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Student Name Student Number Unit Code/s & Name/s FNSINC514 Apply ethical frameworks and principles to make and act upon decisions
Cluster Name If applicable N/A
Assessment Type Assignment Project Case Study Portfolio Third Party Report (Workplace) Third Party Report (Peer) Other
Assessment Name Assignement Assessment Task No. 2 of 2
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Y N Y N
Part A - Analysis and implementation plan
Provide a case outline, frame the ethical situation, including: Industry/situational context Additional facts that influence the situation Explain the Principles of the Code and how these relate to the scenario:
a) Integrity, including examples of honest or dishonest actions b) Objectivity, including the 6 possible psychological tendencies and associated decision making biases c) Professional competence and due care, including relevant legislative, regulatory, industry, code, enterprise and/or organisational requirements. Specific reference to APES 110 Code of Ethics for Professional Accountants d) Confidentiality including complexity and sensitivities of the matter e)Professional behaviour, including:
behaviours or activities which may damage the individual or organisations reputation behaviours or activities which may discredit the profession possible legal or regulatory breaches impacts of the situation becoming known to general public Detail their ethical decision-making approach, including:
a) Identify the relevant facts, including available data b)Identify the affected parties, including:
Impacted stakeholders Stakeholders roles and responsibilities Possible varying perspectives Own role, responsibility and perspective c) Determine organisational procedures available and/or required, including:
Conflict resolution procedure Organisational purpose, goals and values Procedures required to be developed d) Identify relevant persons to be involved in conflict resolution process, including:
Two sources of specialist advice and/or support Key stakeholders and their responsibilities in this resolution process e) Discuss with relevant parties, including:
An identified trusted advisor Another source of specialist support Document recommendations for managing the reporting of this situation f) Develop an implementation plan, including:
Preferred course of action Risk assessment, including: Stakeholder concerns Challenges / barriers such as situation or psychological biases or tendencies Anticipated rationalisations Means to address / mitigate the above Organisational procedures to be followed - available and/or required Communication strategy, including: Stakeholders Means and sequence Strategies to acknowledge and reduce concerns Justification of independent or supported lodgement of issue Part B - Implementation and evaluation
Conducted the conversation with the Manager, including:
a) Professional communication skills:
Introduced self and situation presented organised and with confidence Clear explanation with relevant industry terminology Active listening and asking clarifying and probing questions to ensure understanding Acknowledging concerns and providing supporting information Seeking collaborative decision making and positive outcomes b)Providing a brief overview of the plan referencing:
Frameworks used legislative, regulatory and/or organisational requirements c)Discussed implementation of plan and recommendations and resulting outcomes d) Identified and addressed any possible challenges, barriers, rationalisations e) Discussed whether the recommendations resolved the situation and alternative strategies f) Identified possible consequences and/or implications of any actions on stakeholders g) Sought Managers feedback to recommendations and overall presentation
summarised key points and outcomes of conversation thanked Manager for feedback and closed conversation
Part C - Self-evaluation
Identified whether agreement was reached and possible alternative actions Identified one factor learned about own values, abilities and actions, plus one strategy to improve in the future Identify one issue with organisational values and a procedure to de developed or improved to address this Described one alternate approach to manage future ethical issues General
Submitted the documents and task, demonstrating:
Following organisational procedures Using business technology Communicating professionally Using business terminology / language Organising and presenting information professionally and with required timeframes, eg. relevant documents / templates, formatting, grammar and spelling
Student Name Student Number Unit Code/s & Name/s FNSINC514 Apply ethical frameworks and principles to make and act upon decisions
Cluster Name If applicable N/A
Assessment Name Assignment Assessment Task No. 2 of 2
Assessment Due Date Date Submitted / /
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Instructions to Student Methodology for completing this task will vary depending on your mode of study:
TAFE Online students must complete this assessment using the following Case Study:
Appendix A Action Accounting Workplace Scenario.
Other students - You may choose from the following:
Any current / recent workplace scenario
Any current/recent industry scenario
Appendix A Action Accounting Workplace Scenario
Appendix B Golden Steer Scenario.
You are required to analyse an ethical issue using the decision making framework provided by APES GN 40 Ethical Conflicts in the Workplace - Considerations for Members in Business.
Source:
Accounting Professional & Ethical Standards Board, 2012, APES GN 40 Ethical Conflicts in the Workplace - Considerations for Members in Business, APESB, accessed 22 January 2020, https://www.apesb.org.au/uploads/standards/guidance_notes/40c1.pdf
To complete this task you must work with a case study (details within the assessment task). Using your Case Study, you are required to:
Provide a case outline
Identify the fundamental principles of the Code and relevance within scenario
Describe the ethical decision-making approach taken
Develop an Implementation Plan to address the ethical issue
Implement and evaluate the plan with your Manager
Evaluate your processes and identify opportunities for improvement.
