FNSACC506 - Implement and maintain internal control

Running head: FNSACC506 IMPLEMENT AND MAINTAIN INTERNAL CONTROL
PROCEDURES
FNSACC506 Implement and Maintain Internal Control Procedures
Name of the Student:
Name of the University:
Authors Note:

FNSACC506 IMPLEMENT AND MAINTAIN INTERNAL CONTROL PROCEDURES1
Contents
Assessment Task 1:..........................................................................................................................3
Answer 1:.....................................................................................................................................3
Answer 2:.....................................................................................................................................3
Answer 3:.....................................................................................................................................3
Answer 4:.....................................................................................................................................4
Answer 5:.....................................................................................................................................4
Answer 6:.....................................................................................................................................4
Answer 7:.....................................................................................................................................5
Answer 8:.....................................................................................................................................5
Answer 9:.....................................................................................................................................5
Answer 10:...................................................................................................................................6
Answer 11:...................................................................................................................................6
Answer 12:...................................................................................................................................7
Answer 13:...................................................................................................................................7
Answer 14:...................................................................................................................................7
Answer 15:...................................................................................................................................8
Answer 16:...................................................................................................................................8
Answer 17:...................................................................................................................................8

FNSACC506 IMPLEMENT AND MAINTAIN INTERNAL CONTROL PROCEDURES2
Answer 18:...................................................................................................................................8
Answer 19:...................................................................................................................................9
Answer 20:...................................................................................................................................9
Assessment task 2:...........................................................................................................................9
Assessment task 3:.........................................................................................................................11
Assessment task 4:.........................................................................................................................13
References:....................................................................................................................................15

FNSACC506 IMPLEMENT AND MAINTAIN INTERNAL CONTROL PROCEDURES3
Assessment Task 1:
Answer 1:
As per the Privacy Act 1988 the files and records handled during the course of providing services
to the clients must be maintained properly. Access to these files and records should be restricted
only to the concerned person. No information or records from such files should be disclosed to
anyone except with the consent of the client. Business organizations as well as individuals must
follow the provisions of Privacy Act 1988 to comply with the requirements of the act.
Answer 2:
A company’s files must be properly kept in a place and system which is restricted to the access
of unauthorized personnel. The data integrity and confidentiality about the information of the
company is of utmost importance for an organization. The confidentiality and security of
company files can be improved significantly with the use important provisions of the Privacy Act
1988. It important for the professionals including the qualified accountants and other
professionals to adhere to the requirements of the Privacy Act 1988 to protect the company files
and documents properly (Alles, Brennan, Kogan & Vasarhelyi, 2018).
Answer 3:
Integrity and honesty: Accountants must have integrity and honesty. Integrity an honestly will
help the accountant to correct record the financial transactions in the books of accounts. These
two ethical responsibilities of an accountant will help the profession to grow further and improve
the quality of book keeping and financial reporting.