internal control
FNSACC50A Implement & Maintain Internal Control Procedures ASSIGNMENT
1. Who is ultimately responsible for the corporate governance of an organisation?
The Board of Directors
2. Who else plays a part in corporate governance?
Shareholders, auditors and other stakeholders.
3. Who are the stakeholders?
A person, group or organisation that has interest or concern in an organisation.
4. List the corporate governance requirements a company needs to adhere to:
The company has an adequate system of internal control in place.
There is equitable treatment of all stakeholders.
Accountability rests with those that manage and control the company.
Shareholders confidence is built because transparency of operations and information means that investors are better placed to make more informed decisions.
5. What part does the Corporations Act 2001 play in corporate governance?
The Corporations Act 2001 is major legislation that impacts on companies. Through its
Legislation governments require companies to behave responsible and be accountable
As good corporate citizens.
6. What are the objectives of internal controls as required by corporate governance requirements?
1 The business is conducted in an orderly and efficient manner
2 Ensure compliance with all financial and operational requirements
3 Irregularities are prevented or detected and corrected should they occur
4 Assets are safeguarded from unauthorised use or disposition
5 Financial records and other relevant databases completely and accurately reflect the
Enter operational activities of the entity and permit the timely preparation of financial information.
7. What are financial controls?
Financial controls relate to those methods and procedures used to product accurate financial records and safeguard assets. Financial controls should be designed to ensure:
Accounting records are accurately and reliable maintained, transactions are properly
1. Who is ultimately responsible for the corporate governance of an organisation?
The Board of Directors
2. Who else plays a part in corporate governance?
Shareholders, auditors and other stakeholders.
3. Who are the stakeholders?
A person, group or organisation that has interest or concern in an organisation.
4. List the corporate governance requirements a company needs to adhere to:
The company has an adequate system of internal control in place.
There is equitable treatment of all stakeholders.
Accountability rests with those that manage and control the company.
Shareholders confidence is built because transparency of operations and information means that investors are better placed to make more informed decisions.
5. What part does the Corporations Act 2001 play in corporate governance?
The Corporations Act 2001 is major legislation that impacts on companies. Through its
Legislation governments require companies to behave responsible and be accountable
As good corporate citizens.
6. What are the objectives of internal controls as required by corporate governance requirements?
1 The business is conducted in an orderly and efficient manner
2 Ensure compliance with all financial and operational requirements
3 Irregularities are prevented or detected and corrected should they occur
4 Assets are safeguarded from unauthorised use or disposition
5 Financial records and other relevant databases completely and accurately reflect the
Enter operational activities of the entity and permit the timely preparation of financial information.
7. What are financial controls?
Financial controls relate to those methods and procedures used to product accurate financial records and safeguard assets. Financial controls should be designed to ensure:
Accounting records are accurately and reliable maintained, transactions are properly