This task has three components:
Part A - Analyse the situation and develop an implementation plan
Part B - Implement and evaluate the plan
Part C - Self-evaluation
Parts B and C of this task require you to demonstrate practical and communication skills which need to be observed by your Assessor.
These skills and activities are to be demonstrated in one of 3 ways:
In class
In Online Rooms
Video recorded.
When recording please confirm your identify as the student being assessed with name and student number, plus record consent from all participants at the beginning of the task.
You may use this comment,
I am (insert student name and number). This activity is for the purpose of assessment only and will be recorded, viewed and stored following TAFE Queensland procedures. All participants consent to being recorded for these assessment purposes.
If recording please record and upload in maximum 5 minute segments.
Materials to be Supplied:
Assessment Task
Case Study
Work, Health and Safety:
follow TAFE Queensland Student Rules
access TAFE Queensland Student Services for any additional support
conduct risk assessments prior to any assessment task to ensure the safety of all participants and the environment
ensure an ergonomically safe work environment to complete all assessment tasks
Assessment Criteria:
To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard:
apply ethical frameworks and principles to the situation and plan steps for execution.
In the course of the above, you must:
determine legislative, regulatory, industry and organisational requirements of the situation.
Number of Attempts:
You will receive up to two (2) attempts at this assessment task. Should your 1st attempt be unsatisfactory (U), your teacher will provide feedback and discuss the relevant sections / questions with you and will arrange a due date for the submission of your 2nd attempt. If your 2nd submission is unsatisfactory (U), or you fail to submit a 2nd attempt, you will receive an overall unsatisfactory result for this assessment task. Only one re-assessment attempt may be granted for each assessment task. For more information, refer to the Student Rules.
Submission details(if relevant) Insert your details on page 1 and sign the Student Declaration. Include this template with your submission.
Due Dates:
Refer to Unit Study Guide
You Must Submit the Following Items as Part of Your Portfolio:
Part A Analysis and Information Plan
Part B Implementation and Evaluation video
Part C Self-evaluation video
Assessment to be submitted via:
TAFE Queensland Learning Management System (Connect): https://connect.tafeqld.edu.au/d2l/loginUsername: 9 digit student number
For Password: Reset password go to:https://passwordreset.tafeqld.edu.au/default.aspxInstructions to Assessor These assessment tasks require the student to carry out the tasks in a simulated workplace environment where conditions are typical of those in industry, including access to situations of comparable context and complexity to those reasonably likely to occur in industry and instruments, organisational policies and procedures and other materials required to effectively apply ethical frameworks and principles to decision making situations.
ensure the safety of all assessment activities by conducting and supporting risk assessments and ensuring all follow TAFE Queensland Student Rules
provide feedback on all assessment attempts and identify additional learning and/or practice required by the student before their second attempt.
use the Benchmark Answers and Marking Criteria to record their assessment and feedback.
negotiate to complete assessment tasks and/or resubmissions verbally, where the opportunity presents:
scribe the students response verbatim on the assessment task/marking criteria, and note the questions verbally addressed as reasonable adjustment on the coversheet
initial and date additional comments.
Note to Student An overview of all Assessment Tasks relevant to this unit is located in the Unit Study Guide.
CASE STUDY
TAFE Online students must complete this assessment using the following Case Study:
Appendix A Action Accounting Workplace Scenario
Other students - You may choose from the following:
Any current / recent workplace scenario
Any current/recent industry scenario
Appendix A Action Accounting Workplace Scenario
Appendix B Golden Steer Scenario.
Using your choice of Case Study, you are required to:
Provide a case outline
Identify the fundamental principles of the Code and relevance within scenario
Describe the ethical decision-making approach taken
Develop an Implementation Plan to address the ethical issue
Implement and evaluate the plan and the resulting outcomes
Conduct a self-evaluation and identify opportunities for improvement.
Part A - Analysis and implementation plan
(Record your analysis and findings against the headings below, removing the bracketed prompts before submission.)
Frame the ethical situation
Case outline (Consider the Industry/situational context and any additional or associated facts that may influence the situation.)
Fundamental Principles of the Code (Provide brief definitions of each below and identify how and/or where these relate to the scenario.)
Integrity (Consider the honesty and integrity of actions and/or activity to date, eg. Any instances of misrepresentation, selective omission, partial truth or dishonesty.)
Objectivity (Include descriptions of the six possible psychological tendencies and decision-making biases, and how these may impact on the understanding of this situation.)
Professional competence and due care (Identify relevant legislative, regulatory, industry, code, enterprise and/or organisational requirements, with specific reference to APES 110 Code of Ethics for Professional Accountants (Part A))
Confidentiality (Identify the complexity and sensitivities of the matter.)
