Course Title: Implement and maintain internal control procedures

Part B: Course Detail

Teaching Period: Term2 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

Andrew Coloretti - Teacher (Evening, Part-Time Session)

Email Address: andrew.coloretti@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:

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, case studies and other materials, students will be progressively introduced to the implementation of corporate governance through the 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 assessments/observations & 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

The total number of scheduled hours of teaching, learning and assessment involved in this course will include all planned activities. This may incorporate face-to-face classes, lectures, workshops and seminars and wherever possible workplace visits, online learning and other forms of structured teaching and learning. The total scheduled hours includes the amount of effort required to undertake, evaluate and complete all assessment requirements, including observation of work performance, discussions with supervisors and others providing third party evidence and one on one and group assessment sessions with students.


WEEK 1 5/07/10 1.1 – 1.3 and 2.1 to 2.4
Introduction to course and commence Corporate Governance
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.
Leeson: Ch’s 12, 13, & 14

WEEK 2 12/7/10 1.1 – 1.3 and 2.1 to 2.4
Corporate Governance continued. Leeson: Ch’s 12, 13, & 14

WEEK 3 19/7/10 In-class Assessment/Observation 1 – Corporate Governance
2.1 to 2.4 – Commence Internal Control & Fraud
Internal control and fraud; defining fraud; some common types of fraud and fraud prevention techniques. Chapters 12-14
Leeson Ch 6

WEEK 4 26/7/10 2.1 to 2.4 - Internal Control & Fraud
Internal control and fraud; defining fraud; some common types of fraud and fraud prevention techniques.
Leeson Ch 6

WEEK 5 2/8/10 In-class Assessment/Observation 2 – Internal Control & Fraud
2.1 to 2.4 & 3.1 to 3.4 – Commence Internal Control Principles
The internal control environment. Responsibility, delegation & accountability. Chapter 6
Leeson Ch 2

WEEK 6 9/8/10 2.1 to 2.4 & 3.1 to 3.4 – Internal Control Principles
The internal control environment. Responsibility, delegation & accountability.
Leeson Ch 2

WEEK 7 16/8/10 1.3, 2.3, 3.1 – Internal Control in Accounting Systems
Internal control objectives & procedures in the Purchases & Accounts Payable, Inventory & Payroll transactions cycle.
Leeson Ch 3

WEEK 8 23/8/10 1.3, 2.3, 3.1 – Internal Control in Accounting Systems
Internal control objectives & procedures in the Purchases & Accounts Payable, Inventory & Payroll transactions cycle.
Leeson Ch 3

WEEK 9 6/9/10 In-class Assessment/Observation 3 – Accounts Payable, Purchases, Inventory & Payroll
1.3, 2.3, 3.1 – Internal Control in Accounting Systems
Internal control objectives & procedures in the Sales & Accounts Receivable, Cash & Bank Accounts & Non-Current Assets transactions cycle. Chapter 3
Leeson Ch 3

WEEK 10 13/9/10 Case Study - Visit to Practise Firm (Full Time students only).
Part-Time students - Group Meeting. Case Study

WEEK 11 20/9/10 1.3, 2.3, 3.1 – Internal Control in Accounting Systems
Internal control objectives & procedures in the Sales & Accounts Receivable, Cash & Bank Accounts & Non-Current Assets transactions cycle.
Leeson Ch 3

WEEK 12 27/9/10 In-class Assessment/Observation 4 – Sales & Accounts Receivable, Cash & Bank Accounts & Non-Current Assets
1.3, 2.1, 2.2, 3.1, 3.2 – Computerised Accounting Systems
Internal control procedures, performance indicators and reports within a computerised accounting system. Chapter 3
Leeson Ch’s 4 & 5

WEEK 13 4/10/10 Case Study Presentation & Submission - Part 1. Case Study 1

WEEK 14 11/10/10 1.3, 2.1, 2.2, 3.1, 3.2 – Computerised Accounting Systems
Internal control procedures, performance indicators and reports within a computerised accounting system.
Leeson Ch’s 4 & 5

WEEK 15 18/10/10 In-class Assessment/Observation 5 – Computerised Accounting Systems
Case Study – Group Meetings for all students Chapters 4 & 5
Case Study 2

WEEK 16 25/10/10 Case Study submission of final report.
3.2 – 3.4 – Internal Audit
Internal Audit techniques and audits with respect to internal controls.
In-class Assessment/Observation 6 – Internal Audits
Case Study 2
Leeson Ch 7
Handout to students.
Leeson Ch 7
Handout to students

WEEK 17 1/11/10 Case Study presentation and submission of Part 2. Case Study 2

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

Leeson, Di Sisto & Flanders, Internal Controls & Corporate Governance. 3rd Edition, 2009. Pearson Prentice Hall.


References

http://www.aasb.com.au/


Other Resources

Materials as provided by Teachers.


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

Refer to "Assessments Tasks" section (above).


Assessment Matrix



Element/AssessmentIn-Class Assessments/Observations
        (6 x 5% each)
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

Other Information

Employability skills statement:

Embedded within the unit of competency is the following skills:
Communication, teamwork, problem-solving, initiative/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.

Case Study
All presentations and reports must be submitted using the faculty cover sheet for assignments. These are available from the foyer on
level 13.

Missed Assessments
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.

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.


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 six 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 six in-class assessments/observations.


Course Overview: Access Course Overview