Duties Segregation Authorisation Custody Transaction recording Checking - Accounting and Finance Assignment Help

Assignment Task:

Task:

Section 1 – Assessment Task Overview and Description
Assignment to be completed directly into the Canvas assessment shells or complete on this student version document (Section 3 – Assessment Task Criteria and Outcome) and then copy & paste each answer into the relevant Canvas assessment shells

• This is an individual open book assessment
• You will need access to a PC with internet connection
• Complete each of the 3 questions/tasks
• (1): Provide an answer to each of the 7 questions (may have multiple parts to each, that require an answer)
• Tony, a director of SUT Pty Ltd has stated at a recent board meeting, “As a small proprietary company, investing funds into establishing and maintaining an internal control system, will not provide us with any real value.” Discuss if Tony is correct and why?
• If you were asked to advise SUT Pty Ltd in relation to, establishing a CRIME framework explain what you say to them?
• The directors of SUT Pty Ltd at the most recent board meeting, have expressed concern over the following issues that have come to their attention:
• This week’s Reserve Bank media statement announcing that the cash rate is expected to move in an upward direction for the foreseeable future
• The loss of several long term customers, to a new business selling the same product suite as SUT using an aggressive pricing policy
• Notification by a software vendor that a current product used by SUT, is been phased out and will no longer be supported within the next 12 months
• Based upon this information, should the SUT directors be concerned with any risk issues? If so, specifically explain why?
• Angela, one of the directors of SUT Pty Ltd is very sceptical on this modern ‘flavour of the month’ corporate governance ‘nonsense’ and cannot see the justification for investing company time and resources on it, as she is very confident the company meets all of its enforceable obligations. Angela has made her view well known to the other directors and management team. Is she correct? What is the justification for your answer?
• Angela, also believes that if SUT Pty Ltd’s corporate governance needs to be examined, then only advice sourced based upon Australian Government legislation and regulation is relevant. Is she correct? What is the justification for your answer?
• Mario, another SUT Pty Ltd director, is not ‘sold’ on this issue of corporate ethics. His perception is that, the only responsibility of the directors and management is to maximise shareholder value, after all it is the shareholders who appoint the directors to manage the business affairs of the company. Provided that the company is complying with all its legal compliance requirements, then that is sufficient. Is he correct? What is the justification for your answer?
• SUT Pty Ltd are considering reviewing their accounting subsystem approach, they are considering either the systems approach or transaction approach. What would your advice be?
• (2): Analyse the following scenario and answer the question requirements
• Julie is a SUT Pty Ltd employee of 10 years standing. She is considered to be a reliable, hardworking and competent employee. She holds the responsible position of Accounts Manger which includes all aspects of cash management and bookkeeping. Recently Julie’s husband was made redundant from his high paying job. While her husband is ‘confident’ of finding a new job at the same income level, the household budget has been under stress, with Julie struggling to pay all the bills as they fall due, on her income alone.
• Last month to meet the home loan and car lease repayment commitments, she ‘borrowed’ the required funds from the company bank account of SUT Pty Ltd. She will need to do so again tomorrow for this month’s loan commitments, of course this is only a ‘temporary loan’, which she intends to repay in full, just as soon as her husband is back in work. Given that she is a long serving and loyal employee, she is certain the company management will not mind. In any case so not to ‘worry’ them she has ‘adjusted’ the relevant entries in the general ledger, so everything ‘looks’ ok.
• The following Monday morning Julie arrives at work and is called into the office of director Tony, he say she has betrayed the company’s trust and immediately resigns or be sacked and the police will be called in to charge her. Julie is stunned, clearly she realises this must be over the temporary borrowing arrangement and realises if she admits her error in not asking permission first and commit to a repayment plan out of her fortnightly salary, Tony will understand.
• On the Monday night of the action taken against Julie an urgent meeting of the SUT Pty Ltd directors is held. They were ‘shocked and stunned’ by Julie’s behaviour, however they conclude that they could not have done anything to prevent Julie going down the path she did.