Professional behaviour (Consider behaviours that may discredit the profession including possible legal or regulatory breaches / outcomes if the situation is not addressed. Consider the possible impact on the organisational reputation, including if the situation became known to the client base or general public.)
Ethical decision-making approach (Describe your decision-making process through the following headings from the APES GN 40.)
Identify relevant facts (Include the data and other research information required to be gathered.)
Identify affected parties (Identify the stakeholders impacted by this situation, their roles and responsibilities and possible varying perspectives, including your own.)
Determine whether (policies including) a procedure of conflict resolution exist within the organisation (Consider the companys policies and procedures and relevant organisational purpose, goals and values. Consider whether polices or procedures are required to assist with such situations.)
Consider who should be involved in the conflict resolution process (Identify a minimum of two sources of advice and/or support, and the key stakeholders and responsibilities in this conflict resolution process.)
Discuss the ethical dilemma with relevant parties (Consult with a trusted advisor and one other specialist advice source andnote theirrecommendations for this managing the reporting of this situation - independently or with support. In your answers provide the following details from each discussion:
Advisor/specialist name:
Advisor/specialist position:
Date of discussion:
Recommendations: )Implementation Plan (Develop an implementation / action plan using the points below as a guide.)
Preferred course of action
Risk assessment including stakeholder concerns and possible challenges / barriers, such as biases and tendencies situational, psychological,rationalisations Best means to address and/or respond to challenges/barriers Organisational procedures and/or protocols to be followed and/or required to be created Communication strategy - stakeholders to be consulted, means and sequence, strategies to acknowledge and reduce concerns Justification of your decision to independently report the issue, or use the support of a specialist or trusted colleague) Part B - Implementation and evaluation
This task requires you to demonstrate practical and communication skills which need to be observed by your Assessor.
These skills and activities are to be demonstrated in one of 3 ways:
In class
In Online Rooms
Video recorded.
When recording please confirm your identify as the student being assessed with name and student number, plus record consent from all participants at the beginning of the task.
You may use this comment,
I am (insert student name and number). This activity is for the purpose of assessment only and will be recorded, viewed and stored following TAFE Queensland procedures. All participants consent to being recorded for these assessment purposes.
Participants asked to role play in the above recording need to complete a Participant Consent Form. This will be found in your unit resources in Connect.
It is assumed you have implemented your plan to address the ethical situation at hand. You are required to present your findings to the Manager in your scenario, to evaluate the outcomes of your implementation plan.
In preparation for this activity:
Predict three outcomes from the implementation of your plan; these can be positive and/or negative, consider the details to provide to your Manager.
Negotiate with your Manager to review your implementation plan and the outcomes.(The Manager can be your Assessor, a colleague or class member.)
Contact the Manager to verbally present your recommended response to the ethical situation and the associated outcomes.
Conduct yourdiscussionwith your Manager, demonstrating the following:
professional communication skills, encouraging collaborative decision making towards a positive outcome
active listening and asking probing, clarifying questions
speaking confidently and positively using relevant industry terminology
provide a brief overview of your plan referencinganyframeworks used and ethical,legislativeor organisational requirements
discuss the implementation of your recommendations and the resulting outcomes
identify andaddressany possible challenges, barriers, rationalisations
discuss whether the recommendations resolved the situationand alternative strategies
identify possible consequences and/or implications ofanyactions on stakeholders
seekManagersfeedback to recommendations andoverallpresentation
summarise the key points and outcomes of the discussion
thank the Managerand close the conversation.
Part C - Self-evaluation
Following the discussion with the Manager briefly evaluate your plan, its implementation and the discussion with your Managerin a separate video recording.
Analysethe outcomes / response to your recommendations byaddressingthefollowing questions:
Did you reach agreement with the Manager?
If not, what other actions could or should be taken to reach a satisfactory solution. Identify one factor you have learned about your own values, abilities and actions and one strategy to improve in the future. Identify one issue theprocess revealed about the organisational values, and one procedure or process that could be developed or improved to address this issue. Describe onealternative approach for future ethical issues. End of Assessment
Submission requirements:
Review the Marking Criteria provided for this task to ensure you have evidenced all requirements.
Follow the instructions in Connect to submit your assessment, demonstrating your ability to:
Follow organisational procedures
Use business technology
Communicate professionally
Use business terminology / language
Organise and present information professionally e.g. relevant documents / templates, formatting, grammar and spelling.
Appendix A - Action Accounting Workplace scenario
You are anaccountant in a small accounting firm.Due to the recent flu outbreak the firm is understaffed. The firm is under pressure to complete client work to stay afloat. You have been assigned to complete some complex tasks for a major client. The proposed deadline seems unrealistic, considering how complex the work is.You feel you require moretrainingto complete the taskto the standard required and within the requiredtimeframes.
