Discussion on Risk management webquest



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To: Mike Jackson and Alan Prentice
Subject: Risk Management Webquest



Purpose of this Memorandum




































Comparison between business Entities


Questions  Sole Trader  Partnership  Private Company 
1 Minimum # of owners?      
2 Maximum # of owners?      
3 Owners are known as…?      
4 How is profit distributed?      
5 Who pays tax on the profit – Business or owner?      
6 Is audit required according to ASIC rules. Yes or No      
7 Limited or Unlimited Liability?      
8 Advantages (at least two points) ·












9 Disadvantages (at least two points) ·
















Choose ONE business structure appropriate for the VBeCommerce business you have been managing.









Select and explain 4 external compliance requirements relevant to the business structure you have suggested (With logical reasoning)







  1. 4.






Link 2 of the external compliance requirements you listed above to your internal controls to meet the requirements of legal obligations (as mentioned above)
















Purposes of Accounting Standards



3 main Professional Associations in Australia

Ethical Principles (List and explain)







  1. 4.




Auditing in Accounting (Refer to task outline)









The role and function of ASIC






The role and function of ATO







Consequence of non-compliance with ATO








Review the document on Moodle called “Compliance and Legislation ASIC Cases”.


  1. Explain two situations where your business could be found non-compliant.




  1. What are the consequences of your business not complying? (Support your       discussion with reference to 2 cases in the document on Moodle called          “Compliance and Legislation ASIC Cases”.







(Choose ONE business structure appropriate for the VBeCommerce business you have been managing AND give 4 logical reasons for your choice. Refer to key findings relevant to business structures and compliance issues.



Reference List


  • Use the Harvard referencing system – see Moodle document called “UQ Harvard Referencing Guide.pdf”
  • Include at least two (2) different sources in your reference list
  • Your sources must match your in-text references
  • Place the sources in alphabetical order
  • Use single line spacing for each individual source
  • Enter twice between each source
  • DO NOT number the sources


Check you have completed the following before submitting your work:         

Written and oral assessment tasks submitted or performed after the due date without an approved extension of time will ordinarily be met with a penalty of 5% of the percentage grade per working day late up, to a maximum of five working days.


If the assessment is submitted/performed after five working days, a grade of 0% will be applied



When you submit your assignment, it is uploaded into a program that checks for plagiarism and alerts the teacher marking it. Have you completed this assignment BY YOURSELF? Plagiarising is a serious offence and will result in serious penalties in your score and possibly 0 marks.


If you referred to any PDF documents and have not paraphrased (express the meaning using different words) include in-text referencing. See Moodle document called “UQ Harvard Referencing Guide.pdf” on how to in-text reference. All websites and dates have been provided to you in the PDF documents on the first page.


Include at least two (2) different in-text references in this memo


REPLACE all red text with relevant information. There should be NO RED TEXT IN YOUR FINAL SUBMISSION


DO NOT change the font style, font size or line spacing provided


Provide a reference list that matches your two (2) in-text references


Start your reference list on a new page




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