To complete this activity, you are required to submit a report of approximately:

Long Report

2,000 words = 4-page typed report

What you must include in your report

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:

• Report Part 1

Governance and Ethics

• What are the ethical and confidentiality considerations to consider and apply for the management and handling of files and records?
• What are the key features of the financial legislation which relates to financial transactions and reporting requirements?
• Discuss the benefits and the limitations of internal controls, as well as the potential consequences of poor internal controls for internal operations
• Outline the key requirements of organisational policies and procedures that relate to:
• Corporate governance
• Financial delegations and accountabilities
• Explain the key principles of internal control and auditing
• Report Part 2

Internal Control Procedures

Research two organisations of your choice and report on how the organisations undertake and maintain internal control procedures. Include analysis in your report of:

• How the organisations review the corporate governance requirements:
• Corporate governance documentation and the organisational policies and procedures, and how they review and analyse these to identify the corporate governance and ethical requirements and determine their application to the business operations.
• As required, seek clarification on the application of corporate governance requirements from authoritative sources. Record all clarification sought, and the authoritative sources accessed.
• Review and develop the internal control procedures that apply the corporate governance requirements to the internal operations.
• How the organisations implement the internal control operating procedures through completion of the following steps:
• 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.
• Produce, review and distribute the required reports, within agreed timeframes. Provide copies of all reports produced.
• In consultation with relevant stakeholders, develop and document the timetables for implementing the corporate governance requirements
• Detail and document internal control procedures, in standardised formats, to promote consistency of use 
• How the organisations monitor the internal control operating procedures:
• From authoritative sources and based on industry-standard practices, develop applications of the corporate governance requirements. Document these applications.
• Monitor and report on the performance indicators of internal operations to evaluate their compliance with internal control procedures. Provide this documented report.
• Identify variations in adopting corporate governance requirements in operations and evaluate them to determine their causes.
• Develop, and implement, modifications to the procedures to facilitate their compliance with internal control procedures.

Answer rating: 100% (QA)

Report Part 1 Governance and Ethics What are the ethical and confidentiality considerations to consider and apply for the management and handling of files and records When managing and handling files ... View the full answer