You are nervousaboutapproachingyour manager and somewhat feel that the manager will not be able to offer the required support. At the same time, you believe that if you attempt to complete the work within the suggested timeframe but fail to meet the expected quality, this could negativelyimpact you in your ongoingemployment. You feel the pressure to complete the tasks so the firm can getpaymentfrom the client to help with the cash flow situation.
Client work to be completed:
Sandra has emailed you from home with instructions which include the work for Progress Pty Ltd:
Compile financial statements for Progress Pty Ltd from information provided by client.
Prepare income tax return.
Analyse financial results for the year and provide written report to client with recommendations for actions to achieve improved returns.
Meet with company Directors to present results and discuss recommendations.
The work is to be completed in time for the meeting which has already been scheduled for 10 days time.
Note: This is not your only task as you are also currently working on a number of other clients accounts for the other Senior Accountant (Oliver).
Staff affected by flu outbreak:
Sandra (Senior Accountant and client manager for Progress Pty Ltd) to be absent for the next 2 weeks.
Mikeal (Junior accountant and usual assistant on work for Progress Pty Ltd) to be absent for the next week.
Kaylee (Administration Clerk/Receptionist) to be absent for the next week. A replacement from a temporary employment agency is currently doing her role.
Summary of your current qualifications and experience:
Hold Certificate IV in Accounting
Currently studying Degree in Accountancy (2nd year)
Associate member of CPA Australia
Worked with the firm for 12 months in the role as Junior Accountant
No previous accounting or bookkeeping experience.
Action Accounting
MISSION STATEMENT
Our mission is to help our clients prosper by providing them with a wide array of professional services and solutions that consistently exceed expectations. We aim to build long-term quality relationships with our colleagues, our clients, our profession and our communities.
Action Accounting
ORGANISATIONAL CHART
TAFE Queensland 2022
Action Accounting
POSITION DESCRIPTION
SENIOR ACCOUNTANT
A Senior Accountant is responsible for analysing fiscal matters and preparing, submitting and managing tax statements and returns for businesses and clients. You will also be responsible for providing advice on complex financial and tax matters, and should have an in-depth knowledge of the regulations, laws and acts that govern this process. Personal attributes should include exceptional attention to detail, strong analytical skills and good communication skills.
Duties and responsibilities of the job
Preparing financial statements, income tax returns and BAS statements at required intervals
Creating and returning statements and documents to clients by set deadlines
Liaising with the Australian Taxation Office (ATO) and other regulatory bodies when required
Preparing business income tax returns and statements for audits
Assisting in financial planning
Regularly reviewing systems and making updates and improvements where necessary
Managing a specified client base and engaging regularly with clients and maintaining strong relationships
Identifying areas where clients and businesses can reduce tax, make claims and increase profit
Possessing strong knowledge of tax law and statutory regulations
Understanding financial landscape and market trends
Managing the workflow to Junior Accountants under your authority
Maintaining a stable and effective team working environment and managing workplace health and safety concerns in accordance with organisational and legal requirements.
Qualifications and requirements
This role requires a high degree of accuracy and training in the practical, administrative and legal elements of tax. As such, a Tax Accountant job description should ask for a degree in one of the following fields:
Accounting
Finance or Economics
Business or Business Administration.
For candidates to be able to produce and sign off on financial reports, the job description should highlight the participation (current or former) in a Certified Practising Accountants (CPA) program. Membership of a recognised accounting institution, such as the Institute of Public Accountants (IPA) or the Institute of Chartered Accountants of Australia (ICAA) is also preferable.
Action Accounting
POSITION DESCRIPTION
JUNIOR ACCOUNTANT
A Junior Accountant is responsible for processing financial transactions and preparing financial statements and tax returns for businesses and individual clients. You will also be responsible for providing advice on simple financial and tax matters, and should have a sound knowledge of the regulations, laws and acts that govern this process. Personal attributes should include exceptional attention to detail, analytical skills and good communication skills.
Duties and responsibilities of the job
Preparing financial statements, income tax returns and BAS statements at required intervals for clients allocated by Senior Accountants
Creating and returning statements and documents to clients by set deadlines
Liaising with the Australian Taxation Office (ATO) and other regulatory bodies when required in relation to straight forward matters
Preparing business income tax returns and statements for audits
Identifying areas where clients and businesses can reduce tax, make claims and increase profit and bringing same to the attention of the Senior Accountant
Possessing strong knowledge of tax law and statutory regulations
Understanding financial landscape and market trends
Participating effectively in team communications
Reporting workplace health and safety concerns to Senior Accountants in accordance with organisational and legal requirements.
