Course Title: Implement and maintain internal control procedures

Part B: Course Detail

Teaching Period: Term1 2019

Course Code: BUSM7942C

Course Title: Implement and maintain internal control procedures

School: 650T Vocational Business Education

Campus: City Campus

Program: C5374 - Diploma of Accounting

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Course Coordinator: Naveen Garg

Teacher – Accounting

School of Vocational Business Education

RMIT University

Building 80, Level 5


Nominal Hours: 40

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

There are no pre-requisites for this unit.

Course Description

This unit describes the skills and knowledge required to review corporate governance requirements, implement operating procedures and monitor policy.

It applies to individuals who use specialised knowledge and analytical skills to ensure organisational policy, compliance and quality requirements are met.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC506 Implement and maintain internal control procedures


1. Review corporate governance requirements

Performance Criteria:

1.1 Identify and analyse corporate governance and ethical requirements to determine application to operations 1.2 Access clarifications on application of corporate governance requirements from authoritative and recognised sources 1.3 Review and develop internal control procedures, reflecting application of corporate governance requirements to internal operations


2. Implement operating procedures

Performance Criteria:

2.1 Maintain and review financial delegations and accountabilities to ensure consistency and compliance with internal control procedures 2.2 Produce, review and distribute required reports within agreed timelines 2.3 Develop timetables for implementation of corporate governance requirements in consultation with stakeholders 2.4 Detail and document internal control procedures in standardised formats to promote consistency of use



3. Monitor policy

Performance Criteria:

3.1 Develop applications of corporate governance requirements from published sources or recognised practices 3.2 Develop and report on performance indicators to evaluate compliance with internal control procedures 3.3 Identify and evaluate variations in adoption of corporate governance requirements in operations to determine causes 3.4 Develop and implement modifications to procedures to facilitate compliance with internal control procedures

Learning Outcomes

Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities. 

The self paced activities will be delivered through various technology platforms and include your contribution through reflective journals, quizzes and interactive practice firm sessions.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated practice firm environment.

We expect you to participate and contribute in all scheduled learning activities.

Teaching Schedule

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.








Elements & Performance Criteria


July 2nd

Introduction; Course requirements, Overview of assessment: Topic 1 Introduction to Internal Controls & Corporate Governance and Ethics



1.1, 1.2 


July 9th

Topic 1 to complete;

Topic 2 Business Risks, Fraud,



 1.3, 2.1,2.4, 3.1


July 16th

Topic 3 Internal Audit & Accounting System review



 1.3, 2.2, 


July 23rd

Topic 4 Accounts Receivable, Accounts Payable & Cash



 1.3, 2.2, 2.4, 3.4


July 30th

Introduction to  presentations & Continue Topic 4



as above 


Aug 6th

Topic 5  Stock, Payroll & Non Current Assets. Introduction to Practice Firm Assessment


 Assessment 1: Presentations

1.3, 2.2, 3.4


Aug 13th

Topic 5 Continue




 Assessment 1: Presentations


1.3, 2.2

As above


Aug 20th

Topic 6 Other Accounting subsystems




27th Aug - 2nd Sept

Mid Semester Break





Sept 3rd

Topic 6 Continue




 As above


Sept 10th


Topic 7 Compliance Testing




1.3, 2.1, 2.2, 2.3, 2.4, 3.2


Sept 17th

Topic 7 continue



As above


Sept 24th

Practice Firm assessment





1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 2.4, 3.1, 3.2, 3.3, 3.4


Oct 1st

Practice Firm assessment



As above


Oct 8th

Practice Firm assessment submission


Assessment 2:

Practice Firm assessment submitted 

 As above


Oct 15th

Feedback on Practice Firm submissions





Oct 22nd


Resits, resubmissions, feedback




Learning Resources

Prescribed Texts


Internal Control Procedures 5th Edition - Matthew Fawcett & Lee Homewood - Better Teams Publications

Other Resources

Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • interpret and comply with corporate governance requirements, organisational policy, and financial delegations and accountabilities
  • review corporate governance requirements and implement effective operating procedures
  • monitor policy and relevant financial legislation

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • discuss ethical considerations and confidentiality for management and handling of files and records
  • identify and explain the key features of financial legislation relating to taxable transactions and reporting requirements
  • explain a range of methods of work practices and routines relevant to internal control procedures
  • describe the key requirements of organisational policy and procedures relating to:
    • corporate governance
    • financial delegations and accountabilities
  • identify and explain the key principles of internal control and auditing

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • common office equipment, technology, software and consumables
  • corporate governance documentation
  • organisational operational policy and procedures information 

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.


Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.

Assessment Tasks

You will be required to complete 2 tasks. You must successfully complete all 2 tasks to be deemed competent in this course..

TASK 1:Corporate Collapse Case study and presentation (Due Dates: Weeks 6 and 7)

For this assessment you are required to make a presentation in front of the class, on a company that you choose, and it will be based on real life corporate collapse, where fraud or corporate governance issues came in to play. Your presentation will need to answer 5 specific questions that will be given to you in class. The presentation is individual and will take you no more that 5 - 7 minutes to complete. Feedback for this assessment will be provided in weeks 8 and 9.


TASK 2 Practice Firm Assessment (Due Date: Week 14)

In this assessment you will be working for the Internal Audit department of the Practice Firm SPG Travel. Your manager has asked you to work in teams of two to review, identify internal control weaknesses and make recommendations for improvement in the form of a report. You will be given information on 5-6 internal processes within the organisation to research. 

For this assessment task you need to draw upon what you have learned throughout the unit.

Feedback for this assessment will be provided in week 15.


Important Note:

The Teacher or Course Coordinator may request anytime to ask students to demonstrate and/or reproduce assessments to validate authenticity. AND


Students must get competency in all the assessment tasks in order to obtain competency in this course.

Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS.


Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date. 
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.a cover sheet that includes a declaration and statement of authorship. .
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. 

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.

More Information: -assessable-work

Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. 

More Information: 

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:


Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

Final Grades table:

CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment

Further information regarding the application of the grading criteria will be provided by your teacher.

Assessment Matrix:

National Course Code and Name: FNSACC506 Implement & maintain internal control procedures

RMIT Code & Name of Unit of Competency: BUSM7942C Implement & maintain internal control procedures

Mapping Document


Name of Assessment Task

Method of Assessment

Elements Performance


Foundation Skills

Performance Evidence







Corporate Collapse assignment

Research & Presentation

E1 PC 1.1,1.2, 1.3

E2 PC 2.1

E3 3.1, 3.2, 3.3



1, 4, 5



Practice Firm Assignment

Compile a Business Report

E1 PC 1.1,1.2,1.3

E2 PC 2.1,2.2,2.3,2.4




1 -3



























Course Overview: Access Course Overview