ACC73001 ADVANCED MANAGEMENT ACCOUNTING
REPORT TWO: Implementing a balanced scorecard
(Session 1 2020)
This assignment is worth 20% of overall final grade
See MySCU for more details about the time and submission requirements
CPA Australia is one of the world's largest accounting bodies with a global membership of more than 164,695 members (as at 31 December 2018) working in 150 countries and regions around the world.
Their core services to members include education, training, technical support and advocacy. Employees and members work together with local and international bodies to represent the views and concerns of the profession to governments, regulators, industries, academia and the general public.
In recent years CPA Australia has been under the spot light as their previous CEO Alex Malley came under significant criticism in the media and from CPA members in 2017 for his $1.8 million annual salary and for the significant amounts of CPA funds going towards promoting Malley and his personal interests, such as a paid television show and Malley's autobiography.[footnoteRef:1] [1: "A
ief history of Alex Malley's unraveling CPA fiasco". Crikey. 5 June 2017. Retrieved 28 January 2020]
The scandal su
ounding Malley, combined with
oader member discontent over executive changes that made the board unaccountable and debts accrued from the establishment of a financial planning arm, led to the resignation of the CPA president and two board members by June 2017.
Since Andrew Hunter was appointed to the role of Chief Executive Officer (CEO) in April 2018 CPA Australia focus has shifted significantly.
Andrew Hunter wants to ensure that CPA Australia continues to be successful in serving its members and strengthen its role as a trusted professional body of finance experts.
You are the Senior Management Accountant for CPA Australia and have been engaged to assist the Project Manager of the Balanced Scorecard Implementation Project.
You are guided by Andrew’s strong leadership and he recently defined CPA’s vision as one of “partnering with members to prepare for today and tomo
ow in a globally connected world.”[footnoteRef:2] [2: https:
www.cpaaustralia.com.au/about-us, CPA Australia, 31 Dec 2018, last retrieved 28 January 2020.]
ACCA (Association of Chartered Certified Accountants), is one of CPA Australia’s biggest competitors and they have successfully implemented a balanced score card and a balanced scorecard does not cu
ently exist for CPA Australia.
Required:
Write a report (Maximum 1,500 words, 10% (+/-) will be accepted with no penalty) to the Project Manager of the Balanced Scorecard Implementation project at CPA Australia to outline your Balanced Scorecard analysis and recommendations. The report should include:
1. A recommended balanced scorecard for CPA Australia by presenting the four perspectives of the balanced scorecard and list one or more performance objectives and measures for each perspective that is likely to be important to CPA Australia. Provide justification for each measure and how measuring it would link to improved financial performance. Indicate which measures are leading and which are lagging.
2. An overview of how you would implement the balanced scorecard at CPA Australia, including a high level project plan, key stakeholders, key considerations and identify any high level risks to ensure it is implemented successfully.
3. An outline of the pros and cons of implementing a balanced scorecard for CPA Australia, provide examples of how it could be used within the organisation and what financial and non-financial benefits could be realised.
To determine the long-term strategic objectives of CPA Australia conduct your own research and utilise the information from the CPA Australia Annual Report 2018, Sustainability Report 2018 and the Independent Review Recommendations provided.
Complete the assignment coversheet provided and Harvard Referencing[footnoteRef:3] should be followed. [3: http:
libguides.scu.edu.au/management
eferencing]
The report should be submitted as a WORD (not PDF) document.
ACC73001: Advanced Management Accounting Report 2 Outline: CPA Australia 4 | Page
Assessment Criteria
Poo
Unsatisfactory
Satisfactory
Good
Excellent
Recommended balanced scorecard (7.5 Marks)
XXXXXXXXXXMarks
The recommended balanced scorecard is mostly inaccurate and incomplete. An understanding of the application of the course content in a business context has not been demonstrated.
1.5 – 3 Marks
Some of the recommended balanced scorecard is accurate. Assignment instructions have not been followed and key items have been left out.
XXXXXXXXXXMarks
Most of the recommended balanced scorecard is accurate and reasonable understanding of the application of course content has been demonstrated.
XXXXXXXXXXMarks
All of the recommended balanced scorecard has been prepared accurately, however there are a few - minor e
ors arising from careless mistakes and lack of attention to detail. A very good understanding of the application of course content has been demonstrated.
6 -7.5 Marks
All of the recommended balanced scorecard has been accurately prepared. An excellent understanding of course content has been demonstrated and executed.
Balanced Scorecard Implementation Plan including pros & cons (7.5 Marks)
XXXXXXXXXXMarks
Balanced Scorecard Implementation Plan are mostly inaccurate and incomplete. An understanding of the application of the course content in a business context has not been demonstrated.
