Internal Control Essay

inquiry 1a) bring two companies where inadequate interior(a) control have resulted in disastrous effects on the organisation or exposed it to heavy losses.Research the facts of the failure and report on the facts and the losses suffered. In your report, imply suggestions for changes to operations (internal controls) that could have prevented the final outcome. Where could you find a list of these internal controls and how are they authenticated?Examples of companies includeColes Myer Ltd and the Yannon affairBarings Bank (1995)AWA Case (1992)Integral Energy (2003)Australian Museum-theft of zoological specimens (2003)Argonaut Resources (2011) to each one report should be some no longer than 1 page in length. Two reports required.b) Select two companies that have experienced recent corporate governance failures.Research the facts of the failure and report on the facts and the losses suffered. In your report, give suggestions on the merged Governance principles that should be imp lemented and that could have prevented the failure.Examples of companies includeABC Learning (2008)Storm Financial (2009)Strathfield (2009)One-TelHIHIndependent Insurance (UK)Commander Communications (2008)EzyDVD (2009)Clive PetersBeechwood HomesAustralian Discount Retail (Crazy Clarks, Go-Lo, Sams Warehouse) (2009) Queensland wellness Department (2011)Parmalat (Italy)Each report should be about no longer than 1 page in length. Two reports required. Question 2a) In your confess words explain Internal Control within an organisation, and state the major objectives of a system of internal control to management?b) List and briefly explain the five components of an entitys internal control structure.Question 3a) Define Corporate Governance and its application in the corporate world and discuss the claim for Corporate Governance.b) Look up the Annual Reports for two of the following companies and comment on the appearance, structure, content, and usefulness of the Corporate Governance a nd Sustainability section of the report. How does it meet the current principles of Corporate Governance?Companies includeBanks ANZ, CBA, NAB, Westpac, BendigoResources BHP, RIO Tinto, Woodside, SantosFinancial services Macquarie Group, Perpetual, QBEHealth care Sonic, Resmed, CSLRetail Woolworths, Wesfarmers, Metcash, Harvey NormanProperty Centro, Stockland, Westfield Property Trust, WRTFamily business Westfield, Harvey Norman, News CorporationInteresting Fairfax, pack Hardie, Qantas, TelstraYour report should be about no longer than 1 page in length. Two reports required.