Course Title: Implement and maintain internal control procedures
Part B: Course Detail
Teaching Period: Term1 2010
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
Jenny Wotzko
9925 5701
E49334@rmit.edu.au
Room 108.13.08
Susan Naser
E71033@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: |
FNSACCT506B Implement and maintain internal control procedures |
Element: |
1. Review corporate governance requirements . 2. Implement operating procedures. 3. Monitor Policy.
|
Performance Criteria: |
See Learning Outcomes below |
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.
In class activities will account for 34 of the 40 nominal hours allocated to this course & will include class discussion & debate, graded in-class
exercises & the analysis of case studies. The remaining 6 hours will be taken up with work on the comprehensive case study outside scheduled class time.
Teaching Schedule
Week Week beginning Performance Criteria Reading/Assessment
(see DLS for details)
1 08/02/10 1.1 1.2 1.3 2.1 2.2 2.3
The relationship between corporate governance and internal control of the accounting system.
Internal control and fraud; defining fraud; some common types of fraud and fraud prevention techniques.
The internal control environment. Leeson et al Ch’s 12, 13, 6 & 2
2 15/02/10 1.3
Accounting Systems - principles of internal control.
Application of principles via the documentation, review & analysis of internal control procedures. Case study example & techniques using Cash Cycle. Leeson et al Ch 2
3 22/02/10 1.3 2.3 3.1
Internal control objectives & procedures in the Purchases & Receiving transaction cycle Leeson et al Ch 3
4 01/03/10 1.3 2.3 3.1
Internal control objectives & procedures in the Sales & Dispatch transactions cycle Leeson et al Ch 3
5 08/03/10 1.3 2.3 3.1
Internal control objectives & procedures in the Stock control transaction cycle. Leeson et al Ch 3
6 15/03/10 1.3 2.3 3.1
Internal control objectives & procedures in the Personnel & Payroll transaction cycle. Leeson et al Ch 3
7 22/03/10 Revision + Comprehensive Case Study – team meetings (documentation of internal controls) .
8 29/03/10 SPLIT WEEK – Student Vacation + TEST 1 Test 1
9 12/04/10 1.3 2.1 2.2 3.1 3.2
Internal control procedures, performance indicators and reports within a computerised accounting system Leeson et al Ch’s 4 & 5
Interviewers – email completed ICQ to teacher
10 19/04/10 Comprehensive Case Study – Presentation 1 Presentation 1
Managers – email copy of presentation to teacher
11 26/04/10 1.3 2.1 2.2 3.1 3.2
Internal control procedures, performance indicators and reports within a computerised accounting system Leeson et al Ch’s 4 & 5
Analysts – email copy of full analysis to teacher
12 03/05/10 1.2 & 1.2
The need for corporate governance. Principles of corporate governance - governance by whom?; of what?; for whose benefit?; authorised & regulated?; implemented how?
Team meetings – discussion of recommendations. Leeson et al Ch 12 & 13
13 10/05/10 3.2 – 3.4
Internal audit. Monitoring & testing the internal control system.
Team meetings – review of report. Leeson et al Ch 7
14 17/0510 TEST 2
Reporters - Submission of case study reports
15 24/05/10 Comprehensive Case Study – Presentation 2
Managers – email copy of presentation to teacher
16 31/05/10 RESITS – Test 1 & 2
17 07/06/10 Review & return of case studies
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 is scheduled during week 8 ie. week 8 will consist of Monday 29th to Wednesday 31st March + Thursday 8th & Friday 9th April.
Learning Resources
Prescribed Texts
Leeson, Di Sisto & Flanders, Internal Controls & Corporate Governance. 3rd Edition, 2009. Pearson Prentice Hall. |
References
http://www.aasb.com.au/ |
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
Test 1 (30%)
Test 2 (20%)
Comprehensive Case Study:
Presentation 1 (20%)
Presentation 2 & Report (30%)
Note: Assessment weightings as shown under Assessment tasks are correct. Please disregard weightings indicated above in the "Overview of Assessment" area.
Assessment Matrix
Other Information
In adherence with RMIT’s commitment to sustainability, course teachers will seek to incorporate environmental concerns in the facilitation of this course. These include, but are not limited to:
• Conserving natural resources
• Using recycled materials wherever possible
• Minimising pollution
• Applying energy savings measures
• Reducing waste
Students are encouraged to identify and follow environmental and resource efficient ways of working whilst studying this course.
Course Overview: Access Course Overview