Qualifications and requirements
This role requires a high degree of accuracy and training in the practical, administrative and legal elements of tax. As such, a Tax Accountant job description should ask for a minimum of 50% completion of a degree in one of the following fields (and intending to complete within 3 years):
Accounting
Finance or Economics
Business or Business Administration.
Membership of a recognised accounting institution, such as the Institute of Public Accountants (IPA) or the Institute of Chartered Accountants of Australia (ICAA) is also preferable.
Appendix 1 - Golden Steer scenario
This study looks at the structure and activities of a company, Golden Steer. Golden Steer Pty Ltd is a private company with annual sales of $60 million and over 20 employees. The shareholders of the company are a single family and the son is the CEO, he and his father are also Directors on the Board; the father is the Chairperson. This company is both involved in the retail and wholesale sectors and has a feedlot. The head office has a small shop which sells meat cuts to customers directly.
The wholesaling activities operate from the abattoir near the feedlot in Oakey to supply the domestic market. The marketing operation for the company is located at Eagle Farm near the airport, all premises the company operates from are owned by the family. The corporate structure has been the same for several years and is as follows:
TAFE Queensland
During recent meetings the Board has decided it is time to expand and head to the overseas market. The feedlot (http://www.feedlots.com.au/industry/feedlot-industry/about), marketing, distribution and administrative activities are being continuously reviewed. As the company is a food organisation which retails they are required to be registered under HACCAP food safety, this requires continual internal auditing of quality controls. Along with this the company is also externally audited, to reduce costs of this the company has a number of internal audit procedures. However with the introduction of entering into the overseas market it was determined that the Financial Controller would put together a team to review all areas of the organisation and determine the need for control updates and new internal control procedures.
The CEO has suggested to the Board that it is time for the company to go international. The Board has not minuted a decision on this yet; due to a time issue the CEO decides to take the decision into his own hands and commences selling to an international buyer. Referencing the decision making process chart within the Governance and policy document advise if the CEO has the right to do this.
The Feedlot
After the company has purchased steers (Wagyu and Long Fed), the cattle are all logged in and registered by a unique number. This number identifies the breed and any medications individual steers have been given. The cattle are allowed to feed in grass pastures for 6 months before being assigned to a yard in the Feedlot. When in the feedlot cattle are fed a mixture of grains and hay to ensure their health and weight gain to enable the best price for the cattle sale.
The procedure for the feeding regime is that stock persons are to log into a computer and update the feed register with the total amount of grain they are giving to the cattle; they do not split the different kinds of feed.
The Feedlot has a Feedlot Manager, 10 stock men, 4 administrative staff and a bookkeeper.
Abattoir
Once the cattle have reached their correct weight and days on feed they are put on trucks and sent to the Abattoir. The end result is boxed meat assigned by weight and cut. A list of the output is sent to the Marketing Department who then sell to wholesalers and also assign meat to their retail shop.
The Abattoir is independently owned and is a contractor to Golden Steer Pty Ltd.
The Marketing Department
The Marketing department is made up of the Marketing Manager and 4 salespeople. These salespeople are assigned different states in Australia and are paid on a base salary plus commission. The Marketing department are also responsible to ensure payment is received from the customer.
The Finance Department
The Finance department has the Financial Controller, Accounts Payable/ Payroll clerk, Accounts Receivable clerk and a bookkeeper. This area looks after the HR function of the organisation, ensures the internal audits are completed in a timely manner (both financial and quality) and works with the external auditor to ensure compliance.
Corporate Governance
A portion of the corporate governance document is attached.
Operational Procedures
Feedlot
The Feedlot Manager is responsible for the Feedlot budget and forecast.
When a cattle truck arrives with young steer for the feedlot it is weighed on the way in, the truck is then weighed on the way out and the difference is used to determine the payment to the supplier of the steers.
All medications for the animals are held in an open shed on the property and stockmen/women enter get the necessary medication and write it on a medication sheet with the identification number of the steer to which it is administered. A stocktake is completed monthly and any discrepancies are written off by the bookkeeper.
The feed for the cattle is weighed and put into the steers troughs, sometimes there may be a lack of a grain so the stockmen/women put a substitute grain in instead. At the end of the month admin go through the feed diary and identify where substitute grain was used. The internal control procedure states that no substitution can be made unless there is approval by the feedlot manager. The feedlot manager then advises Admin of the change so it can be put through the feed system correctly.
When cattle leave the feedlot the empty truck is weighed on the way in and out - the difference should be the same as reported by the Abattoir. If there is a variance, manual adjustments are made.
Abattoir
The cattle are weighed in when the truck arrives and the weigh in report is sent to both the feedlot and marketing division. The carton meat, that is the product of the operation, is sorted by cut, packed, weighed and placed in cold storage ready to be distributed. At this time the carton meat inventory is sent to the Finance division of Golden Steer.
