Course Title: Monitor corporate governance activities

Part B: Course Detail

Teaching Period: Term1 2015

Course Code: ACCT5316C

Course Title: Monitor corporate governance activities

School: 650T Vocational Business Education

Campus: City Campus

Program: C6113 - Advanced Diploma of Accounting

Course Contact : Maurice Sheridan

Course Contact Phone: +61 3 99255455

Course Contact Email:maurice.sheridan@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

Performance Criteria:

1.1 Application of, and adherence to, professional and legal accounting standards are monitored to identify emerging trends and interpretations of statutory and other regulatory requirements
1.2 Audit reports and practices are researched to assess methodologies and recommendations.
 

Element:

2. Identify corporate governance reporting trends

Performance Criteria:

2.1 Organisational practices are analysed to identify corporate governance obligations and performance
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.
 

Element:

3. Determine processes for corporate governance adherence

Performance Criteria:

3.1 Internal control procedures are analysed and monitored to determine performance indicators for compliance with 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 ar established
3.4 Reporting plans are established to ensure completion of compliance requirements within scheduled timeframes.
 

Element:

4. Review corporate governance compliance

Performance Criteria:

4.1 The achievement of performance indicators is assessed 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

In this clustered/co-delivered, holistic course comprising two units and using the textbooks and other materials, students will be progressively introduced to 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. They will also develop skills and knowledge required to apply legal priniples in corporations and trusts law matters. With respect to the full-time students, in-class activities will account for some of the nominal hours allocated to this course and will include a range of self-paced and collaborative learning activities such as class discussion, completion and review of set exercises and work, tests, team presentation and a comprehensive assignments in which parts involve a simulated/real workplace environment.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated / real workplace environment.

The hours of self-directed/self-paced learning by students will be taken up with reading, research, set work on exercises and the completion of the assignment outside scheduled class time. Please note that the format of the classes will in total, three hours per week. The learning activities described above will be covered in these classes and we expect you to participate and contribute in all scheduled learning activities..
 


Teaching Schedule

Please note that this course is clustered/co-delivered holistically as a group of two courses those being, ACCT 5316C - Monitor Corporate Governance Activities and BAFI5205C Apply legal principles in corporations and trusts law. As a result, other than the elements and the critical aspects specific to this course, the two course guides will depict the same information.

The teaching schedule for this course is as follows:

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
• Competency/Grading Criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities
 

WeekWeek CommencingTopics & Activities               Assessment
 1Feb 9 2015

Introduction:

  • Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
• Competency/Grading Criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities    

     Corporate Governance Introduction

Definition of Corporate Governance


Need for Good Corporate Governance


Corporate Collapses
 

Corporate Governance Structures in Australia


Corporate Governance Regulators


Good Corporate Governance Standards
 

         

