Course Title: Monitor corporate governance activities

Part B: Course Detail

Teaching Period: Term1 2019

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: 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

Sonia Joksimovic

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

There are no pre-requisites for this unit.

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.            Application of, and adherence to, professional and legal accounting standards are monitored to identify emerging trends and interpretations of statutory and other regulatory requirements

1.2. Audit reports and practices are researched to assess methodologies and recommendations

Element:

2. Identify corporate governance reporting trends

Performance Criteria:

2.1.            Organisational practices are analysed to identify corporate governance obligations and performance

2.2.            Queries from statutory and other regulatory authorities for corporate governance failure are examined to assess the change effects on internal control procedures

2.3. Content and structure of reports, returns and processes for review are assessed to evaluate policies being followed by the organisation

Element:

3. Determine processes for corporate governance adherence

Performance Criteria:

3.1.            Internal control procedures are analysed and monitored to determine performance indicators for compliance with corporate governance requirements

3.2.            Information technology systems are evaluated to determine their use and suitability for recording data from operations and transactions for corporate governance obligations

3.3.            Management processes to support corporate governance are established

3.4. Reporting plans are established to ensure completion of compliance requirements within scheduled timeframes

Element:

4. Review corporate governance compliance

Performance Criteria:

4.1.            The achievement of performance indicators is assessed and reviewed against key result areas

4.2.            Compliance preparation processes are monitored and reviewed in line with corporate governance requirements

4.3. Failures in compliance are analysed to diagnose shortcomings and to remedy processes in line with corporate governance requirements


Learning Outcomes



Details of Learning Activities

Students will be progressively introduced to skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practice and review compliance to develop and implement processes and procedures for meeting corporate governance obligations. Students will also develop skills and knowledge required to apply legal principles in corporations and trust law matters.

 

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 individual assignment.

 

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 individual assignment outside scheduled class time. F2F classes are in total three (3) hours per week. The learning activities described will be covered in these classes and we expect you to participate and contribute in all scheduled learning activities.

 


Teaching Schedule

 

Please note this course is clustered (i.e. co-delivered and co-assessed) with BAFI5223C: Apply Legal Principles in Corporation 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.

 

Please Note: The nominal hours associated with what is described above (as reflected below) 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.

 

Week

Start

Topic Outline

Class Work

Assessment

 Unit(s) of Competency

Elements & Performance Criteria 

Week 1

Corporate Governance Introduction   

  Course delivery and assessment details
• Course support documents
• Online learning environment including Blackboard
• Grading
• Plagiarism
• Appeals/Extensions
• Feedback/Privacy
• Submission requirements/Resubmission policy
• Where to get support 
• Student responsibilities

Definition of Corporate Governance
Need for Good Corporate Governance

Corporate Collapses

Corporate Governance Structures in Australia

Corporate Governance Regulators

Good Corporate Governance Standards

  • Lehman Video & Enron Case
  • Monitor Corporate Governance Activities text (MCGA) Chapter 1 - Self Testers, Chapter Review Questions 6, 7, 8, 9, 11. Assignment 1

 

 

 

 

Week 2

 Corporate Ethics

Definition

Importance of Ethics

Ethical Professional Self Regulation

Company Code of Conduct

  •  Develop a Code of Conduct for RMIT Advanced Diploma Students
  • Read Modern Perils of Business Ethics article
  • Review HIH Case
  • MCGA Text Chapter 2 - Self Testers, Chapter Review Questions - 2, 3, 4, 5, Assignment

 

 

 

Week 3

 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

  •  Read Internal  Control framework at AMP
  • MCGA text Chapters 3 & 4 Self testers, Chapter 3 review questions 1, 2, 4, 5, 9, 11, 17,  Chaper 4 review questions 1, 2, 3, 5, 8, 11, 12, 18, 19
  • Assignment Chapter 3 - Barings Bank disaster

 

 

 

Week 4

 ASX Guidelines for Listed Companies

The role of the ASX

ASX Corporate Governance Council

Corporate Governance Principles and Recommendations

  •  Review ASX Corporate Governance Principles and Recommendations (Ed 3) and Board of Directors Charter
  • MCGA text Chaper 5 Self testers, Chapter Review Questions 1, 2, 4, 5, 6, 8, 9, 10, 11, 12, 14

 

 

 

Week 5

Choosing a Business Structure

Types of Business Structures

Advantages / Disadvantages of Business Structures

  • Corporations & Trusts Law (CTL) text Chapter 1 self test exercise 1 -7, True/False questions, Chapter Review questions 1, 2, 3, 5, 6, 7, 8, 9, 10

