Give a true and fair view there are reasonable

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give a true and fair view, there are reasonable grounds to believe the company/scheme/entity will be able to pay its debts, the financial statements have been made in accordance with the Corporations Act 295(4) Director’s report, including the auditor’s independence declaration 298-300A Auditor’s report 301 & 308 Question 3: NAPAT PUENGMUN S40050288
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A company should: 1. Lay solid foundations for management and oversight 2. Structure the board to add value 3. Act ethically and responsibly 4. Safeguard integrity in corporate reporting 5. Make timely and balanced disclosure 6. Respect the rights of security holders 7. Recognise and manage risk 8. Remunerate fairly and responsibly Question 4a: Industry code of practice Industry codes of practice provide documented guidance and advice on how to achieve predetermined minimum industry standards and legislative compliance. They are usually developed in consultation with representatives from industry, workers and employers, special interest groups and government agencies. While a code of practice is not law and does not have the same legal enforcement as legislation, it should be adhered to unless there is an alternative course of action that achieves the same or better standards. Question 4b: The role of ASIC in the financial services industry codes of practice ASIC has the power to approve codes in the financial services sector, and has released Regulatory Guide 183 Approval of financial services sector codes of conduct (RG 183), which sets out how ASIC will approve a code of practice. Question 5: - keep financial records - prepare financial reports - prepare Directors’ reports - have the financial report audited (or reviewed) and obtain an auditor’s report thereon - lodge the financial report, Directors’ report and auditor’s report with ASIC - provide the financial report, Directors’ report and auditor’s report to members (public companies only) - lodge an annual statement with ASIC. Question 6a: Audit and review requirements For a stock exchange listed company’s audit and reviews requirements, the company must be audited which reference to Corporations act s301(1). Question 6b: Timeframe and action for annual reporting NAPAT PUENGMUN S40050288
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Item timeframe Preliminary Final Report (Appendix 4E) Within 2 months after the end of the financial year Financial Report Within 3 months after the end of the financial year Annual Report Within 4 months but at least 21 days before AGM When sent to shareholders Annual General Meeting At least 28 days before AGM When sent to shareholders Within 5 months after the end of the financial year Question 7a: Double entry accounting/bookkeeping Double Entry System of Accounting or Bookkeeping - Every business transaction will involve two accounts or more. - Double entry also allows for the accounting equation (Assets = Liabilities + Owner’s Equity) to always be in balance.
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