Read the case studies and answer the following questions;
From Parliament of Australia Library: On Thursday, 15 March 2001, HIH received approval from the NSW Supreme Court to place HIH into provisional liquidation. Tony McGrath of KPMG was appointed as provisional liquidator to HIH and 17 of its controlled entities. -111-Hcomprised several separate government—licensed insurance companies, including HIH Casualty and General Insurance Limited, FAI General Insurance Company Limited (FA1), CIC Insurance Limited (CIC) and World Marine and General Insurances Limited (WMG).
HIH wrote many types of insurance in Australia, the USA, and the UK. IlAultOalia, this includes compulsory insurance (such as workers' compensation and compulsory third party motor vehicle) and non—compulsory insurance (such as home contents and travel insurance)
HIH collapse was one of the largest corporate collapses in the history and raised critical questions about corporate governance, internal controls and ethical behaviour of top managers.
Access the HIH case study from the following link and answer relevant questions.
H1H Case Background http://wvvw.aph.gov.au/library/intquideiecon/hih insurance.htm
Cast Study htt•://www.australian-cor•orate-•overnance.com.au/hih ro al commission•df
You must have completed Assessment Task1: HIH Insurance Case Study prior to completing this assessment. This is an individual project task that builds on HIH insurance case study and requires development of governance guidelines.
Using the case study outcomes from "Assessment Task1: HIH Insurance Case Study", develop a Corporate Governance Monitoring procedure which, in your view, would help prevent any future corporate governance failures such as HIH. Your project will build around the following headings/subject areas;
1. What could have been done to detect early signs of problems in the management and governance
2. Research and outline common governance principles that can prevent cases such as this
3. Based on your research develop a governance policies and procedures that can be used in an organisation (format and structure ideas can be taken from sample policy documents)
4. Suggest Internal control procedures that support the governance structure (e.g. policy)
5. governance checklist summarising the governance and internal control Develop oe P a gents that may assist meeting regulatory requirements
6. Propose a conceptual accounting system that may help maintain compliance and accounting principles
7. Suggest reporting mechanisms including information technology options
a. Researched and discussed legislative breaches and non-compliances baw: investigations
b. Identified and discussed key corporate governance issues in the of GeV legislations
c. Suggested internal control procedures and monitoring mechanism that could have been followed in ensuring corporate governance requirements to internal op-s-atIons
d. Identified and discussed major reasons for the collapse
e. Case review is structured and demonstrates ability to review corporate reclirernents
f. Paper is professional structured and presented
To be competent in this assessment allque correctly. Use your own quesstions in the reflection must be answered words to demonstrate the understanding of the topics covered in the unit.
1 What is your understanding of "Corporate Governance"? Describe at least four major corporate governance obligations under current legislations.
2 What are the objectives of an internal control system? What should organisations do to ensure employee accountabilities in their job functions
3 How would you monitor and evaluate efficacy and effectiveness of internal control procedures? Provide a detailed explanation of the applicable processes
4 How would you monitor and evaluate efficacy and effectiveness of internal policies
5 List and describe types of employee records that an organisation must maintain to monitor employee performance
6 Describe key accounting principles that an organisation must maintain to meet legislative Describe key requirements. Support your answer with an example
7 What are ethics? Where do the managers and employees derive ethical values and What are ethics s? here do the with at least one example of ethical behaviour guidelines from? Support your with at least one example of ethical behaviour.
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