ASSESSMENT ACTIVITY A – RISK MANAGEMENT (PART 2)
LEGISLATION & COMPLIANCE
See Assessment Calendar
Turnitin Class Membership, Moodle Class Membership, Internet
Legal and Accounting Legislation and Compliance - (Part 2)
All businesses need to comply with laws, regulations, codes and standards. You have been managing the business (assignment B) for some time and your colleagues (Mike Jackson and Alan Prentice) have asked you to investigate the legislation and compliance issues before you decide whether to purchase the business when it comes up for sale.
What are some of the accounting and legal requirements for your business and why is it important to comply with them?
External stakeholders have a significant influence on internal processes in a business organisation. If you take the time to understand what is required, you can make the best decisions for your business.
Legislation and Compliance List:
Corporations Act 2001
Anti-Discrimination Act 1991
Work Health and Safety Act 2011
Privacy Act 1988.
Competition and Consumer Act 2010
GST Act 1999
Record keeping requirments for ATO
TASK DOCUMENTS (on myFY):
Moodle >>Risk Management >>Templates>>Part 3 - "Legislation & Compliance" template.
Turnitin & Moodle
MEMORANDUM – A2 Legislation and Compliance
Mike Jackson and Alan Prentice
Legislation and Compliance
Purpose of this Memorandum
Purposes of Accounting Standards
3 main Professional Associations in Australia
Ethical Principles (List and explain)
Auditing in Accounting (Refer to task outline)
Recommendations for Accounting or Legal requirements for the Business Structure (With logical reasoning)
Suggestions of Internal controls to meet the requirements of legal obligations (as mentioned above)
Discussion of non-compliance consequences (with support of 2 researched cases)
The role and function of ASIC
The role and function of ATO
Consequence of non-compliance with ATO
References (In Harvard Referencing Style)
ATTACH 2 CASE STUDIES WITH YOUR SUBMISSION.