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Details of Assessment
Details of Subject
Details of Student
Student Student
Name ID
Details of Assessor
Assessors Name KANEEZ SELIM
Assessment Outcome
FEEDBACK TO STUDENT
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
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Student Declaration: I declare that I have been Assessor Declaration: I declare that I have
assessed in this unit, and I have been advised of my conducted a fair, valid, reliable and flexible
result. I also am aware of my appeal rights and assessment with this student, and I have provided
reassessment procedure. appropriate feedback
The purpose of this Assessment task 1: Satisfactory (S) Not Yet Satisfactory
assessment is to Research Report
assess the student (NYS)
in the following (Task numbers)
learning elements
and performance
criteria of the unit :
1.1 Monitor application of and adherence to professional and legal accounting standards to identify
emerging trends and interpretations of statutory and other regulatory requirements
Task 2, 6
1.2 Research audit reports and practices to assess methodologies and recommendations
Task 2
2.1 Analyse organisational practices to identify corporate governance obligations and performance
Task 2, 3
3.1 Analyze and monitor internal control procedures to determine performance indicators for
compliance with corporate governance requirements
Task 4
4.2 Monitor compliance preparation processes and review in line with corporate governance
requirements
Task 1 7
4.3 Analyse failures in compliance to diagnose shortcomings and to remedy processes in line with
corporate governance requirements
Task 5
Each assessment component is recorded as either Satisfactory (S) or Not Satisfactory (NS).
A student can only achieve competence when all assessment components listed under
Purpose of the assessment section are Satisfactory. Your trainer will give you feedback after
the completion of each assessment. A student who is assessed as NS (Not Satisfactory) is
eligible for re-assessment.
Background
Good corporate governance makes sure that the business environment is
transparent and fair and that companies can be held responsible for their actions. On
the other hand, weak corporate governance leads to waste, disappointment,
mismanagement, and corruption. It is also significant to remember that although
corporate governance has emerged as a way to manage large companies, it is
equally vital in medium and small businesses. Regardless of the type of business,
only good governance can deliver sustainable good business performance.
HIH Insurance Limited was a publicly listed company in Australia. Prior to its collapse
in 2001, the HIH Group was the second largest general insurer in Australia and had
operations in many other countries.
On 15 March 2001, HIH Insurance Limited and a number of its subsidiaries were
placed into provisional liquidation. Subsequently, on 27 August 2001, the companies
that were in provisional liquidation were placed into liquidation.
You are also required to interview relevant people to determine and confirm
current corporate governance parameters and requirements in Australia
today. You may consult anyone appropriate who is currently working in a large
or medium corporation, private or public, such as other trainers, friends and
colleagues. (Required for Task 6).
The assessment is an individual work; you need to submit both soft copy and
hard copy of the assessment.
You need to maintain: Word limit of 2000 words, Font size: 12, line spacing:
1.5.
All tasks need to be completed.
Task 2: Monitor the events leading to the collapse of HIH Insurance. Identify and
analyse two breaches of Corporations Act 2001 and two ASX listing rules that HIH
did not apply and/or adhere to. (5 marks)
Task 3: Analyse the management practices of HIH Insurance and identify the areas
where there were breach of directors duties, rights and responsibilities. (5 marks)
Task 4: Analyse the Internal control procedures of HIH Insurance to determine the
financial performance indicators. (5 marks)
Task 5: The Board of HIH was compromised by the influence of senior management
and failed to subject management proposals to sufficient scrutiny in context of the
above statement, diagnose how did the HIH board fail to comply with
responsibilities? What remedies could the board have put in place? (6marks)
Task 7: Write concluding remarks on the basis of your findings from previous tasks.
(2 marks)
Note: You will need to provide your assessor with detailed references to any
information sourced from books, website, publications or other sources. Failure to do
so will result in non-competency in the assessment task.