• Why has Tony taken the action he has? Is he justified or should he accept Julie has made an error of judgement? Why did Julie undertake such an action in the first place? Discuss. Are they correct, or in the context of this issue could have they taken any specific relevant actions?
• (3): In the matrix provided correctly map each internal control element or feature to the internal control objectives that would be achieved with the element or processes existence, by placing a ‘Y’ or ‘N’ in the relevant cell(s):
• A: transaction completeness
• B: record validity
• C: record accuracy
• D: operational efficiency
• E: asset security
• F: staff accountability
• Section 2 – Assessment Task Submission Information
• Submission Details Due date: 01/08/2021
• The assessment task must be submitted via Canvas or directly to the teacher with an assessment cover sheet.
• Ensure to include on the front page or in the header or footer of your assessment:
• your name
• student ID
• your teacher’s name
• the unit code/s and title/s
• the assessment task title
• Submissions received after the submission date must be approved by your teacher.
• Summary of Evidence to be Submitted
• Understanding key relevant legislative, corporate governance, ethical and risk management issues
• Understanding where to source advice from authoritative sources to clarify the application of corporate governance requirements
• Understanding key internal control principles
• Understand and the issue of fraud in the context of its relevance to internal control and how to analyse and interpret the fraud issues in the context
• Ability to map the relevant internal control elements and features to the relevant internal control objectives
• The task will be assessed as satisfactory when all of the required evidence listed has been satisfactorily demonstrated.
• * If applicable, for graded units, the task must be satisfactorily completed before marks will be allocated. Refer to your unit outline for more information.
• Section 3 – Assessment Task Criteria and Outcome
• All items/criteria must be demonstrated satisfactorily to achieve this task. The items/criteria for this activity will be assessed as S – Satisfactory or US – Unsatisfactory.
• Items/criteria
• 1. 1
• 2
• 3 4 5
• 6 7 2. 3. Internal Control System Mapping Matrix A B C D E F
• Duties segregation Authorisation Custody Transaction recording Checking & reconciliation Documentation extensiveness Audit trail Control activities Risk assessment
• Section 4 – General Assessment Information
• Decision Making Rules Each activity in the assessment task must be satisfactorily completed for the task to be assessed as satisfactory.
• Every task must be satisfactorily completed to be assessed as competent in the unit.
• * For graded units, competence must be demonstrated before a mark can be given.
• Plagiarism There are serious penalties for plagiarism that may include repeating a new assessment task or being withdrawn for the unit / course.
• Students must ensure that all assessments are their own work (or group work and clearly noted as such).
• Please refer to www.swinburne.edu.au/corporate/registrar/plagiarism/index.htmlReasonable Adjustment Students may request reasonable adjustment for assessment tasks.
• Reasonable adjustment usually involves varying:
• the processes for conducting the assessment (eg: allowing additional time, varying the venue)
• the evidence gathering techniques (eg: oral rather than written questioning, use of a scribe, modifications to equipment)
• However, the evidence collected must allow the student to demonstrate all requirements of the unit.
• If you have any other issue that may impact your ability to undertake the assessment, please discuss with your teacher.
• Re-submission(where tasks are not satisfactorily completed) Assessment tasks that are not satisfactory can be resubmitted up until the end of the unit as scheduled on the Unit Outline. The timing on this may depend on the equipment required for this assessment task.
• Resubmissions received after the scheduled unit end date may not be accepted unless approved by the teacher prior to the end date.
• Note: Assessment tasks submitted for the first time after the unit end date as scheduled in the Unit Outline will not be assessed and the student should re-enrol into the unit.
• Special consideration Students may apply for Special Consideration where personal circumstances have adversely affected their task result or ability to undertake an assessment. A Special Consideration form can be completed prior to, but no later than 3 days after, the date of assessment and submitted to the relevant Manager.
• Work Health & Safety Activities may require the use of equipment or participation in group exercises. If the teacher identifies any unsafe activity or potentially dangerous situations, the teacher can stop the assessment at any time.

The above  Accounting Assignment has been solved by our  Accounting  Assignment  Experts at onlineassignmentbank. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.