The Application of the Relevant Code of Practice - Law Assignment Help

Assignment Task

Questions:
W1

Read the paragraph above again. Does this mean we don’t have to worry about  compliance as long as we are a member of our organising body ie they will look after everything for us.

Explain this concept, and include the difference between external and internal auditing and the roles of external and internal auditors(compliance personnel)
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W2 - What would be the application of the relevant code of practice in your industry to your role in the workplace?
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W3: Is it compulsory to use a letter of engagement?
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W4:
A. Make a list of at least five Professional bodies associated with Financial Services
B. For your industry, find one thing your organisations representative body has lobbied for over the last year.
C. CLERP started in 199..?. What does it stand for and what ‘number’ CLERP are we up to today?
D. What are the two main objectives of the Trade Practices Act?
E. Find the AUSTRAC website. What is their latest media release discussing?
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W5: Professional development is an important service provided by most professional and industry organizations. Go to the website or get a brochure from one of the three bodies who represent your profession. Find the CPD program, select one of the topics and answer the following:
- What is the name of the topic and which organization is presenting it?
- What material will be presented or covered in the course?
- When and where is the seminar occurring?
- Who would it be of interest to?
- How much does it cost?

- Does it count towards professional development hours required by the body?
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W6: Write up a summary of your tasks you have completed over the last week. Then repeat the process with any improvements that you think you could make that would have given you and your organisation a better result
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Q & A
1. Who is the main supervisor/regulator of your organisation/industry and how can you contact them – if you are studying Conveyancing, answer this question for Conveyancing?
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2. Select a Code of Practice relevant to your organisation the summarise the key points and include what would be the penalty for you and then, your organisation for a breach against the Code.
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3. Research if there are any commercial software packages to monitor compliance for your industry. Summarise one of them, and describe how they would assist you Answer
4. Explain the following terms.
- Common Law
- Negligence
- Contract Law
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5. Summarise and explain the following:
- Privacy Act
- Financial Transactions Reports Act
- Competition and Consumer Act
- Stamp Duties Act
- Code of Banking Practice
- OHS requirements

6. Explain the purpose of a internal audit and how it would assist in maintaining workplace regulatory compliance.
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7. List and summarise three sources of information for obtaining up to date information in regards to the regulations of the Australian Financial Services Industry.
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8. How does your organisation ensure that regulatory requirements are adhered to in its daily processes?
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9. Why are stipulated timelines important for meeting statutory requirements?
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10. What are the possible ramifications for you and for your organisation should these statutory timelines not be met.
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11. As part of your compliance requirements it is important to ensure that you maintain up to date knowledge in regards to the regulations of the Australian Financial Services Industry. Why?
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12. …..and how does your organisation do this?
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13. How would a professional organization association help with compliance?
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14. Source and summarise the AMLCTFR and the role of AUSTRAC
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15. Write down a list of some of the decisions you make as part of your daily tasks within the Financial Services Industry.
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16. How do you ensure that you are up to date with changes to the legislation relevant to what you have listed in your answer above?

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17. Explain the two ways laws are made in Australia.
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18. List and briefly explain the hierarchy of the court system and why it is important
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19. in your state, what is the county court jurisdiction?
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20. List and explain the six legal aspects of a contract and explain who you would seek for advice if you needed guidance and how you would go about it.
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21. Explain what is meant by the ‘adversarial system of justice’

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