Course Title: Implement and maintain internal control procedures

Part A: Course Overview

Program: C5390 Diploma of Accounting

Course Title: Implement and maintain internal control procedures

Portfolio: BUS Portfolio Office

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.

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5428C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

Term1 2019,
Term2 2019

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au



Course Description

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

It applies to individuals who use specialised knowledge and analytical skills to ensure organisational procedures, 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 Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSACC516 Implement and maintain internal control procedures

Elements:

1. Review corporate governance requirements

2. Implement internal control operating procedures

3. Monitor internal control operating procedures


Learning Outcomes


Overview of Assessment

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 to ensure organisational compliance
  • use a range of methods, work practices and routines relevant to internal control procedures
  • monitor internal control operating procedures and applicable financial legislation.

 

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

 

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Ethical and confidentiality considerations when managing and handling files and records
  • Key features of financial legislation relating to financial transactions and reporting requirements
  • Benefits and limitations of internal controls and potential consequences of poor internal controls for internal operations
  • Key requirements of organisational policies and procedures relating to:
  • corporate governance
  • financial delegations and accountabilities
  • 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:

  • office equipment, technology, software and consumables required to implement internal and maintain internal control procedures
  • corporate governance documentation required for role
  • organisational operational policies and procedures required for role.

 

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

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

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.