Course Title: Audit and report on financial systems and records

Part A: Course Overview

Program: C6163 Advanced Diploma of Accounting

Course Title: Audit and report on financial systems and records

Portfolio: Vocational Education

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.

Important Information:


Please note that this course may have compulsory in-person attendance requirements for some teaching activities. 

To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption. 

Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209. 

Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus 


Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance. 


Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5388C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term1 2022,
Term2 2022,
Term1 2023

ACCT5388C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

 Term1 2019,
Term2 2019,
Term1 2020,
Term2 2020,
Term1 2021,
Term2 2021

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

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



Course Description

This unit describes the skills and knowledge required to supervise an audit of financial systems and prepare the appropriate reports, including assessing options, identifying information sources, determining audit strategies, monitoring progress, reviewing data, verifying financial statements and determining appropriate reporting formats.


It applies to experienced individuals who use specialised knowledge and systematic approaches to analyse and evaluate financial information against specified criteria and compliance 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.

Pre-requisite Courses and Assumed Knowledge and Capabilities

FNSACC516 Implement and maintain internal control procedures



National Competency Codes and Titles

National Element Code & Title:

FNSACC602 Audit and report on financial systems and records

Elements:

1. Assess options

2. Identify information sources

3. Determine audit strategies

4. Schedule resources and timelines and monitor progress

5. Review data and verify statements

6. Determine reporting formats

Learning Outcomes


Overview of Assessment

Performance Evidence

Evidence of the ability to:

  • assess client risk and determine financial audit strategy and methodology
  • schedule resources and timelines, and monitor progress
  • review data, verify financial statements and determine reporting formats that comply with:
  • organisational financial internal control policy and procedures
  • relevant legislative requirements and professional standards.


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

Knowledge Evidence

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

  • identify and explain the key features of current financial legislation and statutory requirements relating to internal control, taxable transactions and reporting requirements
  • identify and explain the key features of current, relevant professional accounting standards
  • outline the duties and responsibilities of auditors
  • discuss professional standards and ethical considerations for management and handling of files and records
  • identify and explain the key principles of:
  • auditing
  • internal control
  • compare and contrast testing procedures and methods of enquiry.


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:

  • common office equipment, technology, software and consumables
  • an integrated financial software system and data.


Assessors must satisfy NVR/AQTF assessor requirements.

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.