Course Title: Monitor corporate governance activities

Part B: Course Detail

Teaching Period: Term2 2017

Course Code: ACCT5386C

Course Title: Monitor corporate governance activities

School: 650T Vocational Business Education

Campus: City Campus

Program: C6148 - Advanced Diploma of Accounting

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email: ben.sethia@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Sonia Joksimovic (Program Coordinator & Teacher, Sem 2 2017)

Sonia.Joksimovic@rmit.edu.au

Nominal Hours: 60

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

None

Course Description

This unit describes the skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations.

It applies to individuals who use and maintain current and specialised knowledge and analytical skills to provide advice on organisational processes to meet compliance and management requirements.

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


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC604 Monitor corporate governance activities

Element:

1. Establish corporate governance standards and practices

Performance Criteria:

1.1 Monitor application of and adherence to professional and legal accounting standards to identify emerging trends and interpretations of statutory and other regulatory requirements

1.2 Research audit reports and practices to assess methodologies and recommendations

Element:

2. Identify corporate governance reporting trends

Performance Criteria:

2.1 Analyse organisational practices to identify corporate governance obligations and performance

2.2 Examine queries from statutory and other regulatory authorities for corporate governance failure to assess change effects on internal control procedures

2.3 Assess content and structure of reports, returns and processes for review to evaluate policies being followed by organisation

Element:

3. Determine processes for corporate governance adherence

Performance Criteria:

3.1 Analyse and monitor internal control procedures to determine performance indicators for compliance with corporate governance requirements

3.2 Evaluate information technology systems to determine their use and suitability for recording data from operations and transactions for corporate governance obligations

3.3 Establish management processes to support corporate governance

3.4 Establish reporting plans to ensure completion of compliance requirements within scheduled timeframes

Element:

4. Review corporate governance compliance

Performance Criteria:

4.1 Assess achievement of performance indicators and review against key result areas

4.2 Monitor compliance preparation processes and review in line with corporate governance requirements

4.3 Analyse failures in compliance to diagnose shortcomings and to remedy processes in line with corporate governance requirements


Learning Outcomes



Details of Learning Activities

 

In this clustered/co-delivered, holistic course comprising two units and using the textbooks and other materials, students will be progressively introduced to skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations. They will also develop skills and knowledge required to apply legal priniples in corporations and trusts law matters. With respect to the full-time students, in-class activities will account for some of the nominal hours allocated to this course and will include a range of self-paced and collaborative learning activities such as class discussion, completion and review of set exercises and work, tests, team presentation and a comprehensive assignments in which parts involve a simulated/real workplace environment.

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

The hours of self-directed/self-paced learning by students will be taken up with reading, research, set work on exercises and the completion of the assignment outside scheduled class time. Please note that the format of the classes will in total, three hours per week. The learning activities described above will be covered in these classes and we expect you to participate and contribute in all scheduled learning activities..
 


Teaching Schedule

 

 

Please note that this course is clustered/co-delivered holistically as a group of two courses those being, ACCT 5386C - Monitor Corporate Governance Activities and BAFI5223C Apply legal principles in corporations and trusts law. As a result, other than the elements and the critical aspects specific to this course, the two course guides will depict the same information.

The teaching schedule for this course is as follows:

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
• Competency/Grading Criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements

 

 

Week

Week Commencing

Topics & Activities               

Assessment

 1

3 July 2017

Introduction:

  • Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
• Competency/Grading Criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities    

     Corporate Governance Introduction

Definition of Corporate Governance

Need for Good Corporate Governance

Corporate Collapses
Corporate Governance Structures in Australia

Corporate Governance Regulators

Good Corporate Governance Standards
          

 

2

10 July 2017

Corporate Ethics

Definition

Importance of Ethics
Ethical Professional Self Regulation

Company Code of Conduct
 

 

3

17 July 2017

Internal Controls, Risk & Compliance
 

Internal Control Systems Definition
Controls
The Control environment
Types of Internal Controls
Risk definition
Types of Risk
GFC

Risk Management
Governance, Risk & Compliance
 

 

 4

 24 July 2017

 ASX Guidelines for Listed Companies

The role of the ASX

ASX Corporate Governance Council

Corporate Governance Principles and Recommendations
 

 

 5

31 July 2017

 Choosing a Business Structure
 

Types of Business Structures


Advantages / Disadvantages of Business Structures
 

 


Team presentation assignment available to students
 

 6

7

August 2017

 

 The Company
 

The Corporations Act 2001

Separate Legal Entity
Shareholders and Limited Liability
Classification of Companies
Registration
Company Obligations
Promoters and Pre-incorporation Contracts
 

Final Assignment available to students

 7

14 August 2017

 Management


Division of Power within a Company

Types of Directors

How Directors are appointed

Resignation and removal from Office
Appointment of Company Secretary

Remuneration of Directors

Membership
 

 

 8

 21 August 2017

 Directors’ Duties


Fiduciary Duties


Statutory Duties


The insolvent trading rule
 

 

 

 28 August - 1 September 2017

 MID SEMESTER BREAK

 

