Question 1(2 marks)

What are the five statutory and other regulatory requirements relating to corporate governance in accounting?

Question 2(3 marks)

a)How do you ensure you are up to date on professional and legal accounting standards for any organisation?

b)Why is it important to apply accounting standards in the context of corporate governance in Australia?

Question 3(2 marks)

Determine three statutory reporting requirements for companies in Australia.

Question 4(2 marks)

The board of directors of an organization has a concern about the internal control procedures. Why should these procedures be analysed and monitored in order to ensure compliance with corporate governance requirements?

Question 5 (2 marks)

Explain why an internal audit is useful in an organisation and how audit reports, assessments and recommendations can help improve Corporate Governance processes and objectives.

Question 6(2 marks)

Evaluate the role of Australian Securities Exchange (ASX) in assisting corporate governance in Australia?

Question 7(2 marks)

How would you explain the Ethical Corporate Governance concept and how can the board members of an organization demonstrate that they are committed to ethical standards?

Question 8(2 marks)

Briefly explain the importance of keeping employee records by organizations with few practical examples.

Question 9(3 marks)

a)Research on the Australian Accounting Standards Board website (http://www.aasb.gov.au/), according to AASB 116, for the disclosure requirements on depreciating assets.

b)Determine the two common methods of Depreciation of depreciating assets, the useful lives or the depreciation rates used for Office Computer, Motor Vehicle and Office Furniture.

Question 10(2 marks)

An organization has just received a Qualified Auditor report. Auditors have reported the contravention about the director's superannuation not being paid for the past 2 years. list of suggestions to management to rectify this contravention; your answer should focus on the rectification to the internal control system to prevent this contravention in future.

Question 11(3 marks)

a)The CEO is trying to identify a performance measure (indicator) for Sweet Chocolate Pty Ltd. He wants to take into account the 'Qualitative' factors of performance. During his research, he comes across the term 'Balanced Scorecard'. Discuss how the company can assess their operations in relation to the four dimensions of the 'Balanced Scorecard' that can be used as a benchmark for Corporate Governance Compliance requirements.

b)Review and assess performance indicators in terms of investments in Research & Development areas of an organization.

Question 13 (3 marks)

Analyse the following situation and comment if they need to pay GST or not.

Tom is a plumber who is registered for GST. He installs a new spa for Jerry, an electrician.

Jerry is also registered for GST and wires Tom's new shed as payment for installing the spa.