Course Title: Monitor corporate governance activities

Part B: Course Detail

Teaching Period: Term1 2012

Course Code: ACCT5316C

Course Title: Monitor corporate governance activities

School: 650T TAFE Business

Campus: City Campus

Program: C6113 - Advanced Diploma of Accounting

Course Contact : Thomas Scordo

Course Contact Phone: +61 3 99255462

Course Contact Email:thomas.scordo@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Nominal Hours: 60

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 describes the performance outcomes, skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations. This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
 




National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC604A Monitor corporate governance activities

Element:

1. Establish corporate governance standards and practices
2. Identify corporate governance reporting trends
3. Determine processes for corporate governance adherence
4. Review corporate governance compliance

Performance Criteria:

1. Establish corporate 1.1 Application of, and adherence to, professional and legal
governance standards accounting standards are monitored to identify emerging
and practices trends and interpretations of statutory and other regulatory
requirements

1.2 Audit reports and practices are researched to assess
methodologies and recommendations


2. Identify corporate 2.1 Organisational practices are analysed to identify
governance reporting corporate governance obligations and performance
trends
2.2 Queries from statutory and other regulatory authorities
for corporate governance failure are examined to assess
the change effects on internal control procedures

2.3 Content and structure of reports, returns and processes
for review are assessed to evaluate policies being
followed by the organisation


3. Determine processes 3.1 Internal control procedures are analysed and monitored
for corporate governance to determine performance indicators for compliance with
adherence corporate governance requirements

3.2 Information technology systems are evaluated to determine
their use and suitability for recording data from operations
and transactions for corporate governance obligations

3.3 Management processes to support corporate governance
are established

3.4 Reporting plans are established to ensure completion of
compliance requirements within scheduled timeframes


4. Review corporate 4.1 The achievement of performance indicators is assessed
governance compliance and reviewed against key result areas

4.2 Compliance preparation processes are monitored and
reviewed in line with corporate governance requirements

4.3 Failures in compliance are analysed to diagnose
shortcomings and to remedy processes in line with
corporate governance requirements


Learning Outcomes



Details of Learning Activities

Recent corporate collapses and changing social attitudes have shifted the parameters of what is required of companies, in particular companies are expected to develop their own structures and procedures to ensure effective management and acceptable standards of corporate accountability and social responsibility.
By employing a number of activities including lecturing, tutoring, case studies of recent corporate collapses, use of internet, and reference to various relevant web pages, together with practical exercises and assessment, the student will investigate / study the role, function and relevant elements of this dynamic area.


Teaching Schedule

Teaching

Week

Week

Begins

Topic Outline  

                                                                             

      

Assessment

Timetable

Guide Only

 1 Feb 6Introduction to the issues, themes and regulatory framework of Corporate Governance         

      

                                       
 2        13Company failures/recurring themes                                                                                                                                          
 3        20 ASX  Corporate Governance Principles & Recommendations - Principle 7: Recognise and manage risk  
 4        27 Principle 7: Recognise and manage risk- Risk management process- focus on compliance risk - Internal control/Environmental factors and procedural aspects  
 5 Mar 5    Writing policy documents  Presentation  1
 6        12 Role of the Board/Importance to Corporate Governance. Types of Directors and Company Officers- Eligibility to be a Director and disqualification. Directors’ Duties     
 7        19

 Principle 1: Lay solid foundations for management and oversight

Principle 2: Structure the Board to add value

  Monitoring of Assignment progress & Feedback.
 8        26 Common Assessment Week- Finish Principles 1 and 2  
  Apr  2 Mid Semester Break ( April 5 - April 11 )  
 9         9

 Principle 3: Promote ethical and responsible decision-making

Principle 4: Safeguard integrity in financial reporting

  Presentation 2 and submission of Assignment- 1st cycle.
10        16 Principle 5: Make timely and balanced disclosure. Continuous disclosure requirements  
11        23

 Principle 6: Respect the rights of shareholders

Principle 8: Remunerate fairly and responsibly

  
12         30 Students will work on 2nd cycle of Assignment. Observation and oral questioning will make up part of assessment. Feedback will be provided on an individual basis.  
13 May  7Students will work on 2nd cycle of Assignment. Observation and oral questioning will make up part of the assessment. Feedback will be provided on an individual basis.   
14

         14                          

Students will work on 2nd cycle of Assignment. Observation and oral questioning will make up part of the assessment. Feedback will be provided on an individual basis.   Submission of Assignment- 2nd cycle.
15         21Final week for resubmissions  
16         28 Graded Assessment Only " Test "  TEST
 17               June  4                             Feedback on " Assessment Results " 


Learning Resources

Prescribed Texts


References

Internal Controls and Corporate Governance- 3rd Edition by Leeson, Di Sisto and Flanders.