Marketing Department
The marketing department make forward sales, based on what stock is heading to the feedlot onwhat day. They are able to forecast due to cattle being in the feedlot for a certain number of days only, e.g. Long Fed beef are grain fed for 170 days, Wagyu 365 days.
After making a sale an invoice is raised and sent to the Finance department, where it is entered into the accounting system. The policy for invoices is as follows - full payment required in 14 days, if it is not paid then marketing team to follow up, if it is not paid in a further 14 days the Financial department are to take over and send demand letters. Should any debts remain outstanding for more than a month the Financial Controller is to contact the customer and advise that is payment is not received the customers account will be frozen and put to a debt collection agency. If there is still no payment the Financial controller must advise the CEO and a debt collection agency contracted to take over the collection.
Finance Department
The finance department is responsible for all financial functions of the company; they also receive the inventory from the Abattoir to enter into the system. Sometimes there is a communication lag and inventory is not received for 2 days after it has been put in cold storage. The feedlot send the weights of cattle, both in and out down to the Finance department and these are checked against supplier invoices and the records from the Abattoir, before invoices are issued or suppliers are paid. These records are sent at the end of every week.
The AP and AR clerks share the data input as sometimes it is very busy. The bookkeeper completes the end of month journals and review the AP and AR work. The AP also completes and enters the payroll data into the system and uploads it to the bank. All payments are authorised by the Financial Controller and the CEO.
Audit Committee
The Board have requested that a committee be set up to identify any internal control issues that do not comply with the corporate governance. The committee has been active for a month and the Board has asked for a report.
Findings:
Sales are being made to customers who have been identified as credit risks and payment is not occurring with 14 days, however Marketing are continuing to chase the customer until a month after the invoice has been issued before handing over to Finance.
If the list of inventory has not come through from the Abattoir the marketing department use forecasts to sell on.
Every month there have been significant write offs of medication at the Feedlot, the committee is told the stockpeople just forget to write it down.
A stocktake of the carton meat is completed at the end of the month by the Abattoir; there has been a consistent variance over the last 6 months.
As there is a retail shop attached to the Marketing branch, staff are allowed to go and get meat free of charge from the shop to the value of $100 per week, sometimes the shop assistant will allow this to increase by up to $20 per staff member.
Beginning of Governance and policy extract
Corporate Governance Policy
Golden Steer Pty Ltd Board of Directors is committed to effective corporate governance. Golden Steer Pty Ltd Corporate Governance Policy was first established in May 1995. These policies form the basis for all decision making and action. They set out key principles relating to the Golden Steer Pty Ltd Board of Directors governance role and processes and also the decision-making limitations imposed to achieve an appropriate balance of responsibilities and accountabilities. The Golden Steer Pty Ltd Corporate Governance Policy is subject to regular review. The Policy was reviewed by the Golden Steer Pty Ltd Board of Directors and changes were approved by the Board at its September 2005 meeting.
Company Secretary
November 2012
Responsibility Flow Chart
1560512176815800397192518415Members as owners appoint a Board to govern on their behalf.
00Members as owners appoint a Board to govern on their behalf.
39719252148205The Board develops Delegations Policies that define the boundaries of CEO authority.
00The Board develops Delegations Policies that define the boundaries of CEO authority.
39719253071072Managers and other senior staff work closely with Board sub-committees and are accountable to the CEO.
00Managers and other senior staff work closely with Board sub-committees and are accountable to the CEO.
3972136836295In order to achieve the members wish and administer the company, the Board appoints a CEO and Company Secretary and delegates certain authorities to these roles.
00In order to achieve the members wish and administer the company, the Board appoints a CEO and Company Secretary and delegates certain authorities to these roles.
TAFE Queensland 2022
Chief Executive Officer and Company Secretary Decision Making Process
3903980528256500334518054946550032931105088255NO
00NO
39723485299287CEO seeks advice from Chair or Board member before acting
00CEO seeks advice from Chair or Board member before acting
32931103775710NO
00NO
3903980397002000334518041821100039723483986954CEO takes no action until approval is granted by the Board
00CEO takes no action until approval is granted by the Board
39719252665730CEO takes no action until approval is granted by the Board
00CEO takes no action until approval is granted by the Board
32423102454910YES
00YES
3345180286131000390440326496440039719251349163CEO to consult with Company Secretary and Chair
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32427341137920YES
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3345392154432000390398013326530018554706150398YES
00YES
18556814838277YES
00YES
18552583517053NO
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TAFE Queensland 2022
Board Process Policies
Overarching governance process
The Boards job on behalf of its owners is to ensure Golden Steer is true to its Mission and achieves the strategic goals and objectives and, in doing so, meets all the legal and moral responsibilities and requirements accompanying best practice corporate governance.
