This is the diploma of accounting, unit FNSACC516 Implement and maintain internal control procedures

Internal Control Procedures

Research Australian Agricultural Company Ltd

https://www.annualreports.com/Company/australian-agricultural-company-ltd,

report on how the organizations undertake and maintain internal control procedures. Include analysis in your report of:

a How the organisations review the corporate governance requirements:

1. 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.
2. As required, seek clarification on the application of corporate governance requirements from authoritative sources. Record all clarification sought, and the authoritative sources accessed.
3. Review and develop the internal control procedures that apply the corporate governance requirements to the internal operations.

b. How the organisations implement the internal control operating procedures through completion of the following steps:

1. 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.
2. Produce, review and distribute the required reports, within agreed timeframes. Provide copies of all reports produced.
3. In consultation with relevant stakeholders, develop and document the timetables for implementing the corporate governance requirements
4. Detail and document internal control procedures, in standardised formats, to promote consistency of use

c How the organisations monitor the internal control operating procedures:

1. From authoritative sources and based on industry-standard practices, develop applications of the corporate governance requirements. Document these applications.
2. Monitor and report on the performance indicators of internal operations to evaluate their compliance with internal control procedures. Provide this documented report.
3. Identify variations in adopting corporate governance requirements in operations and evaluate them to determine their causes.
4. Develop, and implement, modifications to the procedures to facilitate their compliance with internal control procedures.