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FNSACC506 Implement and Maintain Internal Control Procedures

   

Added on  2020-03-01

14 Pages2547 Words44 Views
Running head: INTERNAL CONTROL MEASURESInternal Control MeasuresName of the StudentName of the UniversityAuthor Note
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1INTERNAL CONTROL MEASURESTable of ContentsTable of Contents.............................................................................................................................1ASSESSMENT 2.............................................................................................................................3Internal Control and how does it help in the organization...........................................................3Internal control measures effective for the above case....................................................................4Internal control measures in maintaining of confidentiality........................................................5Explain the key features of financial legislation relating to above transactions and reportingrequirements................................................................................................................................6Key requirements of policy and procedures regarding procedures to maintain internal controlmeasures as per the above case:...................................................................................................8Internal Control................................................................................................................................8Key requirements regarding internal control measures...............................................................9Effective financial delegation..................................................................................................9Conclusion.....................................................................................................................................10References......................................................................................................................................11
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2INTERNAL CONTROL MEASURES
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3INTERNAL CONTROL MEASURESASSESSMENT 2Internal Control and how does it help in the organizationInternal control measures is a set of laws, guidelines and procedures used inside theoffice in order to maintain a good corporate culture in the organization so that the company isable to meet up with the entire requirement. It is able to grow a good relationship between thecompany and the stakeholders thereby maintaining a long-term sustainable relationship. The directors, the Chartered secretary and the managers are able to achieve the goodcorporate balance and culture by following certain rules within the organization. Good corporategovernance and control measures helps in the improvement of the organization growth and givesa high integrity and standard. The factors, which contribute to the good internal control, are as follows:The directors- The directors plays a vital role in the improvement of the organization and theoverall growth and the directors are the decision makers and whatever decision they take dependthe overall growth and success of the organization (Baumann-Pauly, 2013). The shareholders of the company- Shareholders play a vital role in the growth of theorganization, since they contribute to the capital of the organization. They are considered to bethe primary owners of the organization, since they contribution money in the organization. Inreturn, of the capital contributed by them they expect huge dividends from the company.
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