Governance policies
PRINCIPLE
The Board is responsible for setting Golden Steers strategic direction, priorities and performance criteria. The Board is committed to governing through policies, enabling it to speak with one voice on critical issues and core values.
The Board will carry out its governance responsibilities based on the following three groups of policies:
Results policies; describing the results the Board wants to be achieved. Results policies will include Golden Steers Purpose or Mission statement, a Statement of Core Values, a set of Key Result Area statements (KRAs) defining the benefit provided, beneficiaries and the cost or worth of the benefit and Key Performance Indicators (KPIs) defining the next level of outcomes detail. These are located in the Strategic Plan.
Board Processes policies; describing the way the Board carries out its governing role including a definition of its relationship with the Chief Executive Officer and the Company Secretary, where these are different individuals.
Chief Executive Officer Delegation policies; making clear constraints or limits on the choice of operational means available to the Chief Executive Officer for the achievement of organisational outcomes or results. No separate delegations exist in relation to the Company Secretary.
Connection with owners
PRINCIPLE
The Board represents its owners, moral and legal, exercising a duty of care for Golden Steer and all of its stakeholders.
The Board acts in trusteeship for Golden Steers owners. The Board will:
Gather information about their concerns, needs and aspirations.
Remain up-to-date in relevant industry related matters.
Report to its owners on a regular basis on the performance of Golden Steer.
Code of Ethics and proper practice (including conflict of interest)
PRINCIPLES
The Board represents its owners, moral and legal, exercising a duty of care for Golden Steer and all of its stakeholders. The Board is responsible for setting the ethical framework for Golden Steer, defining and nurturing Golden Steers fundamental values. Sound Board systems provide protection for Golden Steer, its stakeholders, the Board and its Directors against fraud, illegal practices and poor performance by its own members and its Chief Executive Officer and staff. The Board is committed to the adoption of ethical conduct in all areas of its responsibilities and authority.
Directors shall:
Act honestly and in good faith at all times.
Declare all interests that could result in a conflict between personal and organisational priorities.
Be diligent, attend Board meetings and devote sufficient time to preparation for Board meetings to allow for full and appropriate participation in the Boards decision making.
Ensure scrupulous avoidance of deception, unethical practice or any other behaviour that is, or might be construed as, less than honourable in the pursuit of Golden Steers business.
Disclose any matters, including medical grounds, of which they are aware that may have an impact on their ability to perform their duty as a Director
Not disclose to any other person confidential information other than as agreed by the Board or as required under law.
Act in accordance with their fiduciary duties, complying with the spirit as well as the letter of the law, recognising both the legal and moral duties of the role.
Abide by Board decisions once reached notwithstanding a Directors right to pursue a review or reversal of a Board decision.
Not do anything that in any way denigrates Golden Steer or harms its public image. The Board shall:
Ensure that there is an appropriate separation of duties and responsibilities between itself, the Chief Executive Officer and the Company Secretary, where these are different individuals.
Make every reasonable effort to ensure that Golden Steer does not raise community, supplier or stakeholder expectations that cannot be fulfilled.
Meet its responsibility to ensure that all staff employed by Golden Steer are treated with due respect and are provided with a working environment and working conditions that meet all reasonable standards of employment as defined in relevant workplace legislation.
Regularly review its own performance as the basis for its own development and quality assurance.
Carry out its meetings in such a manner as to ensure fair and full participation of all Directors.
Ensure that Golden Steers assets are protected via a suitable risk management strategy.
Confidentiality
It is an essential aspect of good governance that Board Members (and those invited to attend Board meetings) maintain strict confidentiality in respect of all Board matters and discussions. The contents of Board Papers and matters discussed at Board meetings may only be disclosed with the agreement of the Board or as may be required by law. In most cases Board information will be disclosed through the Chair who will act as the voice of the Board.
Board Members are not responsible to report to their constituents (i.e. their appointing State or Category of Membership). Once a person is appointed to the Board, their duty is to the Board and ACPET as a whole. Board Members may only disclose that which they are specifically authorised or legally obliged to disclose. If a Board member is in any doubt as to what they may or may not disclose, they should seek clarification during the Board meeting or from the Chair.
For these reasons, Board Members will be expected to have confidential email and mailing addresses for Board communications.
Confidentiality forms the basis of trust and encourages an open and honest forum for discussion. Board Members have a right to freely express their views or convey information without fear of those views or that information being leaked from the Board meeting or the Board Member being named outside the Board meeting as taking a particular position.
Unfortunately, confidential information can be used by some as a form of currency or to improperly promote their personal interests or ambitions. Board Members or invitees who are found to have improperly disclosed Board information will be removed.
