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The University of Queensland University Preparation

MEMORANDUM – A2 Legislation and Compliance

ACCOUNTING

ASSESSMENT ACTIVITY A – RISK MANAGEMENT (PART 2)

LEGISLATION & COMPLIANCE

TASK DETAILS:

DUE DATE:

See Assessment Calendar

ASSESSMENT TYPE:

Research Assignment

RESOURCES REQUIRED:

Turnitin Class Membership, Moodle Class Membership, Internet

TASK OUTLINE

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.

QUESTION:

What are some of the accounting and legal requirements for your business and why is it important to comply with them?

TASKS:

  1. Research business legislation and accounting compliance requirements.
  2. Write the answer to the above problem in the format of a memorandum to your colleagues Mike and Alan.  Keep your memorandum business-like and formal.
  3. Your answer must include:  
    1. Accounting requirements:
      1. What are Australian Accounting Standards and give at least one (1) reason why you should include them in your business.
      2. Give one (1) advantage of employing the services of an Accountant who is registered with one (1) of the three (3) main Accounting professional associations (name them).
      3. Identify and briefly explain at least three (3) ethical practices that you would expect from the Accounting professional association members.
      4. Discuss the purpose of an audit in accounting. Explain what an audit is; who would conduct  an audit; what is the difference between an external and internal audit ; and give 1 reason why you may want your business books to be externally audited. 
         
  4. Legal requirements:

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.

  1. What external control compliance requirements would you need to follow for the business ownership structure you have chosen for your company? Make sure you refer to the ATO and ASIC in your discussion. 
  • Australian Taxation Office (ATO)
    [https://www.ato.gov.au/]
     
  • Australian Securities & Investments Commission (ASIC)
    [http://www.asic.gov.au/]
 
  • Discuss the internal controls you will establish for your business and how those will be influenced by the external controls you have mentioned from the above question.
     
    1. Discuss the consequences of non-compliance to the above mentioned legal requirements.
       
    2. Give examples of the consequences in cases in which businesses/owners did not comply. (From the ASIC website (asic.gov.au) select "publications" > "media centre".  Find two (2) examples of cases in which ASIC has prosecuted someone for wrong-doing. (You will probably need to go back about 6-12 months to find a case which has been finalised).  Identify the consequences of their actions (what punishment did they receive?). Print the cases, highlight the consequences you have identified and attach the printouts to this assignment.)
       
    1. Include at least two (2) in-text references and two (2) sources in the reference list. Follow the Harvard referecing style.
    2. Word limit: 750 words
       

    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.

    SUBMISSION METHOD:

    Turnitin & Moodle

    MEMORANDUM – A2 Legislation and Compliance

    To:

    Mike Jackson and Alan Prentice

    From:

    [Your Name]

    Date:

    Subject:

    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.

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