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 |
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 |
Element: |
3. Manage information |
Performance Criteria: |
3.1 Relevant documents and reports are read, understood and any implications discussed with relevant persons |
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 |
Element: |
5. Develop and maintain personal competency |
Performance Criteria: |
5.1 Professional development needs and goals are identified and reviewed on a regular basis |
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 – 3.3 | Recording 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, 4.1 | Recording Trust Account Transactions: Transit Money & Controlled Money + Comprehensive exercises in preparation for Quiz 2 |
|
10 Apr12 |
All above from week 7 | All above from week 7 | QUIZ 2 |
|
11 Apr19 |
1.3, 2.1 – 2.3 4.1 – 4.5 |
1.1, 4.1, 4.2 | Monitor & 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