Course Title: Conduct internal audit

Part B: Course Detail

Teaching Period: Term1 2013

Course Code: ACCT5321C

Course Title: Conduct internal audit

School: 650T TAFE Business

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

Colin Byron

colin.byron@rmit.edu.au

Linda Boyce

linda.boyce@rmit.edu.au

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.

If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC606A Conduct internal audit

Element:

ELEMENT PERFORMANCE CRITERIA


1. Evaluate information 1.1 Systems specifications are evaluated against user requirements
systems and feedback to identify redundancies and constraints, and
capacities of information technology

1.2 Hardware and software needs are identified from assessment
of available products and services

1.3 Possible uses and handling of accounting data are evaluated
in consultation with users to determine security requirements

1.4 Organisational procedures and policies are analysed to
evaluate scope of strategies for risk management, internal
control of expenditure and compliance with statutory
requirements

1.5 Enquiries regarding use of systems are monitored and
recorded to ensure ongoing evaluation


2. Develop implementation 2.1 Principles, procedures and processes arising from internal
plans control systems are examined to determine implementation
issues relevant to organisational processes

2.2 Strengths and weaknesses of organisational processes,
including present and future capacities, are analysed and
incorporated in the implementation plan

2.3 Implementation is designed to cover outcomes, resource
use, costs and the achievement and maintenance of
professional accounting standards

2.4 Schedules are established that are realistic and feasible in
the context of the organisation’s short-term and long-term
objectives


3. Review resource use 3.1 Sources of data input are monitored to identify influences
and variations in returns and costs

3.2 Estimates of stock levels are monitored and reviewed to
ensure appropriate stocking and ordering of materials and
inventory items

3.3 Records of resource use are compared with unit cost
estimates to evaluate projected costs

3.4 Factors influencing resource use in the future are analysed
to assess impact on operations and objectives




4. Monitor plans 4.1 Implementation is adjusted to take account of emerging
external influences and the establishment of alternative
targets

4.2 Costs of plans are monitored and controlled by evaluating
net benefits to operations from the allocation of resources

4.3 Internal control systems are adjusted to ensure the
maintenance and achievement of accounting standards

Performance Criteria:

1.Evaluate information systems
2.Develop implementation plans
3.Review resource use
4.Monitor plans


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this unit, including self paced and collobarative based activities. The unit builds up week by week, as students progressively undertake the exercises, questions and prescribed assignments, the later forming part of the competency requirements (as outlined in the Teaching Schedule), at the end of which they may sit for a graded test.


Teaching Schedule

Course Guide For 2013
Week

Week

Commecing

Topic OutlineClass work to be completedPart Time Class

Assessment Timetable

All Students

111/2/2013 Introduction to Auditing - An Overview ( Chapters 2) Introduction, Class expectations

Review Questions 2.11 - 2.20

Professional Applications 2.21 & 2.22

Elements 1.1

 Workshop 1
Introduction and Expectations
Course work Exercises

Online Lectures

 Review Questions 2.11 - 2.20

Professional Applications 2.21 & 2.22

 

 
218/2/2013 Professional ethics/independence & quality (Chapter 3) Review questions 3.11 - 3.20

Professional Application questions
3.21, 3.24, 3.26, 3.30.

Elements 1.4, 1.5

 Consult blackboard online lecture.

Complete Course Work

Review questions 3.11 - 3.20

Professional Application questions
3.21, 3.24, 3.26, 3.30.

 
325/2/2013 Assurance/quality standards & legal liability (Chapters 4& 5) Review questions 4.11 - 4.20

Professional Application questions 4.21, 4.23, 4.25.

Elements 2.1, 2.2.

 Consult blackboard online lecture.

Complete Course Work

Review questions 4.11 - 4.20

Professional Application questions 4.21, 4.23, 4.25.

 
44/3/2013 Overview of financial statements audit (Chapters 6 & 7) Review Questions 5.11 - 5.20

Professional application questions
5.21 5.22 5.28

Elements 1.2, 1.3

Workshop 2
In-class activities
 

Problems solving group discussions on topics 1, 2, 3.

Overview of topics 4, 5, 6, 7

Complete Course work

Review Questions 5.11 - 5.20

Professional application questions
5.21 5.22 5.28

Assignment Part A handout
511/3/2013 Client evaluation & audit planning (Chapter 8) Review Questions 8.11 - 8.20

Professional application Q’s 8.21, 8.22, 8.24, 8.28

Elements 2.2, 2.3, 2.4

Consult blackboard online lecture.

Complete Course Work

Review Questions 8.11 - 8.20

Professional application Q’s 8.21, 8.22, 8.24, 8.28

 Part A of Assignment due in Blackboard
through Turnitin
618/3/2013 Audit Risk assessment (Chapter 9) Review Questions 9.11 - 9.18

Professional Application Q’s 9.19, 9.20, 9.22, 9.23, 9.26.