9781442504660

Compliance Toolkit for Accountants & Directors - by Fawcett, Watson & Nicita - Publish. July 2011.

9781921579318


Other Resources

Students will need to access the Learning Hub for weekly notes. Handouts will be given as and when required.


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress

PLEASE NOTE:

This unit will be co-delivered and co-assessed with two audit units, namely FNSACC602A ( Audit and report on financial systems and records ) and FNSACC606A ( Conduct Internal Audit ).


Assessment Tasks

Two presentations based on competent or not yet competent assessment. The first presentation will require students to report on a specific broad ranging legislation, with reference to its; purpose, key compliance issues affecting companies, and potential liability to companies and or others i.e. directors / officers in the event of non compliance. The second presentation will be the culmination of the assignment; students will report on a specific legislative compliance risk, and the corporate governance framework, methodologies and processes designed to address and effectively monitor that risk. A hard copy report detailing the above will form the core of the assignment and will need to be handed to your instructor on the presentation day (1st cycle). The same assignment is repeated but a different specific legislation must be selected, this will be submitted in week 14 (2nd Cycle)
One final open book test covering all topics. This test is optional and is used for grading purposes only.
Summary
Only a competent or not yet competent grade will be allocated to the assignment i.e. no numerical grade or mark weighting will apply, this assignment will be compulsory. One final open book test assessed out of 100%, this test is optional, it is not used for determining competency.

 

Employability skills statement:  Embedded within the unit of competency are the following skills:
Communication, teamwork, problem-solving, initiative/enterprise, planning/organising, self-management, learning, and technology.

Critical aspects of assessment

Evidence of the ability to:

  • access and accurately interpret statutory and regulatory authority regulations and requirements
  • apply professional accounting standards and meet organisational policies and procedures
  • research corporate governance reporting trends
  • determine processes for corporate governance adherence
  • examine and review corporate governance standards and practices

 

Submission Requirements

Assessment tasks need to be submitted as follows:

Presentations 1 and 2 will be made in the classroom as scheduled and will be submitted in hard copy to your Instructor as outlined in the Teaching Schedule.

Graded open book test is optional, and will be undertaken in week 16 as scheduled.  

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. 


Marking Guide (competency): 

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.

Marking Guide (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 undertaking and completing the work assigned. 

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING

We are looking for depth of understanding of the key concepts. You should be able to demonstrate a thorough understanding of all applicable principles and concepts in all the assessment tasks.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING

We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. 

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT

We expect to see ongoing uploading of information into Pebble Pad that is relevant to the unit, full utilisation of Pebble Pad and Blackboard as per course requirements and 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 and scheduled Collaborate sessions. 

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

 

  Assignment ( Competency Purposes )   
ElementPresentation 1   Presentation  2   Test  ( Optional )   Final-Graded                   
One            X              X                               X
Two               X                              X
Three            X              X                             X
Four               X                             X

Other Information

Special Consideration :  Students may apply for Special Consideration on a range of medical or compassionate grounds where they experience unexpected or extenuating circumstances during or at end of a semester which:
a) Prevented them from submitting assessable work; or,
b) Prevented them from attending an examination; or,
c) Substantially affected their performance in the above.

Examples of unexpected or extenuating circumstances normally considered include:
a) Serious illness or psychological condition – e.g. hospital admission, serious injury, severe asthma, severe anxiety or depression. Does not include minor illness such as a cold.
b) Loss or bereavement – e.g. death of a close family member, family/relationship breakdown.
c) Hardship/trauma – e.g. victim of crime, sudden loss of income or employment, severe disruption to domestic arrangements.
Missed Assessment / Application for Special Consideration Students should not presume that special consideration is automatically granted for any missed assessment. Special Consideration must be applied for and the procedures for application must be followed.

If a student misses a test for ANY REASON, they must complete a special consideration application. Please note that applications must be submitted through the Hub on RMIT Melbourne campuses within 2 working days of the 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)

Course Overview: Access Course Overview