Course Title: Conduct internal audit
Part B: Course Detail
Teaching Period: Term1 2014
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
Claudio Marasco - claudio.marasco@rmit.edu.au 99251651
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 |
Performance Criteria: |
1. Evaluate information 1.1 Systems specifications are evaluated against user requirements 1.2 Hardware and software needs are identified from assessment 1.3 Possible uses and handling of accounting data are evaluated 1.4 Organisational procedures and policies are analysed to 1.5 Enquiries regarding use of systems are monitored and
2.2 Strengths and weaknesses of organisational processes, 2.3 Implementation is designed to cover outcomes, resource 2.4 Schedules are established that are realistic and feasible in
3.2 Estimates of stock levels are monitored and reviewed to 3.3 Records of resource use are compared with unit cost 3.4 Factors influencing resource use in the future are analysed
4.2 Costs of plans are monitored and controlled by evaluating 4.3 Internal control systems are adjusted to ensure the |
Learning Outcomes
Details of Learning Activities
Primarily you will be learning face to face, with an online course site (Blackboard) used to disseminate materials, including videos, notes and activities and to provide access to on-line assessments & assessment submission points.
Students will be required to read the course text before coming to class. The class is structured so that the reading is completed out of class.
Students will be placed into teams of two and will be allocated one specific topic from the textbook to research and present to the class. This will contribute to competency. In class, students will be assigned Review Questions from the text book to complete to indicate their understanding of the course material. Students will also need to submit a series of BLOG’s from the Practical Application Questions from the textbook. Completing of the BLOG will also contribute to competency.
There will be three on-line tests that the students need to pass in order to be deemed competent.
Teaching Schedule
| Week | Week Commencing | Topic Outline/Assessment | Class Work | BLOG Activity |
| 1 | 10-Feb-2104 | Introduction and overview of Audit & Assurance |
Review Questions 1.11,1.12,1.13,1.15,1.17,1.18 |
Professional Application Questions (PAQ) 1.23, 1.32 |
| 2 | 17-Feb 2014 | Ethics, legal liability and client acceptance |
Review Questions 2.11,2.12,2.13, 2.15,2.17,2.18 |
PAQ 2.23,2.30 |
| 3 | 24-Feb-2014 | Risk Assessment 1 |
Review Questions 3.11,3.13,3.14,3.15,3.20 |
PAQ 3.25,3.27 |
| 4 | 3-Mar-2014 | On-Line Test - Topics 1 & 2 | ||
| 5 | 10-Mar-2014 | Risk Assessment 2 |
Review Questions 4.11,4.12,4.13,4.16,4.19 |
PAQ 4.27,4.29 |
| 6 | 17-Mar-2014 | Audit Evidence |
Review Questions 5.11,5.12,5.13,5.15,5.18 |
PAQ 5.24 |
| 7 | 24-Mar-2014 | Gaining an understanding of the client’s system of internal controls |
Review Questions 6.11,6.12,6.14,6.16,6.17,6.20 |
PAQ 6.25 |
| 8 | 31-Mar-2014 | Sampling & overviewof the risk response phase of the audit |
Review Questions 7.11,7.12,7.13,7.16,7.17,7.19,7.22 |
PAQ 7.25 |
| 9 | 7-Apr-2014 | On-Line Test - topics 3,4,5,6,7 | ||
| 10 | 14-Apr-2014 | Execution of the Audit - Tesing of Controls |
Review Questions 8.12,8.13,8.14,8.16,8.17,8.18,8.21 |
|
| 21-Apr-2014 | MID SEMESTER BREAK | |||
| 11 | 28-Apr-2014 | Execution of the Audit - Performing Substantive procedures |
Review Questions 9.12,9.13,9.14,9.15, 9.16 |
|
| 12 | 5-May 2014 | Substantive Testing & Balance Sheet Accounts |
Review Questions 10.11,10.13,10.14,10.15,10.17 |
PAQ 10.27 |
| 13 | 12 May-2014 | Substantive testing & Income Statement accounts |
Review Quesions 11.12,11.13,11.14,11.15,11.16 |
PAQ 11.28 |
| 14 | 19-May-2014 | Completing and reporting on the Audit |
Review Questions 12.11,12.13,12.14,12.16 |
PAQ 12.24 |
| 15 | 26-May-2014 | Online test - Topics 8,9,10,11 |
Learning Resources
Prescribed Texts
Auditing - A Practical Approach Moroney, Campbell, Hamilton- Edition 2 |
References
Other Resources
FOR ONLINE COLLABORATE SESSION, PLEASE ENSURE YOU HAVE JAVE INSTALLED ON YOUR COMPUTER https://java.com/en/download/index.jsp AND A HEADSET AND MICROPHONE
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
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
PLEASE NOTE:
This unit will be co-delivered and co-assessed with one other unit namely FNSACC602A ( Audit & Report on Financial Systems & Records)
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:
• interpret and analyse organisational financial policies and procedures
• comply with relevant professional standards and internal control procedures
• access options to determine financial audit strategies
• schedule resources and timelines and monitor progress
• review data, verify financial statements and determine reporting formats.
Assessment Tasks
1. Team Presentation
All students will be divided into teams of 2 and be allocated a topic from the Auditing - A Practical Approach textbook. The teams will research the topic and present the key learnings to the class. The students will be assessed as Competent based on criteria set in an assessment rubric.
2. Weekly Blog
Weekly Questions set from the Practical Application Questions from the text will need to be completed by all students They must be submitted online via a weekly Blog.
3. Online Tests
3 On-Line tests will be scheduled during the semester. Thes tests will consist of MCQ and True/False questions. The students will be allowed multiple attempts to attain competency.
Assessment Matrix
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.
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 Not Yet Competent 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=7usdbki1fjf31
Other Information
When submitting assessments 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 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.
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 Not Yet Competent 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=7usdbki1fjf31
Assessment Matrix
Course Overview: Access Course Overview