Course Title: Establish, manage and administer trust accounts

Part B: Course Detail

Teaching Period: Term2 2013

Course Code: LAW5170C

Course Title: Establish, manage and administer trust accounts

School: 650T TAFE Business

Campus: City Campus

Program: C6106 - Advanced Diploma of Legal Practice

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

Robyn Lang 
Building 80 leval 5
robyn.lang@rmit.edu.au

Tina Popa
Sessional Teacher
tina.popa@rmit.edu.au

Nominal Hours: 50

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 course provides the knowledge and skills required to establish, manage and administer trust and/or controlled money accounts.

 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSCONV503B Establish, manage and administer trust accounts

Element:

1. Review trust account for compliance with trust account requirements

Performance Criteria:

1.1. Practice trust account requirements are clearly identified, accurately recorded and continuously updated in line with relevant legislation and regulations
1.2. Policies and procedures for accurate trust account keeping are developed which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements
1.3. Criteria for evaluating electronic and manual trust accounting systems are identified and applied to ensure compliance with all trust account requirements

Element:

2. Establish and manage trust accounts<o:p></o:p>

Performance Criteria:

2.1. Source documents for trust transactions are identified and accessed in line with legislative requirements
2.2. Documentation of trust records and transactions are produced to give an accurate record of practice transactions on behalf of clients
2.3. Transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements
2.4. Entries and transactions are promptly and accurately recorded in line with relevant trust account requirements, and can be provided on demand
2.5. Discrepancies in entries or documentation are promptly followed up to ensure clarification or resolution and are reported to relevant authorities where necessary
2.6. Audit and security arrangements are checked to ensure they provide adequate protection for client confidentiality and client funds held in trust

Element:

3. Manage and control trust accounts<o:p></o:p><font face="Times New Roman" size="3"> </font>

Performance Criteria:

3.1. Disbursements to and from trust accounts are authorised and managed within agreed practice protocols and legislative requirements
3.2. Appropriate arrangements are made with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements
3.3. Practice trust administration policies and procedures are disseminated or made readily available to relevant staff in line with practice and legislative requirements
3.4. Ongoing training of relevant practice staff is provided to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements
3.5. Procedures for monitoring records and ensuring the security of trust account records are developed and implemented


Element:

4. Monitor and review trust accounts<o:p></o:p><font face="Times New Roman" size="3"> </font>

Performance Criteria:

4.1. Documentation and other reporting requirements are regularly reviewed for compliance with legislative requirements
4.2. Trust account entries and transactions are regularly checked and monitored to ensure compliance with practice and legislative requirements
4.3. Trust account transactions are monitored to ensure appropriate authorisation is obtained prior to any disbursements

Element:

5. Authorise and verify trust accounts<o:p></o:p>

Performance Criteria:

5.1. Periodic reconciliation is verified in compliance with legislative requirements
5.2. Periodic financial reports are prepared and discussed with clients to ensure their continued accuracy
5.3. Records are maintained to enable them to be conveniently and properly audited
5.4. Legislative audit requirements are met


Learning Outcomes



Details of Learning Activities

Classes of 2 hours per week for 6 weeks as per the teaching schedule. The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
The week by week classes as per the teaching schedule below and assessments, including due dates, are subject to variation. Class teachers will to keep as close as practicable to that set out in this Part B Statement.

Course requirements: students consult timetable and are expected to attend all scheduled classes
Course support documents: see RMIT Blackboard
Student Induction: conducted prior to commencement of classes or during the first class and will cover the following: Blackboard, Overview of assessment requirements including Recognition of Prior Learning and Credit Transfers, Grading, Plagiarism, Appeals,Extensions,Feedback,Privacy, Submission requirements, Resubmission policy, Where to get support, Student responsibilities
 


Teaching Schedule

WeekDates      Element                                       Topic                                                                                                                               Online Exercises                                                                                          Assessment                       
1123- 27 Sept1

