Course Title: Implement and maintain internal control procedures

Part B: Course Detail

Teaching Period: Term2 2020

Course Code: ACCT5428C

Course Title: Implement and maintain internal control procedures

School: 650T Vocational Business Education

Campus: City Campus

Program: C5390 - Diploma of Accounting

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email:

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


Course Description

This unit describes the skills and knowledge required to review corporate governance requirements, implement internal control operating procedures, and monitor associated policy.

It applies to individuals who use specialised knowledge and analytical skills to ensure organisational procedures, compliance and quality requirements are met.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC516 Implement and maintain internal control procedures


1. Review corporate governance requirements

Performance Criteria:

1.1 Identify and analyse corporate governance and ethical requirements to determine their application to operations

1.2 Seek clarification on the application of corporate governance requirements from authoritative sources

1.3 Review and develop internal control procedures that apply corporate governance requirements to internal operation


2. Implement internal control operating procedures

Performance Criteria:

2.1 Maintain and review financial delegations and accountabilities to ensure consistency and compliance with internal control procedures

2.2 Produce, review and distribute required reports within agreed timeframes

2.3 Develop timetables for implementing corporate governance requirements, in consultation with stakeholders

2.4 Detail and document internal control procedures in standardised formats to promote consistency of use


3. Monitor internal control operating procedures

Performance Criteria:

3.1 Develop applications of corporate governance requirements from authoritative sources and based on industry-standard practices

3.2 Report on performance indicators of internal operations to evaluate their compliance with internal control procedures

3.3 Identify and evaluate variations in adopting corporate governance requirements in operations to determine their causes

3.4 Develop and implement modifications to procedures to facilitate their compliance with internal control procedures

Learning Outcomes

Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities. 

The self paced activities will be delivered through various technology platforms and include your contribution through reflective journals, quizzes and interactive practice firm sessions.

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

We expect you to participate and contribute in all scheduled learning activities.

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 this 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. This course is for 12 weeks with 2-hour scheduled classes per week.





Readings and Activities              



Introduction; Course requirements, Overview of assessment:

Topic 1 Introduction to Internal Controls & Corporate Governance and Ethics

Reading: ASX Corporate Governance Principles

Activity: Clive Peters Case Study

Self Test Questions



Topic 1 to complete;

including ASX Corporate Governance Principles and Recommendations (4th Ed Feb 2019)

Reading: Corporate Governance Handout

Code of Ethics


Activity: ING Case

Self Testers

Learning activity quiz available. To be submitted by Week 4


Topic 2 Business Risk and Fraud


Reading: Corporate Governance Handout

Code of Ethics

Activity: ING Case

Self Testers



Topic 3 Internal Audit and Accounting System Review


Benefits of Internal Audit


Red Earth Case Study

Submit Learning Activity Quiz


In Class Assessment 1 - Corporate Governance and Internal Controls Test


Assessment 1: Corporate Governance and Internal Controls Test - In Class


Topic 4 Accounts Receivable, Accounts Payable and Cash  Introduction to Practice Firm Assessment

Reading: Segregation of Duties


Cinema Paradiso Activity



Topic 5 Stock Payroll and non current assets

Topic 6 Other accounting systems

Topic 7 Compliance Testing



Payroll and Stock Cycles


Self Testers



Work on Practice Firm assessment

- Meet in Practice Firm





Work on Practice Firm assessment 2

- Meet in Practice Firm





Work on Practice Firm assessment 2 Part A

- Meet in Practice Firm


Assessment 2 

Part A

Audit Review Reports submitted


Work on Practice Firm assessment 2 Part B


Assessment 2:

Part B

Group work meetings and timetables completed


Work on Assessment 2 Part C Scenario evaluation and recommendations  

Assessment 2 Part C - Complete and submit scenario evaluation and recommendation




Interview & Feedback on Practice Firm submissions

Resits, resubmissions, feedback




Learning Resources

Prescribed Texts


Other Resources

Overview of Assessment

Performance Evidence

Evidence of the ability to:

  • interpret and comply with corporate governance requirements, organisational policy, and financial delegations and accountabilities
  • review corporate governance requirements and implement effective operating procedures to ensure organisational compliance
  • use a range of methods, work practices and routines relevant to internal control procedures
  • monitor internal control operating procedures and applicable financial legislation.


Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.


Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Ethical and confidentiality considerations when managing and handling files and records
  • Key features of financial legislation relating to financial transactions and reporting requirements
  • Benefits and limitations of internal controls and potential consequences of poor internal controls for internal operations
  • Key requirements of organisational policies and procedures relating to:
  • corporate governance
  • financial delegations and accountabilities
  • Key principles of internal control and auditing


Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • office equipment, technology, software and consumables required to implement internal and maintain internal control procedures
  • corporate governance documentation required for role
  • organisational operational policies and procedures required for role.


Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

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


Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course. 

Assessment Tasks

You will be required to complete 2 tasks. You must successfully complete all 2 tasks to be deemed competent in this course..

TASK 1: Corporate Governance, Internal Controls and Business Ethics knowledge Test (Due Date: Week 5)

For this assessment you are required to answer 6 short answer questions. You will source your information from a Corporate Governance handout and the ASX Corporate Governance Principles and Recommendations. All 6 questions must be answered correctly for students to be assessed as satisfactory for this assessment task. Feedback for this assessment will be provided in week 6.


TASK 2 Practice Firm Assessment (Due Dates: Weeks 10,11,12)

In this assessment you will be working for the Internal Audit department of the Practice Firm SPG Travel. Your manager has asked you to complete three parts to this internal audit assignment based on SPG Travel.

Part A - Individual Report - You will be required to create two reports based on the audit findings for SBG Travel in different areas of internal control. (Due Week 10)

Part B - Group Work - You will work in small groups of 2 - 4 to develop implementation schedules for 2 ares of internal control for SBG Travel (Due Week 11)

Part C - Scenario - You will be required to assess the progress of an area of internal control following the implementation and evaluate and report on progress. (Due Week 12)

For this assessment task you need to draw upon what you have learned throughout the unit.

Feedback for this assessment will be provided in Week 13.


Assessment Matrix

Mapping Document

Refer Competency Assessment Matrix in CANVAS:


Other Information

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 the Assessment task document that includes a declaration and statement of authorship.a cover sheet that includes a declaration and statement of authorship. .
• 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. 

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: -assessable-work

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. 

More Information: 

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

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:


Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.

Course Overview: Access Course Overview