Part B: Course Detail

Teaching Period: Term2 2023

Course Code: ACCT5443C

Course Title: Implement and maintain internal control procedures

School: 525T Business & Enterprise

Campus: City Campus

Program: C5424 - Diploma of Accounting

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au

Name and Contact Details of All Other Relevant Staff

Naveen Garg

naveen.garg@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

There is no pre-requisite for this unit.

Course Description

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

The unit applies to individuals who use specialised knowledge and analytical skills to confirm that 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. Users are advised to check with the relevant regulatory authorities to confirm those requirements.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:	FNSACC526 Implement and maintain internal control procedures
Element:	1. Review corporate governance requirements
Performance Criteria:	1.1 Identify and analyse corporate governance and ethical requirements and 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 operations
Element:	2. Implement internal control operating procedures
Performance Criteria:	2.1 Maintain and review financial delegations and accountabilities for 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 and promote consistency of use 2.5 Implement internal control procedures for cyber security and the safe handling of payments and data
Element:	3. Monitor internal control operating procedures
Performance Criteria:	3.1 Develop applications of corporate governance requirements from authoritative sources according to industry-standard practices 3.2 Report on performance indicators of internal operations and evaluate their compliance with internal control procedures 3.3 Identify and evaluate variations in adopting corporate governance requirements in operations and determine their causes 3.4 Develop and implement modifications to procedures and 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

 

Course Schedule 

Week	Topic	Readings and Activities	Assessment
1	Introduction | Welcome and Orientation Going thru all the content in a week 1-course information and guidelines. Topic 1 Introduction to Internal Controls & Corporate Governance and Ethics	Reading: ASX Corporate Governance Principles Activity: Clive Peters Case Study Self Test Questions
2	Topic 1 to complete; including ASX Corporate Governance Principles and Recommendations (4th Ed Feb 2019)	Reading: Corporate Governance Handout Code of Ethics CAVAS  Activity: ING Case Self Testers
3	Topic 2 Business Risk and Fraud	Reading: Corporate Governance Handout Code of Ethics Activity: ING Case Self Testers
4	Topic 3 Internal Audit and Accounting System Review	Reading: Benefits of Internal Audit Activity: Red Earth Case Study	Submit Learning activity Quiz 1 and 2
5	Topic 3 Internal Audit and Accounting System Review (cont).
6	Topic 4 Accounts Receivable, Accounts Payable and Cash  Introduction to Practice Firm Assessment	Reading: Segregation of Duties Activity:  Cinema Paradiso Activity	Assessment 1: Corporate Governance and Internal Controls Test Questions submitted via Canvas.
7	Topic 5 Stock Payroll and non current assets Topic 6 Other accounting systems Topic 7 Compliance Testing	Reading: Payroll and Stock Cycles Activity: Self Testers
8	Work on Practice Firm assessment (Assessment 2) - Meet in Practice Firm	All students to attend Practice Firm to complete their audit reports. Opportunity to ask audit manager questions
9	Work on Practice Firm assessment 2 - Meet in Practice Firm	All students to attend Practice Firm to complete their audit reports. Opportunity to ask audit manager questions
10	Work on Practice Firm assessment 2 Part A & Part B - Meet in Practice Firm	All students to attend Practice Firm to complete their audit reports. Opportunity to ask audit manager questions	Assessment 2  Part A Audit Review Reports submitted
11	Assessment 2 Part B - Role Play	Assessment 2 Part B - Role Play - Teams to meet with the Operational Purchasing  manager and Accounting Manager to discuss 2 of the Purchasing Control issues, their recommendations and implementation timetable	Assessment 2: Part B Group work meetings and timetables completed
12	Work on Assessment 2 Part C Scenario evaluation and recommendations   Interview & Feedback on Practice Firm submissions		Assessment 2 Part C - Complete and submit scenario evaluation and recommendation
13	Resits, resubmissions, feedback
14	Resits, resubmissions, feedback

 ** It's important for students to be aware that a syllabus is a tentative plan for the course and that changes may occur throughout the semester. The teaching schedule may be subject to change. It's a good idea for students to periodically check the syllabus for updates and to communicate with their instructors if they have any questions or concerns about changes to the course information.

Learning Resources

Prescribed Texts

References

Internal Control Procedures - Fawcett & Homewood 6th Edition

978-1-76073-084-0

Other Resources

Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

• implement and maintain at least three internal control procedures.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

• ethical and confidentiality considerations when managing and handling files, records, and data
• cyber security considerations when managing data on computerised systems
• key requirements 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
• key industry standard practices.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

• office equipment, technology, software and consumables required to implement 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 requirements for assessors 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

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 

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.

This assessment task is due for submission as per the Canvas syllabus.

 

TASK 2 Practice Firm Assessment

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. 

Part B - Group Work - You will work in small groups of 2 - 4 to develop implementation schedules for 2 areas of internal control for SBG Travel 

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. 

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

This assessment task is due for submission as per the Canvas syllabus.

 

Assessment Matrix

All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory. 

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: http://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submissions-of -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: http://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration 

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: 

http://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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