ACCT5386C Monitor Corporate Governance Assignment Help
You are being consulted by BuyItandSell’em Wholesalers, as they have just become incorporated and are wanting your advice as to the areas of corporate governance that are concerning to them. The directors, Maurice Patricks and Angelo Floppi are new to their positions and are curious to the responsibility and liabilities that are associated to the positions.
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The Legislation selected is the Human Rights and Equal Opportunity Commission Act 1986.
The Purpose of the legislation is to ensure to keep a check on any form of alleged infringements existing in Australia in context to the anti-discrimination legislation especially in context with the Commonwealth agencies.
The main segment of this paper is to concentrate on the fact the buy and the selling on any goods and the products and allied matters are done on the basis which provides a concept and standards of equality. On the more, it explains the segments that the Equal Opportunity must be provided in the phenomena of buying it and the selling them phrase. Further, the legislation and the compliance will also deal with the specific concepts in relation to this element.
The concepts related to the legislation are expressed as below: -
The concepts can be expressed as that it is essential for the company to ensure that they do not have any discrimination in context to the aspects like nationality level, ethnic origins in relation to age parameter, gender parameters. Other demographics elements which are the gender, sex, colour, religion, physical condition and care status. Thus, to summarize the whole element this act purely aims at ensuring the complete welfare of the human and human rights (FRL, 2019).
The duties will include penalty level which will be ranging from the 10 penalty points in the segments to about 25 Penalty units which also includes a punishment level of imprisonment range of three months. Especially when the individual is a natural person. On the other hand, for a body corporate the penalty points can reach to 100 units and the level of imprisonment range to three months (FRL, 2019) .
This segment will help in defying and detailing about various incidences faced by the buy it and Sell and how the company has reached to desired solution to control and avoid such problems in the near future. Thus, the task faced and the solution arrived by the consultant are stated below: -
a) Code of conduct is one of the most important aspects in the running if the organisations daily operations and day to day activities. It is known as the preamble or the bible of the enterprise. The code of conduct must maintain a strong policy in connection with the overtime parameters and job card. The company must strongly promote even small incidences which relates to employee mishaps and accidents. Further, the code of conduct must include a proper authority and a responsibility matrix, which must be done in a strong timeline manner. Henceforth, the code of conduct must include the applicability to not only internal parties like management and employee and also the external parties which are also called the third parties as well as suppliers and contractors.
b) According, to the current condition the Maurice and Angelo share a burden of huge director responsibilities. The directors must ensure that a proper code of conduct is established in order to provide an appropriate and an easy form of working of the business operations. Further, directors perform various functions and are of various types. In this position it is an active director and therefore, there prime responsibility is to ensure that all the operations running is in proper accordance with the legislature and act rules and regulations. Further, it is evident that the directors must act and perform with it most un biased nature and on fair parameters so that it maintains a trust between the employee as well the owner. Lastly, the directors must ensure that the decisions taken are in utmost interest of the owners of the organisation.
c) The legislation covers record keeping for the organisation is the State Records Act 1998 which provides a detail briefing has to how important and crucial it is to have the records maintained and protected by the organisation and the requested to be with utmost atheneite and the safety. Being a large propitiatory firm, the company needs to follows various regulations and legislation which ensures the monitoring of the governance compliances. The list is exhaustive as it includes GST act, Health and safety act, equality commission etc, on a larger scale the company must follow the company corporate governance framework.
d) Payment and receipts system must have a two-way check process system, where separated responsibility is given to the marker of the receipts and expense and the collector of such transactions. As a matter of fact, there must be a higher authority assigned to the process which acts as a checker to the whole process to avoid any confusion and position of malice situation. Further, the timings must be made on a biometric format where the time cards are substituted with an auto mode of calculating the work time. Thereby, providing a proper and a secure system of the payment and receipts.
e) The other essential act which is required to be analyized is the New Tax System (Goods and Services Tax) Act 1999 (‘the GST Act). The prime reason being that this act defines the new age tax process where the goods need to be classified and appropriately tax so that the government is paid correct taxation and the company derives the rightful revenue and profits (FRL, 2019). Further, this act leads to a system of uniformity and same level of tax resources can be followed in the country, so that the estimation of taxation policy is correctly and rightfully processed.
f) In case when the company wants to become a public listed organisation the primarily rule book which must be followed in context to the guidelines for the company in relation to reporting and disclosure must be the ones which are defined under the ASX the Australian Securities Exchange Act or the rules and disclosures stated in the ASIC - Australian Securities and the Investment Commission Act. Further, changing the company name is each one specific and a business decision and must be taken if it leads to benefit to the organisation. Therefore, the directors must take the decisions keeping in mind this only perspective.
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