FNSACC604: Monitor Corporate Governance

09 Mar

Assessment 32017/03

FNSACC506: Implement and maintain internal control procedures

FNSACC604: Monitor corporate governance activities



Once you feel confident that you have covered the learning materials for this unit, you are ready to attempt this assessment. Write your assessment in a commonly used software program such as Microsoft Word, or you can download a Microsoft Word copy of this assessment from the relevant Study Period of your course in OpenSpace.

To help Open Colleges manage your assessment, please use the following file naming convention when you save your Microsoft Word document.

Your file should be named and saved to your computer’s hard drive using your [student number]_[assessment number].doc.   For example 12345678_22129_01.doc

Assessment submission

When you are ready to submit your assessment, upload the file in OpenSpace using the Assessment Upload links in the relevant Study Period of your course.

Uploading assessments in OpenSpace will enable Open Colleges to provide you with the fastest feedback and grade on your assessment. If you upload your assessment in OpenSpace you do not need to use an Assessment Cover Sheet.

Alternatively, you can print and post your assessment to:

Open Colleges

PO Box 1568

Strawberry Hills NSW 2012

If you are submitting the assessment by post, please ensure that you use the Open Colleges Assessment Cover Sheet (available in Support in OpenSpace).

Students who submit written assessments by post or via OpenSpace, should allow up to five days from receipt by Open Colleges for marking and return.

It is important you keep a copy of all electronic and hardcopy assessments submitted to Open Colleges.






Assessment Description

By completing this assessment the learner will gather evidence of the knowledge and skills required to:

  • review corporate governance requirements, implement operating procedures and monitor policy
  • research corporate governance reporting trends
  • examine corporate governance standards and practices
  • review compliance to develop and implement processes and procedures for meeting corporate governance obligations.


Assessment Tasks


Assessment number Assessment type and methods
 32017/03 Written Report
Written report consists of the following assessment methods:

–       Case study

–       Short answer questions

 32017/03 Presentation
Presentation consists of the following assessment methods:

–       Demonstration/observation

–       Problem solving

–       Role play

–       Evaluating



Marking Distribution

Marks will be awarded as follows:


Grade Content and research skills



Critical analysis, argument and original content


Organisation, presentation and referencing


HD Extensive, relevant and accurate current reading

All aspects are covered and supported by evidence

Detailed, insightful analysis

Sophisticated argument (original thought)

High academic standards

Coherent and well structured. Free from grammatical mistakes

Proper referencing

DN High level of reading. Most aspects (namely reviewing requirements for corporate governance and monitoring application of corporate governance policy) well covered.

The implementation of internal controls conveyed in a way that demonstrates clarity of understanding.

Detailed analysis

Understand different points

Insights and some original ideas throughout

Most sources acknowledged


Minor spelling errors

C Understanding of the essential requirements of corporate governance.

Internal control procedures well-researched from an operational perspective.

Analysis of issues and insights.

Some basic understanding

Acceptable academic standards

Minor spelling errors

Errors in referencing

P Question is addressed but there was inadequate research of corporate governance requirements from a legislative and operational perspective.

Few examples were provided as evidence of understanding.

Very limited analysis

Basic understanding of topics

Organisation of thought

Grammatical mistakes and spelling errors in referencing

Formatting issues and conclusion is missing

F Unable to meet the ‘Pass’ requirements Unable to meet the ‘Pass’ requirements Unable to meet the ‘Pass’ requirements


Part A – Written Report


The Audit Committee of the Ethical Trading Group has asked you to lead a broader review of their existing internal control procedures.


Specifically the remit of your review will cover each of the following three areas:


  1. Review corporate governance requirements
  2. Implement operating procedures
  3. Monitor policy


Before you attempt the questions please familiarise yourself with the following pages from the Ethical Trading Group Policies and Procedures.