 9

4 September 2017

 Share Capital & Fundraising


Financial resources of a Company

Classes of Shares

Issuing Shares

Retention of Capital
Share Buy-Backs

Going Public
 

 

 10

 

11 September 2017

 

 

 External Administration of Companies


Voluntary Administration


Receivership


Winding Up or Liquidation
 

 

 11

18 September 2017

 Associations
 Unincorporated Associations

Incorporated Associations

Eligibility

Not-for-Profit

Advantages and Disadvantages of Incorporation
 

 

 12

25 September 2017

 

Legislation / Compliance Team Presentations Assessment

 13

 3 October 2017

 Trusts

Elements of a Trust
Types of Trusts

Continuity of Existence

Winding up Trusts
 

 

 14

9 October 2017

 Accounts, Reporting & Auditing

Corporate Reporting

Record-keeping

Financial Reporting

Directors’ Report

Continuous Disclosure

Main function of an Audit
Independence
Appointment and Removal Duties and responsibilities of an Auditor
 

 

 15

16 October 2017

 Environmentally Sustainable Work Practices

Sustainability
Sustainability Policies and Legislation
Developing Strategies and Implementing Change
 

On-Line submission of Final Assignment

16

23 October 2017

Resubmissions

 


Learning Resources

Prescribed Texts

Monitor Corporate Governance Activities - Mathew Fawcett


References


Other Resources

You may be required to purchase other textbooks. This will be confirmed early in the semester by your program coordinator and teacher.


Overview of Assessment

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

Performance Evidence

Evidence of the ability to:

  • research corporate governance reporting trends
  • determine processes for monitoring corporate governance adherence
  • examine and review corporate governance standards and practices following:
    • professional accounting standards
    • organisational policy and procedures
    • statutory and regulatory requirements
       

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • access and accurately interpret authority regulations and requirements
  • identify and explain the key features of current financial legislation, and statutory and regulatory requirements
  • explain the current formats required for submission of statutory returns
  • discuss ethical considerations relating to compliance and governance
  • outline the key management processes that support corporate governance
  • identify and explain the forms and functions of employee records
  • identify and explain the key principles of:
  • internal control
  • valuation and common methods of depreciation
  • discuss the significance of performance indicators and key result areas relevant to monitoring corporate governance activities
     

Assessment Conditions

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

  • common office equipment, technology, software and consumables
  • an integrated financial software system and data
  • corporate governance documentation and organisational operational policy and procedures information

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

Overview of Assessment

 

 

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

Assessment Tasks

Please note that this course is clustered/co-delivered and co-assessed holistically as a group of two courses those being, ACCT 5316C - Monitor Corporate Governance Activities and BAFI5205C Apply legal principles in corporations and trusts law. As a result, other than the elements and the critical aspects specific to this course, the two course guides will depict the same information.

Critical aspects of assessment:

Evidence of the following is essential:

  •  access and accurately interpret statutory and regulatory authority regulations and requirements
  • apply professional accounting standards and meet organisational policies and procedures
  • research corporate governance reporting trends
  • determine processes for corporate governance adherence
  • examine and review corporate governance standards and practices
  • demonstrate knowledge and understanding of the corporations and trusts law such that current statute, common law and equitable principles can be applied, to particular fact circumstances in order to provide advice
  • draw conclusion having regard to the facts and relevant law
  • access information on relevant legislation, statutes, regulation and legal judgements.

Assessment Tasks:

You are required to complete the following:

1. Presentation

A practical case study will be provided to students. In teams of 2 , the students will be allocated a legislation topic for them to research and identify compliance shortcomings in the case study. The teams will present their recommendations and research to the class. A hard copy of the presentation (Powerpoint) will need to be handed to your instructor and a copy to be submitted online via Blackboard. To be successful in this unit of competency a student must be able to demonstrate competency in the required task.
 
Your teacher will discuss the assessment matrix for each assessment with the class at the beginning of the semester and prior to the assessment taking place. Each student will also receive this document completed by the teacher and the feedback with regard to performance in each assessment.

 

The availability and submission due date weeks are contained in the ''teaching schedule''.
 
2. Assignment


Students will be allocated a series of major assignment question to be completed individually and submitted on-line by week 15. The questions will be a simulated work place scenarios that the students will need to carefully plan and address all relevant issues. The student must present their answers in the form of a business report as though providing advice to accounting or business clients. This assignment is used to determine competency. To be successful in this unit of competency a student must be able to demonstrate competency in the required tasks as outlined by the assignment.

 

The availability and submission due date weeks are contained in the ''teaching schedule''.
 


Assessment Matrix

Assessment Matrix

 

The assessment matrix that maps all the assessment is available on Blackboard

 

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 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 each assessment task 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.   For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

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 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
each assessment task 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. For example, Colin Byron, 324567, Task 2,
OHTH5844C Ensure safe workplace, Page 1 of 10.


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. <check links are still current>
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 unsuccessful 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=7usdbki1fjf31Resubmissions (VET Programs):
 

Course Overview: Access Course Overview