Course Title: Implement and maintain internal control procedures

Part B: Course Detail

Teaching Period: Term1 2008

Course Code: ACCT5202C

Course Title: Implement and maintain internal control procedures

School: 650T TAFE Business

Campus: City Campus

Program: C5178 - Diploma of Accounting

Course Contact : Jenny Wotzko

Course Contact Phone: +61 3 9925 5701

Course Contact Email:jennifer.wotzko@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Angelo Sellan

+61 3 99255460

angelo.sellan@rmit.edu.au

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

None.

Course Description

This unit covers the implementation and maintenance of internal control procedures for corporate governance.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACCT506A Implement and maintain internal control procedures

Element:

Implement operating procedures

Performance Criteria:

2.1 Financial delegations and accountabilities are maintained and reviewed to ensure consistency and compliance with internal control procedures

2.2 Required reports are produced, reviewed and distributed within agreed timelines

2.3 Timetables for the implementation of corporate governance requirements are developed in consultation with stakeholders

2.4 Internal control procedures are detailed and documented in standardised formats to promote consistency of use

Element:

Monitor policy

Performance Criteria:

3.1 Applications of corporate governance requirements are developed from published sources or recognised practices

3.2 Performance indicators are developed and reported on to evaluate compliance with internal control procedures

3.3 Variations in adoption of corporate governance requirements in operations are identified and evaluated to determine causes

3.4 Modifications to procedures are developed and implemented to facilitate compliance with internal control

Element:

Review corporate governance requirements

Performance Criteria:

1.1 Corporate governance requirements are identified and analysed to determine application to operations

1.2 Clarifications on application of corporate governance requirements are accessed from authoritative and recognised sources

1.3 Internal control procedures are reviewed and developed reflecting the application of corporate governance requirements to internal operations


Learning Outcomes


Please refer to Elements of Competency.


Details of Learning Activities

Using the textbook and case studies, students will be progressively
introduced to the implementation of corporate governance through
internal control of the accounting system.
Activities will include class discussion & debate, graded in-class
exercises & the analysis of case studies.


Teaching Schedule

Week Week beginning Performance Criteria Reading/Assessment
1 11/02/08

1.1 & 1.2

The need for corporate governance. Principles of corporate governance - governance by whom?; of what?; for whose benefit?; authorised & regulated?; implemented how?

Trenerry Ch. 15
Handout
2 18/02/08

1.1 & 1.2, 1.3, 2.1 – 2.3

The relationship between corporate governance and internal control of the accounting system.
The internal control environment. Responsibility, delegation & accountability.

 Trenerry Ch. 1
3 25/02/08

1.3

Accounting Systems - principles of internal control.

Trenerry Ch. 2
4 03/03/08

1.3
Application of principles via the documentation, review & analysis of internal control procedures. Case study example & techniques

 Quiz 1
PC 1.1 - 2.3
5 10/03/08

1.3, 2.3 & 3.1

Internal control objectives & procedures in the Sales & Dispatch transactions cycle

Trenerry Ch. 3
6 17/03/08

1.3, 2.3 & 3.1

Internal control objectives & procedures in the Purchases & Receiving transaction cycle

Trenerry Ch 4
    Student Vacation 20th to 26th March
 
 7  31/03/08  Comprehensive Case Study – team meetings (documentation of internal controls) . Quiz 2
PC 1.3, 2.3, 2.4 & 3.1
 8  07/04/08  Common Assessment Week  Case Study Presentation 1
 9  14/04/08

1.3, 2.3 & 3.1

Internal control objectives & procedures in the Personnel & Payroll transaction cycle.

 Trenerry Ch. 8
 10  21/04/08

1.3, 2.3 & 3.1

Internal control objectives & procedures in the Stock control transaction cycle.

 Trenerry Ch. 7
 11  28/04/08

1.3, 2.3 & 3.1

Internal control objectives & procedures in the cash receipts/payments & non-current assets transaction cycles.

Trenerry Ch. 5 & 6
Quiz 3
PC 1.3, 2.3, 2.4 & 3.1
 12  05/05/08

1.3, 2.1, 2.2, 3.1 & 3.2

Internal control procedures, performance indicators and reports within a computerised accounting system

 Trenerry Ch. 10
 13  12/05/08
 As above  
 14  19/05/08  3.2 – 3.4 Internal audit  Trenerry Ch. 13
 15  26/05/08  Comprehensive Case Study  Presentation 2 & submission of Report
 16  02/06/08  Comprehensive Case Study
 Presentation 2 & submission of Report
 17  09/06/08  3.2 – 3.4 Internal audit Quiz 4
1.3 & 3.2 - 3.4
 18 16/06/08  Review & return of case studies & Quiz 4
 
     Please note that the teaching schedule may be subject to change. Notification of any changes will be given via the learning hub and in class.
 


Learning Resources

Prescribed Texts

Alan Trenerry, Principles of Internal Control, UNSW Press, 2005


References

http://www.aasb.com.au/
Search: AASB Standards


Other Resources


Overview of Assessment

A student must demonstrate a clear understanding of all elements of the requidred competencies to be deemed competent. Assessment may include a variety of methods such as tests, workbooks, presentations and class exercises.

Formative feedback is provided throughout the course. This occurs by the teacher providing information to the student to inform them how they are succeeding in the course and areas that require more work to succeed. Formative feedback is not a piece of assessment that contributes to the student’s final result.


Assessment Tasks

Assessment Task                                                                     Mark Allocation
Quizzes (4 x 12.5%)                                                                          50%
Comprehensive Case Study:
Presentation 1                                                                                   20%
Presentation 2 & Report                                                                  30% 



Assessment Matrix

Course Overview: Access Course Overview