ACC3116 Accounting and Society Case Study
- Subject Code :
ACC3116
Case Study
The Royal Commission into Banking, Superannuation and Financial Services in Australia was established in 2018 to investigate the conduct of financial institutions and their intermediaries. The Royal Commission’s final report, released in 2019, made 76 recommendations to address the misconduct and malpractice identified during the investigation.
Key themes identified included the importance of ethical behaviour and accountability in the financial sector. There were also findings saying that there were serious limitations of traditional accounting practices and methods in promoting ethical behaviour and preventing misconduct.
The commission questioned the relationship between accounting and the broader social and economic context, highlighting the need for greater consideration of the social and economic implications of accounting decisions.
Questions
- By examining this case, explain what the complexities and limitations of accountingpractices are, and the implications of those practices for organisations and stake holders (25 marks)
- Explain what the relationship between accounting and the broader social economic andenvironmental community is or should be. Discussion of relevant theory will assist your discussion (25 marks)
- Accounting practices and processes can reflect and reinforce social and economic Using the above case, identify if the banking industry used accounting practices to exercise power and control. If so, on who were they exerting their power and how. Looking at appropriate theories may assist in answering this question. (25 marks)
- What role does/or should, accounting take in ensuring the accuracy and reliability offinancial information and the responsibility of organisations to comply with regulations and ethical Relate your answer to the above case and theory.(25 marks)
