Course Title: Implement and maintain internal control procedures

Part B: Course Detail

Teaching Period: Term2 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

Mr Claude Marasco

Course Co-ordinator

Email Address: e75371@ems.rmit.edu.au

Office: 108.13.025

Telephone: 9925 1651

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

Week
Week beginning
Performance Criteria
Reading/Assessment

1
6/07/09
1.1 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

2
13/7/09
1.1 3.3
Internal control and fraud; defining fraud; some common types of fraud and fraud prevention techniques.
Adams Grose & Leeson Ch 6

3
20/7/09
1.1 1.2 1.3
The internal control environment. Responsibility, delegation & accountability.
Adams Grose & Leeson Ch 2

4
27/7/09
1.2 1.2 1.3
The internal control environment. Responsibility, delegation & accountability (continued).
Adams Grose & Leeson Ch 2
 
5
3/8/09
Quiz Number One – Open Book Test
Quiz 1

6
10/8/09
1.3
Accounting Systems - principles of internal control.
Application of principles via the documentation, review & analysis of internal control procedures. Case study example & techniques.

1.3 2.3 3.1
Internal control objectives & procedures in the Purchases & Accounts Payable transactions cycle.
Adams Grose & Leeson Ch 3
 
7
17/8/09
1.3 2.3 3.1
Internal control objectives & procedures in the Sales & Accounts Receivable transactions cycle.
Adams Grose & Leeson Ch 3

8
24/8/09
Quiz Number Two – Open Book Test
Quiz 2

9
7/9/09
1.3 2.3 3.1
Internal control objectives & procedures in the Payroll, Inventory and Production & Cash & Bank Accounts transaction cycles.
Adams Grose & Leeson Ch 3

 10
14/9/09
Case Study - Visit to Practise Firm (Full Time students only).
Part-Time students - Group Meeting.
Case Study

11
21/9/09
Group meetings – full time students
Group meetings – part time students or continue with text book content.
Case Study or Adams Grose & Leeson Ch 3

12
28/9/09
1.3 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

13
5/10/09
Case Study Presentation & Submission - Part 1.
Case Study 1

14
12/10/09
3.2 – 3.4
Internal audit.
Adams Grose & Leeson Ch 7
Handout to students.

15
19/10/09
Quiz Number 3 – Open Book Test
Quiz 3

16
26/10/09
Case Study submission of final report.
Quiz Number 4 – Open Book Test.
Case Study
Quiz 4

17
2/11/09
Case Study presentation and submission of Part 2.
Case Study

18
9/11/09
Resits and Re-tests only
Resit & Re-tests

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 8 and 9.


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

4 x 7. 5% In-class open book Assessments/Observations = 30% (90 minutes duration each).

Comprehensive Case Study - 70%
Presentation 1 (25%)
Presentation 2 & Report  (45%).

Overall Assessment

Students must pass the comprehensive case study (parts one and two including the report) to be given a competent grade in this subject.  Students will receive either a “Competent” (CA) or “Not Yet Competent” (NYC) as a final Grade.  To be given a mark out of 100%, students must pass the comprehensive case study (parts one and two including the report) as well as having completed the four in-class assessments/observations.  Students will be given the opportunity to repeat/resubmit any parts of the comprehensive case study not deemed competent.

Please note that there are no resits with respect to the four in-class assessments/observations.


Assessment Tasks

Please note:

1. The comprehensive case study totals 50% with part I comprising 20% and part II 30%.  The above where it is stated that "Presentation 2 & Report" equals 50% is therefore incorrect. 

All other information with respect to the assessment tasks is correct.


Assessment Matrix

 

Quizzes

1-4

Comprehensive case study

Presentation 1

Comprehensive case study

Presentation 2
1. Review corporate governance requirementsXX 
2. Implement operating proceduresXXX
3. Monitor policyX X

Employability skills statement

Embedded within the unit of competency is the following skills:
Communication, teamwork, problem-solving, initiative/enterprise, planning/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. The four tests are open book and only the text book is allowed unless otherwise stated by your teacher.

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