Monitor Corporate Governance Activities Assignment

Added on - 21 Apr 2020

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Running head: MONITOR CORPORATE GOVERNANCE ACTIVITIESMonitor Corporate Governance ActivitiesName of the StudentName of the UniversityAuthors NoteCourse ID
1MONITOR CORPORATE GOVERNANCE ACTIVITIESTable of ContentsIntroduction................................................................................................................................2Determination of whether organisation complied with the existing legal and accountingstandards.....................................................................................................................................2Accessing of the audit reports, the methodologies applied and the recommendations..............2Review of internal organisational practices along with corporate governance obligations.......3Identification of appropriate regulatory authority......................................................................3Reviewing the content of internal financial reports, statutory returns and processes................3Performance indicator signifying compliance with corporate governance requirements..........4Revealing made in performance indicator of the company with regard to key result areas......4Evaluating information technology indicators along with key result areas...............................5Report plans needed to ensure compliance requirements are met within the deadline..............5Description of main failures in compliance which have occurred and remedy for the same....5Conclusion..................................................................................................................................6References..................................................................................................................................7
2MONITOR CORPORATE GOVERNANCE ACTIVITIESIntroductionABC learning was recognised was recognised for its excellence in providing earlychildhood educational services. The listing of this company was seen in Australian securitiesexchange with total market capitalisation of AUD $2.5 billion as on March 2006. Thecompany faced sub-prime mortgage crisis due to debt repayments and signing off on thefinancial reports citing which needed to be casted as per previous years of the profits(McGrathNicol, 2017).Determination of whether organisation complied with the existing legal and accountingstandardsIt has been discerned that the main accounting standards complied by ABC learningduring the period of 2007-2008 was as per Corporations Act 2001. It has been furtherdetermined that the remuneration report was prepared as per section 300A. The presentationof the financial statements where done as per accounting standards AASB 101 (Asic.gov.au,2017).Accessing of the audit reports, the methodologies applied and the recommendationsThe conduction of the audit has complied with the independence requirement ofCorporations Act 2001. The financial report of A.B.C learning has been conducive inpresenting a true and fair value of group’s financial position as on 30thJune 2007. Howeverthe main concern was arise due to the dramatic expansion which ultimately led to companybeing defunct. In addition to this, the company was pleaded guilty for failure to enclose andwas fined with an amount of $ 1300. The consolidation of the financial report is also seen tocomply with international financial reporting standards as per the disclosures made in Note 1.As per the recommendations made by the auditors on AASB 124 the remuneration disclosure
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