Course Title: Monitor corporate governance activities
Part B: Course Detail
Teaching Period: Term1 2019
Course Code: ACCT5430C
Course Title: Monitor corporate governance activities
School: 650T Vocational Business Education
Campus: City Campus
Program: C6163 - 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
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 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 Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC624 Monitor corporate governance activities |
Element: |
1. Establish corporate governance standards and practices |
Performance Criteria: |
1.1 Monitor organisation s application of and compliance with 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 to evaluate efficacy of policies being followed by organisation |
Element: |
3. Determine processes for corporate governance compliance |
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 agreed timeframes |
Element: |
4. Review corporate governance compliance |
Performance Criteria: |
4.1 Assess achievement of performance indicators and determine sources of variance against established performance targets 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 improve 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.
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Week Start |
Topic Outline |
Class Work |
Assessment |
Unit(s) of Competency |
Elements & Performance Criteria |
Week 1 |
Corporate Governance Introduction Course delivery and assessment details Definition of Corporate Governance Corporate Collapses Corporate Governance Structures in Australia Corporate Governance Regulators Good Corporate Governance Standards |
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Week 2 |
Corporate Ethics Definition Importance of Ethics Ethical Professional Self Regulation Company Code of Conduct |
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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 |
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Week 4 |
ASX Guidelines for Listed Companies The role of the ASX ASX Corporate Governance Council Corporate Governance Principles and Recommendations |
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Week 5 |
Choosing a Business Structure Types of Business Structures Advantages / Disadvantages of Business Structures |
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Complete and submit in-class quiz Team presentation assignment available to students |
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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 |
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Final Assignment available to students |
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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 |
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MID SEMESTER BREAK
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Week 8 |
Directors’ Duties Fiduciary Duties Statutory Duties The insolvent trading rule |
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Week 9 |
Share Capital & Fundraising Financial resources of a Company Classes of Shares Issuing Shares Retention of Capital Share Buy-Backs Going Public |
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Week 10 |
External Administration of Companies Voluntary Administration Receivership Winding Up or Liquidation |
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Week 11 |
Associations Unincorporated Associations Incorporated Associations Eligibility Not-for-Profit Advantages and Disadvantages of Incorporation
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Week 12 |
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Legislation / Compliance Team Presentations Assessment |
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Week 13 |
Trusts Elements of a Trust Types of Trusts Continuity of Existence Winding up Trusts |
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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 |
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Week 15 |
Environmentally Sustainable Work Practices Sustainability Sustainability Policies and Legislation Developing Strategies and Implementing Change
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On-Line submission of Final Assignment
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Week16 |
Resubmissions |
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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
Performance Evidence
Evidence of the ability to:
- research corporate governance reporting trends and apply research to organisational practices
- determine processes for monitoring corporate governance compliance
- examine and review corporate governance standards and practices following:
- professional accounting standards
- organisational policies and procedures
- statutory and regulatory requirements.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Knowledge Evidence
The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.
- Key features of documentation required to monitor corporate governance activities, including:
- authority regulations and requirements
- current financial legislative, statutory and regulatory requirements
- Current formats required for submission of statutory returns
- Ethical considerations relating to compliance and governance
- Key management processes that support corporate governance
- Forms and functions of employee records
- Key principles of:
- internal control
- valuation and common methods of depreciation
- Significance of performance indicators and key result areas to monitoring corporate governance activities
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:
- office equipment, technology, software and consumables required to monitor corporate governance activities, including:
- access to the internet
- an integrated financial software system and data
- corporate governance documentation and organisational operational policies and procedures.
Assessors of this unit must satisfy the assessor requirements 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
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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 Information: https://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:
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: | |||
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CHD |
Competent with High Distinction |
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CDI |
Competent with Distinction |
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CC |
Competent with Credit |
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CAG |
Competency Achieved – Graded |
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CA |
Competency Achieved – Not Graded |
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NYC |
Not Yet Competent |
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DNS |
Did Not Submit for assessment |
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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