Course Title: Conduct internal audit

Part B: Course Detail

Teaching Period: Term1 2012

Course Code: ACCT5321C

Course Title: Conduct internal audit

School: 650T TAFE Business

Campus: City Campus

Program: C6113 - Advanced Diploma of Accounting

Course Contact : Thomas J. 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: 40

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

FNSACC506A - Implement and maintain internal control procedures.

Course Description

This unit describes the performance outcomes, skills and knowledge required to evaluate information systems and assess an organisation’s risks as part of an internal audit process. 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:

FNSACC606A Conduct internal audit


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this unit, including self-paced and collaborative classroom based activities. The unit buils up week by week, as students progressively undertake the exercises, questions, case studies and prescribed assignments, the latter forming part of their competency requirements (as outlined in the Teaching Schedule) , at the end of which they may sit for a graded test, which is optional.


Teaching Schedule

  Teaching

Week            

  Week

Begins

                   

    Topic Outline                                                                                                               Assessment Timetable- Guide Only                                      
1Feb   6 Introduction to Internal Auditing ( Chapter 1 ) 
2         13 Corporate Governance Perspectives ( Chapter 2 ) 
3         20 Managing Risk ( Chapter 3 ) 
4         27 Internal Controls ( Chapter 4 ) 
5Mar    5        The Internal Audit Role ( Chapter 5 ) 
6         12 Professionalism ( Chapter 6 ) 
7         19  The Audit Approach ( Chapter 7 ) 
8         26Common Assess Week - Assignment 1 - Questions/Issues 
 Apr     2Mid Semester Break ( April 5 - April 11 ) 
9           9 Assignment 1 - Final Review Submission of Assignment 1
10         16  Setting an Audit Strategy ( Chapter 8 ) 
11         23 Assignment 2 - Questions/Issues 
12         30 Audit Fieldwork ( Chapter 9 ) 
13May    7 Meeting the Challenge ( Chapter 10 ) 
14         14 Assignment 2 - Final Review Submission of Assignment 2
15         21 Revision for Graded Test Assessment 
16         28Graded Assessment Only " Test "TEST
17Jun    4Feedback on Assessment Results 


Learning Resources

Prescribed Texts

The Essential Guide to Internal Auditing - Second Edition : By K H Spencer Pickett

9780470746936


References


Other Resources

In addition to the prescribed text, students will need to access the Blackboard for weekly notes. Handouts will be given as and when required.


Overview of Assessment

Overview of Assessment 

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:
• direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
• review of authenticated documents from the workplace or training environment
• demonstration of techniques

Critical aspects of assessment

Evidence of the ability to:

  • use internal control systems and meet organisational policies and procedures
  • apply professional accounting standards in identifying strengths and weaknesses within organisational policies and procedures
  • evaluate information systems
  • develop implementation plans
  • review resources and monitor plans.

 

PLEASE NOTE:

This unit will be co-delivered and co-assessed with two other units, namely FNSACC602A ( Audit and report on financial systems and records ) and FNSACC604A ( Monitor corporate governance activities ).

 


Assessment Tasks

This unit will have three (3) assessment tasks, comprising 2 Assignments (assessed as competent or not yet competent) and one graded test, which is optional.

For information on the timeline of the 3 assessments, refer to the Teaching Schedule.

 Submission Requirements 

Assessment tasks need to be submitted as follows:

The 2 assignments are to be submitted in-class by the due date, as outlined in the Teaching Schedule. The optional graded test is scheduled for week 16 and will be undertaken in the students’ regular classroom. 

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 BasedAssignment Competency Based               
 Element                     Assignment  1      Assignment  2     Graded Test -Optional ( 100% )                                  
One               x              x                         x
Two               x              x                         x
Three               x              x                         x
Four               x              x                         x

Course Overview: Access Course Overview