Elementst 3.1, 3.2, 3.3

 Consult blackboard online lecture.

Complete Course Work

Review Questions 9.11 - 9.18

Professional Application Q’s 9.19, 9.20, 9.22, 9.23, 9.26.

Assignment Part B handout
725/3/2013 Materiality & audit evidence (Chapter 10) Review Questions 10.11 - 10.20

Professional Application Questions 10.21, 10.22, 10.24, 10.25, 10.26, 10.27

Elements 3.3, 3.4

Consult blackboard online lecture.

Complete Course Work

Review Questions 10.11 - 10.20

Professional Application Questions 10.21, 10.22, 10.24, 10.25, 10.26, 10.27

  Part B of Assignment due in Blackboard
through Turnitin
88/4/2013 Test of Controls (Chapter 11) Review Question 11.11 - 11.20

Professional Application Questions 11.22, 11.23, 11.27, 11.28

Workshop 3

In-class activities

Problems solving group discussions topics 4, 5, 6, 7

Overview of topics 8, 9, 10, 11

Complete Course work

Review Question 11.11 - 11.20

Professional Application Questions 11.22, 11.23, 11.27, 11.28
 

 
915/4/2013 Audit Sampling (Chapter 13) Review Questions 13.11 - 13.20

Professional Application Q’s 13.21, 13.23, 13.25, 13.27, 13.28

Elements 2.3, 2.4

Consult blackboard online lecture.

Complete Course Work

Review Questions 13.11 - 13.20

Professional Application Q’s 13.21, 13.23, 13.25, 13.27, 13.28

 
1022/4/2013 Auditing sales/receivables/payables/purchases etc (Chapters 14,15) Review Questions 14.11 - 14.20

Professional Application Q’s 14.22, 14.25

Consult blackboard online lecture.

Complete Course Work

Review Questions 14.11 - 14.20

Professional Application Q’s 14.22, 14.25

 Assignment Part C handout
1129/4/2013 Auditing sales/receivables/payables/purchases etc (Chapters 15) Review Questions 15.11 - 15.20

Professional Application questions 15.23, 15.26

Consult blackboard online lecture.

Complete Course WorkReview Questions 15.11 - 15.20

Professional Application questions 15.23, 15.26

  Part C of assignment due in Blackboard through Turnitin
126/5/2013 Auditing Cash and investments (Chapter 17) Review Questions 17.11 - 17.20

Professional Application Q’s 17.21, 17.22, 17.23, 17.24, 17.25, 17.29.

Workshop 4
In-class activities

Problems solving group discussions topics 8, 9, 10, 11

Overview topics 12, 13

Complete Course work

Review Questions 17.11 - 17.20

Professional Application Q’s 17.21, 17.22, 17.23, 17.24, 17.25, 17.29.
 

 
1313/5/2013 Completing the Audit (Chapter 18) Review Questions 18.11 - 18.20

Professional Applications Questions 18.21, 18.23, 18.26.

Elements 4.1, 4.2, 4.3

Consult blackboard online lecture.

Complete Course Work

 
1420/5/2013 Revision/Assessment Preparation   
1527/5/2013 Test -Assessment 

Work shop 5

Online test to be completed by students

In-class activities
Problems solving group discussions Topics 11, 12

 

 Online test to be completed by students
163/6/2013 Re assessments 

 Work shop 6
In-class activities


Problems solving group discussions Assignment/Online test

 

  Resubmissions due
1710/6/2013 Feedback on Assessment Results   
      


Learning Resources

Prescribed Texts

Modern Auditing & Assurance Services - 5th Edition - By Leung/Coram/Cooper/Richardson - Digital - 5th eBook edition + ISG flashdrive + Study Guide

9781118345245


References


Other Resources

In addition to the prescribed eBook text, students will need to access the Blackboard for weekly notes. Any handouts will be provided on Blackboard and should be printed off by students and brought to class


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

The unit will have 2 assessment tasks, comprising 1 Assignments  and one online test.
For information on the timeline of the 2 assessments, refer to the Teaching Schedule.
The assignment is to be submitted via Blackboard by the due date as outlined in the Teaching Schedule. The  test is scheduled for week 16 and will be online. It will cover all topics covered in the Teaching Schedule.
Assignment 1 (due throughout the semester see teaching schedule) consists of a case study related to the topics covered in the Teaching Schedule. To prepare for the assignment, students need to have studied the materials placed on the Blackboard and the prescribed textbook.

* 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 are available on the RMIT website.


* Always retain a copy of your assessment tasks. (Hard copy and soft copy).
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 studing.
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.
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 you approach to your tasks.
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 completing your tasks. You should be able to demonstrate a thorough understanding of all applicable requirements 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 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 colloborative sessions. In addition your team tasks will provide opportunities to demonstrate how well you work in a team.
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 Based 
Element AssignmentOnline  Test - 100%
One xx
Two xx
Three xx
Four xx
Five xx
Six xx

Course Overview: Access Course Overview