to pay GST or not.
Tom is a plumber who is registered for GST. He installs a new spa for Jerry, an electrician.
Jerry is also registered for GST and wires Toms new shed as payment for installing the spa.
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