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FNSACC516 Implement and Maintain Internal Control Procedures

Question

Answered

Task:

Your task is to research the following topics then outline your findings in a report. Use the questions below as a guide to your research:

1.What are the ethical and confidentiality considerations to consider and apply for the management and handling of files and records?

2.What are the key features of the financial legislation which relates to financial transactions and reporting requirements? 

3.Discuss the benefits and the limitations of internal controls, as well as the potential consequences of poor internal controls for internal operations

4.Outline the key requirements of organisational policies and procedures that relate to:

a.Corporate governance

b.Financial delegations and accountabilities

5.Explain the key principles of internal control and auditing

Complete the following steps to review the corporate governance requirements:

1.Obtain the corporate governance documentation and the organisational policies and procedures, and review and analyse these to identify the corporate governance and ethical requirements, and to determine their application to the business operations. Document this review and analysis. 

2.As required, seek clarification on the application of corporate governance requirements from authoritative sources. Record all clarification sought, and the authoritative sources accessed. 

3.Review and develop the internal control procedures that apply the corporate governance requirements to the internal operations. Document this review and provide the developed procedures. 

Implement the internal control operating procedures through completion of the following steps: 

4.Ensure consistency and compliance with internal control procedures through maintaining and reviewing the financial delegations and accountabilities. Record the maintaining and reviewing of financial delegations and accountabilities.

5.Produce, review and distribute the required reports, within agreed timeframes. Provide copies of all reports produced.

6.In consultation with relevant stakeholders, develop and document the timetables for implementing the corporate governance requirements

7.Detail and document internal control procedures, in standardised formats, to promote consistency of use  Perform the following steps to monitor the internal control operating procedures

8.From authoritative sources and based on industry-standard practices, develop applications of the corporate governance requirements. Document these applications.

9.Monitor and report on the performance indicators of internal operations to evaluate their compliance with internal control procedures. Provide this documented report. 

10.Identify variations in adopting corporate governance requirements in operations and evaluate them to determine their causes. Record the variations identified, and the evaluation. 

11.Develop, and implement, modifications to the procedures to facilitate their compliance with internal control procedures. Provide the documented modifications.

FNSACC516 Implement and Maintain Internal Control Procedures

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MAA725 – Advanced Accounting Principles and Practice

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