  • Pages 25 – 27 for question 1.3
  • Page 56 for question 2.1



  1. Review corporate governance requirements



  • Referring to the Audit Procedures section (pages 25 – 27), review the procedure and develop an alternate version that clearly states how your version will be applied to the daily operations of Ethical Trading Group.


  1. Implement operating procedures


  • From the Delegated Authority Schedule section of the Policy and Procedure Manual:

List three (3) actions you would complete to review and maintain financial delegations and accountabilities to ensure consistency and compliance with internal control procedures


  1. Monitor policy


  • Identify three (3) examples of financial legislation relating to taxable transactions and reporting requirements and describe three (3) key features of all three.

Part B – Deliver a Presentation (audio recording required)



The Audit Committee of Ethical Trading Group has asked you to develop and report on performance indicators to evaluate compliance with internal control procedures.


They ask you to prepare and deliver a presentation running for no longer than seven (7) minutes in duration.


The audience for your presentation can be drawn from colleagues, family or friends and should comprise of at least two people.  To participate in the presentation they must also complete the consent form located in Appendix A.


Please access the Case Study PowerPoint Template to help you complete this assessment. This file is also available in the Ethical Trading Group folder in the Additional Resources for this course.


Tasks to be completed in preparation for your presentation:

You are to prepare a PowerPoint presentation (maximum 4 slides) covering the following:

  1. Develop three (3) performance indicators to evaluate compliance with internal control procedures


  1. Using the template in Appendix B complete a report describing:
    • Progress and success-to-date of your three performance indicators
    • Describe two (2) remedial actions required to improve the progress of one (1) of your performance indicators
  2. Describe your planned timetable for implementing one of your remedial actions


After the presentation the participants must also complete Appendix C providing feedback on how you delivered the presentation.


For the presentation you will need to:

Submit an audio recording providing evidence of you covering each of the following four points:

  1. Briefly explain the three performance indicators you have developed to evaluate compliance with internal control procedures (2 minutes)
  2. Distribute the report you will have developed describing the progress and success of your three performance indicators to attendees and allow them the opportunity to review it and ask and questions.
  3. Ensure attendees understand the details of the report are confidential and are not to be distributed. (3 minutes)
  4. Allow attendees the opportunity to review and comment on your planned timetable for implementing one of your remedial actions (2 minutes)


When you have finished your audio recording, you will need to upload your file to OpenSpace.  Click on the ‘Support’ tab – then ‘Assessment’ and instruction on how to do this are within the ‘Frequently Asked Questions’.



Appendix A: Audio recording consent form


Learner’s name: __________________           Date: ________________


Participant’s name Signature


By signing this form, you have consented to participate in a recording.


Appendix B: Performance Indicator Progress Report





Performance Indicator Progress Remedial Action Required Remedial Action Implementation Timetable
Document A to be prepared and submitted to ASIC by the Accounts Manager by 30 June 2015 First draft reviewed and feedback provided. Extensive changes required prior to submission To ASIC Assign additional Account Manager to assist in completing document 14 June – identify and gain approval for additional Account Manager

16 June – brief additional Account Manager on scope of work

25 June – additional Account Manger submits amended version of Document A for final review

28 June – Sign off provided and Document A ready to be submitted to ASIC


Performance Indicator Progress Remedial Action Required Remedial Action Implementation Timetable

Appendix C: Presentation Feedback


Date of session:  


Please provide your responses to the following statements in relation to the presentation given.


  1. Clearly communicated the information – using suitable structure and language which incorporates appropriate technical vocabulary to suit the audience.
Strongly agree Agree Neither Disagree Strongly disagree


  1. Used questioning and listening techniques to obtain feedback and confirm understanding of what has been presented.
Strongly agree Agree Neither Disagree Strongly disagree


  1. The presentation was well-researched.
Strongly agree Agree Neither Disagree Strongly disagree


  1. The information provided was well researched.
Strongly agree Agree Neither Disagree Strongly disagree
  1. Please provide suggestions and comments for improvement.



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Posted by on March 9, 2017 in Academic Writing


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