Course Title: Apply principles of professional practice to work in the financial services industry

Part B: Course Detail

Teaching Period: Term1 2011

Course Code: SOSK5182C

Course Title: Apply principles of professional practice to work in the financial services industry

School: 650T TAFE Business

Campus: City Campus

Program: C5180 - Diploma of Financial Services (Conveyancing)

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

Nominal Hours: 30

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

LAW5170C Establish, Manage and Administer Trust Accounts

Course Description

This unit covers the fundamental skills needed for employment and the application of industry and company procedures, guidelines, policies and standards in a daily work context within the conveyancing industry.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSICIND401B Apply principles of professional practice to work in the financial services industry

Element:

1. Identify the scope, sectors and responsibilities of the industry

Performance Criteria:

1.1 External forces impacting on the financial services industry are identified and considered in carrying out activities

1.2 The main sectors of the financial services industry and the inter-relationship between sectors are identified and considered in carrying out activities

1.3 The roles and responsibilities of the participants in the financial services industry are identified and considered in carrying out activities

Element:

2. Identify and apply financial services industry guidelines, procedures and legislation

Performance Criteria:

2.1 Information on relevant legislation, regulations and codes of practice is collected and analysed and the application to the role in the workplace determined

2.2 Work practice is clarified and refined in light of relevant legislation, regulations and codes of practice

2.3 Relevant codes of practice are used to guide an ethical approach to workplace practice and decisions

Element:

3. Manage information

Performance Criteria:

3.1 Relevant documents and reports are read, understood and any implications discussed with relevant persons

3.2 Documents, reports, data and numerical calculations are analysed, checked, evaluated and organised to meet the customer's and/or the organisation's requirements

3.3 Information is presented in a format appropriate for the audience

Element:

4. Plan work to be completed taking into consideration time, resources and other constraints

Performance Criteria:

4.1 Tasks to be done and relevant conditions are determined

4.2 Work is planned either working alone or with others

4.3 Work is planned for a given period managing resources, time and priorities

4.4 Contributions are made to organisation's planning process

4.5 Changes in technology and work organisation are adapted to

Element:

5. Develop and maintain personal competency

Performance Criteria:

5.1 Professional development needs and goals are identified and reviewed on a regular basis

5.2 Competency, authorisation and licensing requirements are clarified

5.3 Professional developmentopportunities that reflect needs and goals are sought and completed in an agreed upon timeframe



Learning Outcomes


On completion of this unit a student will be able to demonstrate the application of an understanding of the conveyancing industry and the way it operates to the work carried out by the employee. They will have developed  a working knowledge of company policy and procedures required to undertake day to day tasks.


Details of Learning Activities

Each week students will be introduced to a new aspect of the professional management & administration of trust accounts, with an explanation of the requirements of the Conveyancers Act 2006 followed by practical demonstrations of how each procedure is carried out.

Students will then complete graded exercises, both in class and at home and will participate in group discussion, problem-solving and case studies in a mock work environment.


Teaching Schedule

 

Week/ Date
              
  
 Perform
Criteria
FNSICIND401A
Perform
Criteria
FNSCONV503B
Topic
Assessment

1
Feb 8
2.1-2.2
3.1, 3.3
5.1-5.3
1.1 – 1.6,
2.1, 2.2
Trust Account Requirements:
What is ‘Trust money’?
What is a ‘Trust Account’ & when is it used?
Trust account legislation & regulations
Establish & Maintain Trust Accounts:
Opening a Trust Bank Account
Setting up a manual Trust Accounting System
Setting up a new client within the trust accounting system, including Costs Agreement.
Case study and Assessments explained

2
Feb 15
2.2 – 2.3
3.1 – 3.3
3.1 – 3.3Recording Trust Account Transactions: General Trust Account
a. Trust account receipts
 
3
Feb 22
2.2 – 2.3
3.1 – 3.2
3.1 – 3.3,
4.2
Recording Trust Account Transactions: General Trust Account
b. Assessing the adequacy of trust account balances
c. Trust account payments
 
4
Mar 1
All above All above Comprehensive Exercises in preparation for QUIZ 1
 
5
Mar 8
All above All above  QUIZ 1
6
Mar15
2.2 – 2.3
3.1 – 3.2
3.1 – 3.3, 4.1, 4.2 Recording Trust Account Transactions: General Trust Account
d. Journal transfers
 
7
Mar22
2.1 – 2.3, 3.1 – 3.3 1.3,
3.3, 4.1, 4.2
Monitor & Review of Trust Accounts:
Cash Control and Bank Reconciliations
 
8
Mar29
  EXCURSION
 
9
Apr5
2.1 – 2.3
3.1 – 3.2
2.1-2.2, 3.1-3.3, 4.1Recording Trust Account Transactions: Transit Money & Controlled Money
+
Comprehensive exercises in preparation for Quiz 2

 
10
Apr12
All above from week 7All above from week 7 QUIZ 2
11
Apr19
1.3,
2.1 – 2.3
4.1 – 4.5
1.1, 4.1, 4.2Monitor & Review Trust Accounts
 Internal Controls
 External Audit
 
STUDENT VACATION    
 12
May 3
 2.1 – 4.5 1.1 – 4.2  Case Study Example & group meetings
 
 13
May10
 2.1 – 4.5 2.1 – 4.5 Group meetings  Case Study due
 14
May17
 2.1 – 4.5  1.1 – 4.2  Recording Trust Account Transactions in a computerized system
 
 15
May24
 2.1 – 4.5 1.1 – 4.2  Recording Trust Account Transactions in a computerized system
 
 16
May 31
 1.1 – 1.3
5.1 – 5.3
 1.1 & 1.2  Principles of Accounting & Financial Management:
Accounting for your conveyancing practice vs trust accounting
Conveyancing within the financial services industry
 Retesting – Quiz 1 & Quiz 2
 17
June 8
   Review & return of case studies
 


Learning Resources

Prescribed Texts

There is no textbook prescribed for this course.


References

Part 5 of the Conveyancers Act 2006 - available to download from MY RMIT STUDIES. Conveyancers Act (Trust Account) Regulations 2007 - available to download from MY RMIT STUDIES


Other Resources

Comprehensive notes, worked examples, class exercises and solutions are all provided on MY RMIT STUDIES.


Overview of Assessment

This competency is assessed through a combination of two open book quizzes and one comprehensive case study which aim to duplicate, as far as possible in the classroom, the issues and problems encountered by conveyancers in the workplace. 


Assessment Tasks

Quiz 1 - this quiz will assess performance criteria 1.3, 2.1, 3.1 - 3.3 and 4.2 with respect to the recording and management of trust account receipts and payments. It will contribute 30% of the total mark for the course and will be held in week 5 (8th March).

 
Quiz 2 - this quiz will assess performance criteria 1.4 - 1.6, 3.3 and 4.1 - 4.2 with respect to cash control, trust account reconciliations and reports. It will contribute 30% of the total mark for the course and will be held in week 10 (12th April).


Case Study - the case study will require small groups of students to design and document a trust accounting system appropriate to their existing or proposed conveyancing business and to use that system to record and report on a comprehensive set of conveyancing transactions. It will contribute 40% of the total mark for the course and will be due for submission on 10th May.


Assessment Matrix

Course Overview: Access Course Overview