Diploma of Accounting: Corporate Governance Report

This report, prepared for a Diploma of Accounting program, examines key aspects of corporate governance and financial legislation. Task 1 delves into the implementation of corporate governance, including monitoring strategies and the development of an effective implementation strategy. It anal...Read More

Running head: DIPLOMA OF ACCOUNTING
DIPLOMA OF ACCOUNTING
Name of the Student
Name of the University
Author Note

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Table of Contents
Task 1.........................................................................................................................................2
Implementation of Corporate Governance.................................................................................3
Monitoring Corporate Governance............................................................................................3
Developing an Implementation Strategy....................................................................................4
Task 2.........................................................................................................................................5
Group Role Play.........................................................................................................................7
References..................................................................................................................................9

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Task 1
Corporate Governance has been evolved nowadays that does help in enhancing the
work culture of various organizations. The organizations, does help in establishing specific
policies and does practice several activities for the support of corporate governance and
having transparency in financial reporting. There are several meetings, which has to be set
between the directors and other members so that it helps in mentioning all the activities that
help at the time of preparation of the report of Corporate Governance (Argyres, Rios and
Silverman 2018). The Audit Committee of Hoist clothesline company does have a meeting
with the head of internal audit group, and after that, it will also have a private meeting with
the independent auditors at the end of each Audit Committee. The Audit Committee will
further approve the entire audit and non-audit services, which will be, review the financial
statements quarterly and annually.
The head of the Corporate Governance Committee is the lead director that does have
private access to any member of the management of the organization. The director also acts
as the clearinghouse for the board meeting agenda topics that have the request from the
individual board members (Bertacchini,Dalle and Scuderi2018). The Hoist clothesline
company does have an excellent corporate system and have reasonable control upon their
finance that is already used in the place, and there is no substitute for the board members that
are strong to run the organization. With effective Corporate Management, it does help
understand the duties that help in safeguard of the organization and the interest of
shareholders (Dimopoulos and Wagner 2016). The Hoist clothesline company’ management
and directors do help in the determination of the lives of Mission Statements with a passion
and integrity so that it helps in delivering the best results and also can take pride as a good
organization.

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Implementation of Corporate Governance
Corporate Governance does help in the development of the framework that does help
effectively and manages the relationships between the shareholders, Board of Directors,
management and principal shareholders. Upon the implementation of Corporate Governance,
it does help in enhancing the trust, safety and in the value creation of the organization
(Egeberg, Gornitzka and Trondal 2016). The management should commit and will ensure that
the executive's activities, which will be responsible and even in an ethical manner, that helps
in the course of the professional activity. The Corporate Governance does have the best
practices, which can be done with the implementation and monitoring of the Corporate Social
Responsibility (CSR), which has been based upon the standard that is related, and
recommendations (Jacoby 2018). There are several guidelines that are upon the internal
organization, which will not be overlooked with the strategic management and operational
efficiency.
Monitoring Corporate Governance
Once the organization does have the system and working procedures, they do have the
codes of corporate governance that do help in establishing the enforcement, monitoring and
helps in following up of the procedures that will have the key to success. It is important for
Hoist Clothesline Company to decide if the system is more adequate so that there will be
continuous monitoring system that does rely upon the market monitoring or the system upon
which all the organization’s shareholders, board of directors, banking and the other
institutions are involved (McCahery, Sautner and Starks 2016). With the help of this, there
will be monitoring of the place and will be responsible enough for that. It also helps in
facilitating the communication that will be between the board of the organization and the

