Problem 1:
a) Using the internet identify an annual report and analyze whether they have contributed a corporate governance aspect for the organisation e.g. the firm has a nomination committee.
b) Using the annual report identified above determine whether it meets the statutory requirements by giving an example of a statutory requirement it meets.
c) Interpret why you believe what you have observed is seen as a corporate governance contribution.
d) From the corporate governance aspect write an operating procedure from the requirement. In other words write a procedure that the firm must follow to fulfill that corporate governance aspect.
e) How would you monitor that the operative control was working.
f) How would you monitor that financial legislation is being abided by?
Here is an example answer to help you:
a) Nomination committee (you must select something else).
b) The report has a profit figure required by the Corporations act.
c) The nomination committee is designed to ensure that board members are selected for the right reasons e.g. their independence and ability to contribute rather than being friends of the executive or someone that will easily agree with them.
d) All applicants for board membership must prepare an application for the position which outlines their experience, qualifications and declare any associations with the current board.
e) I would monitor this procedure by periodically and at least annually reviewing any evidence that the member is associated with current board members e.g. by visiting their online profiles.
f) I would monitor that financial reports are being prepared by the organisation by.................... (Finish this sentence).
Problem 2:
Prepare a clearly written report for So Sweet listing 10 internal controls that you have observed in the business you work in or have otherwise observed. Include in your report the purpose the controls have and how you would consult with staff to document, implement, monitor, and improve internal control procedures. The format should include an appropriate heading, abstract, list of controls, body of report, conclusion.
Problem 3: The extracts of National Australia Bank's Corporate Governance reports included:
- Organizational policies.
- Financial delegations.
- Accountabilities.
For each of the above items identify a responsibility that relates to it and interpret how these could be complied with in practice. Note whether there are any variations in the way corporate governance requirements have been adopted and explain possible reasons for these variations.
Hint:
- Organizational policies (such as the requirement to have a clearing account, you should choose another from the chapter or make up a policy).
- Financial delegations, this is the authority to approve expenditure (you should find a responsibility from the chapter or make up a responsibility that a person has for approving expenditure).
- Accountabilities (these are when someone is responsible for some aspect of controls e.g. the requisition of material into production by a supervisor. You should choose another example).
Problem 4:
Ben received $600 to set up a petty cash system. That day a courier came and required $31 cash and later a special visitor arrived and the boss asked Jan to buy her a bun from the cake shop which cost $9.50. The next day the ruler needed for a project broke and the project could not wait for the normal ordering process from Office Shop so Ben raced down stairs and bought a ruler for $4.50.
(a) How would the petty cash book look?
(b) What supporting details should Jan have?
(c) Six months ago Ron was asked to set up a petty cash system. He had $100 as a starting balance and spent $12 on biscuits, $45 on parking for a visitor, $27 on stationery. At the end of the month there was $10 in the float. Ron argued that the float was correct. Prepare an exception report to determine if the amount of cash that should there is in fact there or if some is missing.
(d) If the exception report highlights a difference how will you resolve the conflict of belief with Ron?
Problem 5:
You have recently been appointed and are responsible for internal controls of cash and investments at Hanah Corporation. You had an interesting first conversation with the accountant who noticed you were from a different culture to her. She asked if it was a concern to you that she was a different culture from you. Prepare a script of the conversation where you answer her question demonstrating that you are sensitive to the fact that she is from a different culture and want to support her? Continue on in the script to ask questions to determine what is in place at the moment with respect to controls of cash and investments and what new controls she believes need to be implemented.
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