The Board places great importance on making clear any existing or potential conflicts of interest for Directors. Conflicts of interest may occur:
When a Director, or his/her immediate family or business interests, stands to gain financially from any business dealings, programs or services provided to Golden Steer.
When a Director offers a professional service to Golden Steer.
When a Director stands to gain personally or professionally from any insider knowledge if that knowledge is used for personal or professional advantage.
As per the Golden Steer Conflict of Interest Policy:
Any business or personal matter which could lead to a conflict of interest of a material nature involving a Director and his/role and relationship with Golden Steer, must be declared and registered in the Register of Interest.
All such entries in the Register shall be presented to the Board and minuted at the first Board meeting following entry in the records.
All conflicts of interest must be declared by the Director concerned at the earliest time after the conflict is identified.
The Board shall determine whether or not the conflict is of a material nature and shall advise the individual accordingly.
Where a conflict of interest is identified and/or registered, and the Board has declared that it is of material benefit to the individual or material significance to the company, the Director concerned shall not vote on any resolution relating to that conflict or issue.
The Director shall only remain in the room during any related discussion with Board approval.
The Board will determine what records and other documentation relating to the matter will be available to the Director.
All such occurrences will be minuted.
Individual Directors, aware of a real or potential conflict of interest of another Director, have a responsibility to bring this to the notice of the Board.
Financial planning and budgeting
PRINCIPLE
The Board has a role to characterise risks and ensure that strategies to minimise or mitigate these are put in place and implemented.
The Board represents its owners, moral and legal, exercising a duty of care for Golden Steer and all of its stakeholders.
Budgeting/financial planning for any financial year or the remaining part of any financial year shall be designed to ensure the achievement of the Board-determined Results. Accordingly the Chief Executive Officer must not:
Fail to demonstrate:
a credible projection of revenues and expenses,
separation of capital and operational items,
projection of cash flows, and
disclosure of planning assumptions.
Create financial risk beyond Board-determined parameters.
Fail to incorporate/accommodate medium to long-term financial plans/projections and long-term business direction.
Design a financial plan that anticipates the achievement of a bottom line, materially different from that determined by the Board, e.g. a predetermined surplus, acceptable deficit or balanced budget.
Design plans that would/could threaten the achievement of Board determined financial ratios.
Fail to provide for current and future capital requirements such as future buildings.
Fail to provide for the Boards developmental and other expenditure.
Fail to plan for the Board-determined spread of revenue sources.
Neglect to demonstrate responsible management of Golden Steers assets, including supporting suitable controls to be maintained over the medication stock on hand**.
**Due to the poor inventory control, the Board decided to add this change to the governance in July 2015.
Financial management
PRINCIPLES
The Board has a role to characterise risk and ensure that strategies to minimise or mitigate these are put in place and implemented.
The Board represents its owners, moral and legal, exercising a duty of care for Golden Steer and all of its stakeholders.
The Chief Executive Officer is responsible for the day-to-day financial and risk management of Golden Steer. In carrying out this duty he/she must ensure that nothing is done, or authorised to be done, that could in any way cause financial harm or threaten Golden Steers financial integrity. Accordingly, in managing the financial affairs of Golden Steer and risks associated with its business endeavours, the Chief Executive Officer must not:
Use any organisational funds, or enter into any contracts or accept other liabilities, other than for the furtherance of Board-approved purposes and priorities.
Expend more funds than have been received in the financial year unless offset by approved borrowings or approved withdrawals from reserves.
Allow undisputed invoices from suppliers of goods and services to remain unpaid beyond trade credit terms agreed with those suppliers.
Fail to pay staff in accordance with their employment contracts.
Authorise expenditure beyond the level established by the Board.
Fail to meet all government imposed compliance requirements or payments on time and to standard.
Breach Australian Accounting Standards.
Acquire, encumber or dispose of land or buildings.
Neglect to ensure that there are limitations on expenditure and adequate controls on the use of credit or other purchase cards by card holding staff.
Fail to assertively pursue receivables overdue.
The Chief Executive Officer is responsible for implementing a Risk Management Plan and is required to update the Board, at least quarterly on management, assessment and mitigation of very high and high ranked risks.
On an annual basis a full reassessment of organisational level risks, controls and strategies is to be conducted and presented to the Board by the Chief Executive Officer.
Internal Control Procedures (excerpt)
PRINCIPLES
The Board has a role to characterise risk and ensure that strategies to minimise or mitigate these are put in place and implemented.
The Board represents its owners, moral and legal, exercising a duty of care for Golden Steer and all of its stakeholders.
Internal controls are to be implemented to ensure the outcomes desired in the corporate governance.
Which includes all stock should be accounted for separately.
End of Governance and policy Extract.