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shareholders that will be under any certain circumstances, where it will further not accept the
deviation of the organization from the establishment code.
Developing an Implementation Strategy
One of the most important activities that are being considered with various activities
of the organization. With this it does encompasses the entire scope of strategic decision-
making. The strategic management process does help the organization to formulate the
various decision, several measures and actions that have been collectively taken, which is
known as the strategies (Saito et al., 2018). In the strategy formulation, all the organization’s
mission, vision, objectives are being set which will be done in the first stage of that. If the
organization does not have the first stage effectively, then there will be very disappointing for
the management. There are several factors that should be considered in having a successful
strategic implementation, are mentioned below:
 Resources: Based on the activities there should be a proper allocation of resources. The
resources will include both the financial and non-financial resources, which can be avail
from the organization and the requirement that is needed for the strategic implementation.
 Structure: The structure of the organization should be a proper one so that it does help in
the understanding and easy for the employees to communicate (Samra 2016). All the lines
of communication should properly mention and the information should flow effectively.
 Culture: The management of the organization should give importance to the employees
and they should be comfortable enough to perform their jobs as per their abilities. With
the strategic management process, they should help in involving several cultures and if
the employees perform, very well they should be provided with the incentives (Sire and
Leprévost2018). An organization should maintain these general factors with the effective
implementation strategy.

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 Structure: The structure that the organization follows will be visible to everyone and
clearly define the departments, divisions as well as the sections that will be on an
organized way.
 Staffs: Employees that have some specific skills should be an asset to the organization
and those who do not have any skills are worthless and will be less productive to the
organization (Tabory 2019). It is important for the human resource management to focus
specifically on the recruitment, hiring, selection and training of the employees.
There are several methods that do use in the training of employees which has been noted
below:
 Instructor-led training: Here the trainers provide training to the employees based on their
specialization.
 E-learning: Upon the e-learning, there are several methods that are been used to deliver
the training which will be on the Smartphone or on laptops.
 Hand on Training: Here the trainers are more focused on the individual need of the
employee.
 Coaching or mentoring: There are several similar qualities that are based on the training
and all are based on the relationship between the employees and the professionals.
Task 2
Every business has to keep the records of their operations and their client to get an
accurate valuation for the company. Recording this data are not as easy as it looks, it does
require some skill. Managers face different challenges that can represent an ethical crisis. For
maintaining the records properly, management needs to make a proper structure in order to
ensure professional ethics.

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Responsibility and accountability – Management records it information by following
all the ethical policy as all the employees are not accountable for the records of the
organization.
Record quality – It is important to maintain the ethics while recording the information
of an organization must be uniformity, competency and meet all the legal requirements.
The term financial legislation is used for referring two groups of the formulated laws
which have been recognized by the sections of constitution and others which have variable
formalities which are applied to them (Yanase and Limpaphayom 2017). These provisions
have been made for reserving the management for proposing the appropriations and
impositions of taxation without any interference of the powers of senate substantive. The Tax
Bills have been recognized as one of the key types of financial legislation.
There have been different disclosure regimes under which the financial requirements
of reporting are made according to the type of the business entity. There are several types of
business entities like disclosing entities, unlisted public company and small proprietary firms.
All these business entities are required to maintain the records, which are authentic as well as
accurate in recording the financial transactions except for the small proprietary firms, and
based on these records the audit work is being performed.
In order to provide a healthy and safe work environment, The Australian Work Health
and Safety Strategy have underpinned the principle of a well-designed safe and healthy work
environment (Yermack 2017). This will help the workers to enjoy productive lives and at the
same time, it will increase the productivity of the workers eliminating the possible hazards
and risks. On the other hand, a good working environment will help in the optimization of job
satisfaction and human performance (Young and Ghoshal2016). There are certain positive
elements, which can be found in a good work environment, and these will protect the workers

