The Purpose Of The Australia Information Management Standard

1.1 Summarise key aspects of legislation, regulatory requirements and codes of practice relating to own role and responsibilities

In 2010, the policy addressing terminology and abbreviations was integrated into the Information Management standards as elements of performance 2 and 3 under IM.02.02.0 by

Federal Information Security Management Act (FISMA) – This refers to a U.S. law that was enacted in 2002 to lay down a comprehensive framework on how government information are protected. This also relates to operations and assets against natural or man-made threats. This act assigns responsibilities to federal agencies that re responsible for system and data protection, ensuring that all elements of FISMA are complied to, and integration of security measures throughout federal agencies in cost-effective, timely and efficient manner (. FISMA regulations require that inspection of the agencies be done annually through an independent evaluation (Gibson, 2010, pg. 59). The evaluation seeks to test the effectiveness of policies and practices in agencies and compile a report that identifies the state of compliance of that agency.

This act applies to all organisations that process data relating to their staff and customers. It is the main legal framework in UK that protects personal data. The act contains 8 data protection principles which are:

The Canadian Evidence Act requires that organizations prove in court the reliability, integrity, and authenticity of their electronic corporate records, including electronic images. Although the law is frequently difficult to understand because it uses phrases such as “the integrity of the electronic records systems” and “the reliability of the entry” without giving any detailed explanation as to its meaning, it does encourages the organization to use standards to help determine the admissibility of electronic records. On one hand, organizations are legally required to follow a particular standard, such as retaining electronic records for income tax purposes in Canada. On the other hand, they are strongly recommended to follow leading best

b) Freedom of Information Act (2000) – FOI ‘provides public access to information held by public authorities. It does this in two ways: public authorities are obliged to publish certain information about their activities; and members of the public are entitled to request information from public authorities.’ (https://ico.org.uk/for-organisations/guide-to-freedom-of-information/what-is-the-foi-act/)

The two key governance principles that I had chosen to define were protection and compliance. Protection, as explained by Davoudi (2015) is a,

The purpose of this policy is to set out guidelines to be followed by all staff in the collection and handling of client information, and where appropriate, staff information. This policy is based on Compilation No. 69 of the Australian (https://www.legislation.gov.au/Details/C2015C00598) Privacy Act 1988 and the thirteen Australian Privacy Principles (APPs) as contained in Schedule 1 of the Act.

Differential reporting in Australia is incorporated since early 1990s. It is based on the reporting entity concept that is outline in SAC 1

ASIC control Australian organizations, budgetary markets, monetary administrations associations and experts who bargain and exhort in ventures, superannuation, protection, store hoarding the entire acknowledgement.

The board acknowledges the diverse nature of regulatory framework in developing concrete and uniform standards. These standards help in proposing and clarifying a complete guidance as well as demonstrating the understanding of complex issues in accounting. Moreover, help in demonstrating advanced knowledge in the application of accounting standards in the preparation and analysis of financial statements.

The copyright of the XBRL standard belongs to an independent non-profit legal entity, “XBRL International”, incorporated in 2001 on the initiative of the professional body accountants in America (American Institute of Certified Public Accountants - AICPA). The idea was born in 1998 by Charles Hoffman, who was looking for a better way to create, share and distribute financial information. XBRL aims to improve business reporting and information exchange between entities. XBRL introduction is “revolutionary”, since the data are fully in digital format and thus can be processed easier than PDF or HTML formats. The creators of XBRL support that this step is similar to the change from the paper maps to digital maps (XBRL International 2015a). Currently a representation of the XBRL International consortium exists in many countries and

The purpose of IS0 9001 is to provide an appreciation of the fundamental principles of quality management systems and an explanation of the terminology used in the family of standards.

Quality management systems owe their basis to the the military industry. In fact the origins of ISO9000 series of standards dates back to fifties, during the development of a nuclear submarine in the US which had issues with contractors causing delays and quality breakdowns. As the result of the research of that project the foundations of quality management were developed and other important military standards were born such as NASA 's and British Defence 's quality management standards. In 1971 the British Standard Institute applied a QMS to electronics industry with the BS 9000 and, later on, in the manufacturing industry in 1979,publishing the BS 5750 from which the ISO9000 series of standard, published in 1987, is heavily based. After its revision in 1994 the ISO 9000 added separate ISO 9001, 9002 and 9003 standards for different industries becoming the reference quality management system standard in different nations and

ISO 9001 is a Quality management standard which is recognised internationally and used by organizations worldwide. It can be used by business of all sizes, it provides an effective quality management system. It was first published in 1987 (updated 1994, 2000, 2008). The latest version was published in 2015. This replaces all the previous editions. (Praxiom Group 2014)