Course Title: Implement and maintain internal control procedures

Part B: Course Detail

Teaching Period: Term1 2009

Course Code: ACCT5257C

Course Title: Implement and maintain internal control procedures

School: 650T TAFE Business

Campus: City Campus

Program: C5178 - Diploma of Accounting

Course Contact : Claude Marasco

Course Contact Phone: +61 3 9925 1651

Course Contact Email:claudio.marasco@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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:

FNSACCT506B Implement and maintain internal control procedures

Element:

1. Review corporate governance requirements .

2. Implement operating procedures.

3. Monitor Policy.

 

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.

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.

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 procedures.


Learning Outcomes


1. Review corporate governance requirements.

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 .

2. Implement operating procedures.

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.

3. Monitor Policy.

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 procedures.



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

WEEKWEEK BEGINNINGPERFORMANCE CRITERIAREADING/ASSESSMENT
19/2/091.1 1.2 1.3 2.1 2.2 2.3
The need for corporate governance. Principles of corporate governance - governance by whom?; of what?; for whose benefit?; authorised & regulated?; implemented how?
The relationship between corporate governance and internal control of the accounting system.
Adams Grose
Leeson Ch’s 12 & 13
216/2/091.1 3.3
Internal control and fraud; defining fraud; some common types of fraud and fraud prevention techniques.
Adams Grose
Leeson Ch 6
323/2/091.1 1.2 1.3
The internal control environment. Responsibility, delegation & accountability.
Adams Grose
Leeson Ch 2
42/3/091.3
Accounting Systems - principles of internal control.

Application of principles via the documentation, review & analysis of internal control procedures. Case study example & techniques.
Quiz 1
59/3/091.3 2.3 3.1
Internal control objectives & procedures in the Sales & Dispatch transactions cycle.
Adams Grose
Leeson Ch 3
616/3/091.3 2.3 3.1
Internal control objectives & procedures in the Purchases & Receiving transaction cycle.
Adams Grose
Leeson Ch 3
723/3/09Comprehensive Case Study – team meetings (documentation of internal controls) .  
830/3/09Common Assessment Week : Case Study Presentation 1.Quiz 2
96/4/091.3 2.3 3.1
Internal control objectives & procedures in the Personnel & Payroll transaction cycle.
Adams Grose
Leeson Ch 3
1020/4/091.3 2.3 3.1
Internal control objectives & procedures in the Stock control transaction cycle.
Adams Grose
Leeson Ch 3
1127/4/091.3 2.3 3.1
Internal control objectives & procedures in the cash receipts/payments & non-current assets transaction cycles.

 

Adams Grose
Leeson Ch 3

Quiz 3

124/5/091.3 2.1 2.2 3.1 3.2
Internal control procedures, performance indicators and reports within a computerised accounting system.
Adams Grose
Leeson Ch’s 4 & 5
Refer to DLS also
1311/5/09As per week 12.As per week 12
1418/5/093.2 – 3.4
Internal audit.
Adams Grose
Leeson Ch 7
Refer to DLS also
1525/5/09Comprehensive Case Study – Presentation 2 & submission of Report. 
161/6/09Comprehensive Case Study – Presentation 2 & submission of Report.Quiz 4
178/6/09Resits.Resits
1815/6/09Review & 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.

Please note: The mid-semester break in scheduled between weeks 9 and 10.


Learning Resources

Prescribed Texts

Adams, Grose & Leeson, Internal Controls & Corporate Governance. 2nd Edition, 2004. Pearson Prentice Hall.

1741030188


References

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


Other Resources


Overview of Assessment

Assessment Tasks

1. Quizzes (4 x 12.5%) - 50%.

2. Comprehensive Case Study: Presentation 1 - 20%.
                                                         Presentation 2 & Report - 50% .

Overall Assessment

Students must pass the comprehensive case study (parts one and two including the report) to be given a pass in this subject. Therefore, the marks from the case study plus the four quizzes must total at least 50% to pass the subject.


Assessment Tasks

1. Quizzes (4 x 12.5%) - 50%.

Comprehensive Case Study:
Presentation 1 - 20%
Presentation 2 & Report - 30%

Please note: The mark represented above in the "Overview of Assessment" section for "Presentation 2 and Report" as part of the Comprehensive Case Study should be 30% and not 50%.  The Case Study in total is worth 50% of the total marks for this subject.  The other 50% comprises the four quizzes.


Assessment Matrix

 Quizzes
1 - 4
Comprehensive Case Study
Presentation 1
Comprehensive Case Study
Presentation 2 & Report
1. Review corporate governance requirements.

X

X

 
2. Implement operating procedures.

X

X

X

3. Monitor Policy.

X

 

X

Employability skills:

Embedded within the unit of competency is the following skills: Communication, teamwork, problem-solving, initiative and enterprise, planning and organising, self-management, learning, and technology. 

The eight employability skills will assessed via all of the assessments in particular the comprehensive case studies, parts one and two.


Other Information

Tests
If a student receives a mark of less than 50% for a test they have completed, they will be given the opportunity to resit the test for a maximum mark of 50% as per the teaching schedule.

Assignment
All assignments must be submitted using the faculty cover sheet for assignments. These are available from the foyer on level 13.

If a student receives a mark of less than 50% for an assignment they have completed, they will be given the opportunity to resubmit the assignment to achieve a pass grade.


Missed Assessment
If a student misses an assessment or due date for ANY REASON, they must complete a special consideration application as detailed below. Please note that applications must be submitted through the Hub on RMIT Melbourne campuses within 2 working days of the assessment deadline or scheduled assessment.

IT IS EXPECTED THAT STUDENTS WILL SHOW THEIR TEACHER THE WRITTEN RECEIPT GRANTING A DEFERRED ASSESSMENT AS SOON AS IT IS RECEIVED so it can be recorded.

Overall Assessment

Students must pass the comprehensive case study (parts one and two including the report) to be given a pass in this subject. Therefore, the marks from the case study plus the four quizzes must total at least 50% to pass the subject.

Special Consideration: The full policy can be found at http://www.rmit.edu.au/browse;ID=g43abm17hc9w.  This site includes a link to the application form.

Course Overview: Access Course Overview