1.5 – 3 Marks
Some of the Balanced Scorecard Implementation Plan are accurate but there are inconsistencies in the data or basic calculations are inco
ect. Assignment instructions have not been followed and key items have been left out.
XXXXXXXXXXMarks
Most of the Balanced Scorecard Implementation Plan are accurate but there are inconsistencies in the data or basic calculations. A reasonable understanding of the application of course content has been demonstrated.
XXXXXXXXXXMarks
The Balanced Scorecard Implementation Plan have been prepared and are mostly accurate - minor e
ors arising from careless mistakes and lack of attention to detail. A very good understanding of the application of course content has been demonstrated.
6 -7.5 Marks
The Balanced Scorecard Implementation Plan has been accurately prepared. An excellent understanding of course content has been demonstrated and executed.
Overall Presentation of Report (5 Marks)
0 – 1 Marks
Presentation is unprofessional with numerous spelling and grammatical e
ors and it does not cover the key requirements set out in the assignment instructions.
Inadequate analysis.
Not presented in the format of a business report.
Very limited use of visual aids.
1-2 Marks
Presentation is reasonable but the key issues have not been adequately addressed. Spelling and grammatical e
ors make the report unpresentable requiring the report to be rewritten before it could be presented. Opinions expressed lack insight. Not all aspects of a business report format have been utilised. Limited use of visual aids.
2-3 Marks
Presentation is reasonable and the key issues have been addressed but more insight into the business could be demonstrated. Some minor spelling and grammatical e
ors. Most components of a business report format have been incorporated. Reasonable use of visual aids.
3-4 Marks
Good, well written presentation and all issues have been covered. Demonstrates a solid insight into the business and recommendations are appropriate. All components of a business report format have been incorporated. Good use of visual aids.
4-5 Marks
Excellent presentation with no spelling or grammatical e
ors.
Demonstrates excellent insight into the business operations and external issues that may affect the business.
All components of a business report format have been incorporated. Excellent use of visual aids.
2018 GRI information
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To support our reporting under the Global Reporting
Initiative (GRI) standards and improve conciseness of our
eport we provide further information on our management
approach in some areas and further people, stakeholder
and supply chain information online only. This information
adds to that provided in our 2018 Integrated Report.
CPA PROGRAM AND CERTIFICATION
The CPA Program is a comprehensive postgraduate
education program designed to provide candidates with a
thorough grounding in accountancy, finance and business
knowledge. In addition to technical accounting skills, it
focuses on strategy, leadership, ethics and governance
with a view to developing agile and adaptable accounting
professionals who are ready to meet the challenges of a
changing business world.
Candidates study six subjects, four compulsory subjects
and two electives, and must also demonstrate three years
of practical experience. We continue to expand our offer
to ensure that the CPA Program remains relevant and
esponsive to our profession. CPA Australia welcomes
applicants with diverse or non-accounting educational
ackgrounds who wish to achieve the CPA designation.
We offer a pathway to these candidates through
Foundation exams. Foundation exams are a suite of six
idging subjects, equivalent to undergraduate level,
that address specific areas of core knowledge required
for entry into the CPA Program.
While CPA Australia retains control of critical functions
elating to content, design specifications, assessment and
quality assurance across our education portfolio,
we work with the following supply partners to deliver
the CPA Program to our members and candidates:
• DeakinCo, who develop teaching and learning
materials such as study guides and knowledge checks
• PearsonVUE, who provide exam development, exam
delivery and assessment services
• IVEO, who print and distribute study materials
• BPP, who develop teaching and learning materials
for the Foundation exams
CPA Australia draws on the professional support of
members working in academia and industry, as well as
our own education and technical specialists, to ensure
that the content of the CPA Program remains relevant and
contemporary. We do this through a series of specialist
committees, including the Professional Qualifications
Advisory Committee (PQAC), which provides advice
on the education framework for members, the Special
Consideration Committee and Subject Advisory Panels.
Members of these committees include professors and
senior academics from prestigious educational institutions
alongside leading industry experts. It is important that
CPA Australia upholds the high standards of the profession
when it comes to passing candidates. We have adopted
est practice methodologies and implemented many
measures to ensure assessment is rigorous, and that the
marks awarded to a candidate are a true representation of
the level of knowledge and skills they have demonstrated.
In 2018, the Examinations Policy Advisory Committee
(EPAC), was dissolved after consultation with the EPAC
chair, as the committee was originally set up to review
the CPA Program subject pass marks, a role which was no
longer required due to the appointment of PearsonVUE
and the psychometric approach to measurement and
marking. The Special Consideration Committee now
eports directly into PQAC.
2018 GRI
INFORMATION
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PROFESSIONAL DEVELOPMENT
AND KNOWLEDGE
The value of the CPA designation stems not only from
the