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from harmful diseases as well as the unsafe environment and improve the success of the
business with more productivity (Tardieu et al., 2020). Similarly, an effective design of good
work will help in the performance of the work with proper duration, complexity and
frequency of the tasks.
The corporate governance ensures that a company discloses all the information related
to the composition of the board particularly the mutual relationship between the executive
and the non-executive directors. It discloses all the relevant facts about the responsibilities of
the board along with the structure of the board and the management.
Group Role Play
Director 1 (Mr Homes): In today’s world, it can be seen that there are various ways that do
help in the implementation of the Corporate Governance. However, there is a need to have
certain changes in the current policies that are implemented in our organization.
Director 2: As Mr Homes is telling about the changes that have to be done upon the corporate
governance, this will be done for further betterment of the organization and for better flow of
communication. Please state your views so that it helps in the change of Corporate
Governance.
James: For the betterment of the organization, there is a need for both the change in the
strategy and in the implementation of Corporate Governance. There should be a proper
allocation of resources and have to mainly focus on both the financial and non-financial
resources.
Jack: As Mr James was telling that, there should be a focus on the structure of the
organization so that it helps in a continuous flow of information. With the help of this, it does
improve the communication between the higher authorities and employees

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William: But we also focus on the culture so that the employees do not have any problem in
communicating. There all the information should be flow without any barrier and all the
employees should get informed.
Rocky: I like to mention certain points that do help in the organization and ineffective way of
corporate governance. With certain changes in the strategic management process, if the
employees should work in an effective way and they can perform with their full abilities, then
they should be presented with incentives so that the employees will get encourages and work
more efficiently.
Director 1 (Mr Homes): All then points that have been discussed in the meeting is noted and
will be further implemented for the betterment of the organization.

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References
Argyres, N., Rios, L.A. and Silverman, B., 2018. R&D ORGANIZATION STRUCTURE,
INTRAFIRM INVENTOR NETWORKS, AND INNOVATION.
Bertacchini, E.E., DalleNogare, C. and Scuderi, R., 2018. Ownership, organization structure
and public service provision: the case of museums. Journal of Cultural Economics, 42(4),
pp.619-643.
Dimopoulos, T. and Wagner, H.F., 2016. Corporate governance and CEO turnover decisions.
Swiss Finance Institute Research Paper, (12-16).
Egeberg, M., Gornitzka, Å. and Trondal, J., 2016. Organization theory. In Handbook on
theories of governance. Edward Elgar Publishing.
Jacoby, S.M., 2018. The embedded corporation: Corporate governance and employment
relations in Japan and the United States. Princeton University Press.
McCahery, J.A., Sautner, Z. and Starks, L.T., 2016. Behind the scenes: The corporate
governance preferences of institutional investors. The Journal of Finance, 71(6), pp.2905-
2932.
Saito, H., Ito, M., Kato, S., Kodera, Y., Okamoto, S., Taniguchi, S., Takanashi, M.,
Kanamori, H., Masaoka, T. and Takaku, F., 2018. The Japan Marrow Donor Program, 25
years of experience in achieving 20,000 bone marrow transplantations: organization structure,
activity, and financial basis. Bone marrow transplantation, 53(5), pp.609-616.
Samra, E., 2016. Corporate governance in Islamic financial institutions.

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ShokriGazafroudi, A., Prieto, J. and Corchado, J.M., 2019. Virtual organization structure for
agent-based local electricity trading. Energies, 12(8), p.1521.
Sire, J.Y. and Leprévost, A., 2018. The axial skeleton of the Siberian sturgeon: development,
organization, structure and new insights on ossification and mineralization of vertebral
elements.
Tabory, M., 2019. The Multinational Force and Observers in the Sinai: Organization,
Structure, and Function. Routledge.
Tardieu, H., Daly, D., Esteban-Lauzán, J., Hall, J. and Miller, G., 2020. Organization
Structure—Allocating Roles and Responsibilities to Support Business Strategy. In
Deliberately Digital (pp. 107-121). Springer, Cham.
Yanase, N. and Limpaphayom, P., 2017. Organization structure and corporate demand for
reinsurance: The case of the Japanese Keiretsu. Journal of Risk and Insurance, 84(2), pp.599-
629.
Yermack, D., 2017. Corporate governance and blockchains. Review of Finance, 21(1), pp.7-
31.
Young, C. and Ghoshal, S., 2016. Organization theory and the multinational corporation.
Springer.