Introduction to Trust Accounting and Trust Money Receipts
 

Case Study –Part 1
Online Quiz-Trust Accounting principles
On-line Quiz- Trust Receipts
 Access Student Learning  Manual - Trust Account readings from Blackboard and complete and submit exercises online
1230 Sept– 4 Oct2, 3 and 4Trust Money PaymentsCase Study –Part 2
On-line Quiz- Trust Payment
 
137 – 11 Oct2, 3 and 4Journal TransfersCase Study –Part 3
On-line Quiz- Journal Transfers
 
1414 - 18 Oct5Trust Account Monthly Reconciliatiion
 
Case Study –Part 4
On-line Quiz- Monthly Reconciliations
 
1521 – 25 Oct2, 3 and 4Controlled Money/ Transit Money / RevisionRevision Test
On-line Quiz- Controlled/Transit Monies
 
1628 Oct – 1 Nov
Date to be confirmed
1-5Trust Accounting Test  one hour 45 mins
 
 

Test First week

Competency, not scored

17Date to be advised1-5Resubmission Trust Accounting Test one hour 45 mins
 
 Test second week


Learning Resources

Prescribed Texts

No text required. Students will be supplied a work book.


References


Other Resources

Students will need to bring a calculator.


Overview of Assessment

Assessment may incorporate a variety of methods including in-class exercises, problem-solving exercises, assignments, group or individual projects, presentations and written or practical tests, as well as homework activities.

Other activities may be workplace-based or simulate work practices. These may include direct observation of workplace practices, verbal questioning and the presentation of a portfolio of evidence.

You are advised that you may be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met. 

You  will be provided with feedback throughout the course to check your progress.
 


Assessment Tasks

1. Online exercises
2. Class test

Students must demonstrate an understanding of all elements of competency to be deemed competent.
A range of assessment methods are used to assess practical skills and knowledge, for example:
* tests and examinations in formal settings
* assignments, projects and case study analysis
* direct questioning combined with review of portfolios of evidence
* review of authenticated documents from the workplace or training environment
* demonstration of techniques
* Class presentation

Critical aspects of assessment
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment and including:
• compliance with and thorough knowledge of statutory and legislative requirements for the operation of trust accounts
• application of financial management and accounting principles and knowledge
• application of detailed knowledge of the policies and procedures of the practice
• commitment to client service and maintenance of client confidentiality
• high level critical analysis, monitoring and evaluative skills
• high standards of professional and ethical behaviour in all actions

Assessment completion requirements
You are required to complete 2 tasks. To pass this course students must attempt assessments as required which are graded upon submission by the class assessor.

Assessment submission requirements
Assessment tasks need to be submitted via Blackboard unless otherwise advised.

You should:
* Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
* Always retain a copy of your assessment tasks. (hard copy and soft copy)
* When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available on blackboard.
* Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

Marking Guide
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading. Please refer to the Final Grades table below.

Grading
After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.

The grading is according to the following criteria:

1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to establishing and maintaining trust accounts.

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
We are looking for depth of understanding of the key concepts and knowledge required to meet the legal professions obligations in relation to the administration of trust money and trust accounts. You should be able to demonstrate clear understanding of double-entry bookkeeping as it applies to both the general trust account and a law firm’s office account

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for appropriate techniques and processes in establishing and maintaining trust accounts together with the ability to compile and present trust accounting reports for external users & statutory authorities.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see effective planning, self-management & work organisation resulting in timely submission of all required assessment tasks.

5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
We expect to see contributions to relevant discussions during class sessions. In addition you should demonstrate a range of well-developed communication & inter-personal skills appropriate to each task.Final Grades table:

Final Grades table:
CHD
Competent with High Distinction;  CDI  Competent with Distinction  ; CC Competent with Credit;  CAG Competency Achieved – Graded;   NYC Not Yet Competent;   DNS Did Not Submit for assessment

Further information regarding the application of the grading criteria will be provided by your teacher.


Assessment Matrix

Elements                                                                       Online exercisesFinal test        
1. Review trust account for compliance with trust account requirements X X
2. Establish and manage trust accounts X X
3. Manage and control trust accounts X X
4. Monitor and review trust accounts X X
5. Authorise and verify trust accounts
 
 X X

Course Overview: Access Course Overview