Complete and submit in-class quiz

Team presentation assignment available to students

 

 

Week 6

 The Company

The Corporations Act 2001

Seperate Legal Entity

Shareholders and Limited Liability

Classification of Companies

Registration

Company Obligations

Promoters and Pre-incorporation Contracts

  •  CTL Text chapter 2 True/False Questions, Review Questions 1, 2, 3, 4, 5, 7, 8, 10, 17, 20, 25, 26

 Final Assignment available to students

 

 

Week 7

 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

  •  CTL Text Chapter 3 True / False questions, Review Questions 1, 2, 3, 4, 5, 7, 8

 

 

 

 

MID SEMESTER BREAK

 

 

 

 

 

 

Week 8

 Directors’ Duties

Fiduciary Duties

Statutory Duties

The insolvent trading rule

  •  CTL Text Chapter 4 True / False questions, Review Questions 1, 2, 3, 4, 5, 7, 8, 10, 11, 12, 13, 15, 

 

 

 

Week 9

 Share Capital & Fundraising

Financial resources of a Company

Classes of Shares

Issuing Shares

Retention of Capital

Share Buy-Backs

Going Public

  •  CTL Text Chapter 5 True/False Questions, Review Questions 1, 2, 3, 4, 5, 7, 8, 12, 13, 16, 17, 18, 19

 

 

 

Week 10

 External Administration of Companies

Voluntary Administration

Receivership

Winding Up or Liquidation

  •  CTL Text Chapter 6 True / False questions, Review questions 1, 2, 3, 5, 6, 7, 8, 10, 11, 12, 13, 14, 16, 17, 20

 

 

 

Week 11

 Associations

Unincorporated Associations

Incorporated Associations

Eligibility

Not-for-Profit

Advantages and Disadvantages of Incorporation

 

  • CTL text Chapter 7 True /False questions, Review Questions 1, 2, 3, 4, 6, 7, 8, 9, 10

 

 

 

Week 12

 

 

 Legislation / Compliance Team Presentations Assessment

 

 

Week 13

 Trusts

Elements of a Trust

Types of Trusts

Continuity of Existence

Winding up Trusts

  •  CTL Text Chapter 8 True / False questions, review questions 1, 2, 3, 3, 5, 6, 7, 9, 10, 11, 15, 17, 18, 20, 21, 22, 25, 26, 27

 

 

 

Week 14

 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

  •  MCGA Text Chapter16 Self testers Chapter Review questions 11, 12, 13 Chapter 17 Self Testers, Review Questions 5, 6, 7

 

 

 

Week 15

 Environmentally Sustainable Work Practices

Sustainability

Sustainability Policies and Legislation

Developing Strategies and Implementing Change

 

  •  MCGA Text Chapter 20 - Self Testers Chapter Review questions 1, 2, 3, 4, 5,8, 9, 11, Chapter Assignment

 On-Line submission of Final Assignment

 

 

 

Week16

 Resubmissions

 

 

 

 


Learning Resources

Prescribed Texts

Monitor Corporate Governance Activities - by Matthew 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

Assessment Tasks

 

Please note that this course is clustered/co-delivered and co-assessed holistically as a group of two (2) course being, ACTT5316c - Monitor Corporate Governance Activities and BAFI5223C Apply Legal Principles in Corporation and Trust Law. As a result, other than the elements and critical aspects to this course, the two course guides will depict the same information.

 

 

Task 1: Quiz (20 multiple questions) - Will be held in class on Week 5 (see ACCT5386C course guide as Quiz relates to Chapters 1-4 of Monitor Corporate Governance Activities by Matthew Fawcett textbook

 

Task 2: Team Presentation (Group of 2 maximum) - Available to students Week 5, Presentation Due Week 12

 

Task 3: Individual Presentation - Available to students Week 6, Due Week 15

 

The Teacher or Course Coordinator may request anytime to ask students to demonstrate and/or reproduce assessments to validate authenticity.  AND Students must get competency in all the assessment tasks in order to obtain competency in this course.

 

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

 

 

Resubmissions (VE 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.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

 

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:

https://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.

 

 

Marking Guide (Grading)

 

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

 

Final Grades table:

 

 

CHD

Competent with High Distinction

 

 

CDI

Competent with Distinction

 

 

CC

Competent with Credit

 

 

CAG

Competency Achieved – Graded

 

 

CA

Competency Achieved – Not 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

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

https://rmit.instructure.com/courses/30267/assignments

 

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 that must be signed.

·   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.

 

Course Overview: Access Course Overview