 
2Feb 16 2015

Corporate Ethics


Definition


Importance of Ethics
 

Ethical Professional Self Regulation


Company Code of Conduct
 

 
3Feb 23 2015

Internal Controls, Risk & Compliance
 

Internal Control Systems Definition
 

Controls
The Control environment
 

Types of Internal Controls
 

Risk definition
 

Types of Risk
 

GFC

Risk Management
Governance, Risk & Compliance
 

 
 4 March 2 2015

 ASX Guidelines for Listed Companies


The role of the ASX


ASX Corporate Governance Council


Corporate Governance Principles and Recommendations
 

 
 5 March 9 2015

 Choosing a Business Structure
 

Types of Business Structures


Advantages / Disadvantages of Business Structures
 

 Complete and submit on-line test 1


Team presentation assignment available to students
 

 6 March 16 2015

 The Company
 

The Corporations Act 2001


Separate Legal Entity
 

Shareholders and Limited Liability
 

Classification of Companies
 

Registration
Company Obligations
 

Promoters and Pre-incorporation Contracts
 

 Final Assignment available to students
 7 March 23 2015

 Management


Division of Power within a Company


Types of Directors


How Directors are appointed


Resignation and removal from Office
 

Appointment of Company Secretary


Remuneration of Directors


Membership
 

 
 8 March 30 2015

 Directors’ Duties


Fiduciary Duties


Statutory Duties


The insolvent trading rule
 

 
  April 2 - 10 2015 MID SEMESTER BREAK 
 9 April 13 2015

 Share Capital & Fundraising


Financial resources of a Company


Classes of Shares


Issuing Shares


Retention of Capital
 

Share Buy-Backs


Going Public
 

 
 10 April 20 2015

 External Administration of Companies


Voluntary Administration


Receivership


Winding Up or Liquidation
 

 
 11 April 27 2015

 Associations
 

Unincorporated Associations


Incorporated Associations


Eligibility


Not-for-Profit


Advantages and Disadvantages of Incorporation
 

 
 12 May 5 2015  Legislation / Compliance Team Presentations Assessment
 13 May 11 2015

 Trusts


Elements of a Trust
 

Types of Trusts


Continuity of Existence


Winding up Trusts
 

 
 14 May 18 2015

 Accounts, Reporting & Auditing


Corporate Reporting


Record-keeping


Financial Reporting


Directors’ Report


Continuous Disclosure

Main function of an Audit
 

Independence
Appointment and Removal Duties and responsibilities of an Auditor
 

 
 15 May 25 2015

 Environmentally Sustainable Work Practices


Sustainability
 

Sustainability Policies and Legislation
 

Developing Strategies and Implementing Change
 

 On-Line submission of Final Assignment
16June 1 2015Resubmissions 


Learning Resources

Prescribed Texts

Monitor Corporate Governance Activities - Mathew Fawcett

9781921579639

The application of Legal principles in Business - Corporations & Trusts Law - Penelope McCann

9781921579905


References


Other Resources


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


Assessment Tasks

Please note that this course is clustered/co-delivered and co-assessed holistically as a group of two courses those being, ACCT 5316C - Monitor Corporate Governance Activities and BAFI5205C Apply legal principles in corporations and trusts law. As a result, other than the elements and the critical aspects specific to this course, the two course guides will depict the same information.

Critical aspects of assessment:

Evidence of the following is essential:

  •  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
  • demonstrate knowledge and understanding of the corporations and trusts law such that current statute, common law and equitable principles can be applied, to particular fact circumstances in order to provide advice
  • draw conclusion having regard to the facts and relevant law
  • access information on relevant legislation, statutes, regulation and legal judgements.

Assessment Tasks:

You are required to complete the following:


1. Presentation


A practical case study will be provided to students. In teams of 2 , the students will be allocated a legislation topic for them to research and identify compliance shortcomings in the case study. The teams will present their recommendations and research to the class. A hard copy of the presentation (Powerpoint) will need to be handed to your instructor and a copy to be submitted online via Blackboard. To be successful in this unit of competency a student must be able to demonstrate competency in the required task.

2. 1 On-Line test


The test will incorporate multiple choice and true/false questions covering Corporate Governance. It will be an on-line test (available in Blackboard) scheduled in week 5 . This test will be a competency based assessment with a Competent (CA) grade required. Students will have multiple attempts to achieve a CA grade. However more than one attempt will limit the student to a CA-Ent grade only.


Your teacher will discuss the assessment matrix for each assessment with the class at the beginning of the semester and prior to the assessment taking place. Each student will also receive this document completed by the teacher a the feedback with regard to performance in each assessment.

3. Assignment.


Students will be allocated a series of major assignment question to be completed and submitted on-line by week 15. The questions will be a simulated work place scenarios that the students will need to carefully plan and address all relevant issues. The student must present their answers in the form of a business report as though providing advice to accounting or business clients. This assignment is used to determine competency. To be successful in this unit of competency a student must be able to demonstrate competency in the required tasks as outlined by the assignment
 


Assessment Matrix

Submission Requirements

You should:


• Ensure that you submit assessments on or before the due date.
• 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
each assessment task 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, Colin Byron, 324567, Task 2,
OHTH5844C Ensure safe workplace, Page 1 of 10.


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 well as demonstrating a high level of initiative while proccessing transactions and extracting reports.
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 in processing financial transactions. You should be able to demonstrate a thorough understanding of double entry bookkeeping principles and procedures involved when processing financial transactions and preparing reports.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for techniques to be used in problem solving, using appropriate technology and methodology to assist in recording data and preparing reports. You also need to show an understanding of the kinds of problems that can arise in bookkeeping and reporting.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see effective planning, self management & work organization 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. In addition you should demonstrate a range of well-developed interpersonal skills appropriate to each task
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.

Late Submission Procedures


You are required to submit assessment items and/or ensure performance based assessment is completed by
the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you
may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for special consideration.
Applications for special consideration must be submitted no later than two working days after the assessment
task deadline or scheduled examination. <check links are still current>
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
 

Resubmissions (VET Programs):


If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only.
Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for
the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in
writing outlining the steps you will take to demonstrate competence in your course. Your submission will be
considered by the Program Team and you will be advised of the outcome as soon as possible.


Adjustments to Assessment


In certain circumstances students may be eligible for an assessment adjustment. For more information about
the circumstances under which the assessment arrangements might be granted please access the following
website:
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31Resubmissions (VET Programs):
 

Course Overview: Access Course Overview