Course Title: Implement and maintain internal control procedures

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: BUSM7942C

Course Title: Implement and maintain internal control procedures

School: 650T Vocational Business Education

Campus: City Campus

Program: C5347 - Diploma of Accounting

Course Contact : Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact

Name and Contact Details of All Other Relevant Staff

Bruce Phillips

Ph. 99255735

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


Course Description

This unit describes the skills and knowledge required to review corporate governance requirements, implement operating procedures and monitor policy.

It applies to individuals who use specialised knowledge and analytical skills to ensure organisational policy, compliance and quality requirements are met.

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:

FNSACC506 Implement and maintain internal control procedures


1. Review corporate governance requirements

Performance Criteria:

1.1 Identify and analyse corporate governance and ethical requirements to determine application to operations
1.2 Access clarifications on application of corporate governance requirements from authoritative and recognised sources
1.3 Review and develop internal control procedures, reflecting application of corporate governance requirements to internal operations


2. Implement operating procedures

Performance Criteria:

2.1 Maintain and review financial delegations and accountabilities to ensure consistency and compliance with internal control procedures
2.2 Produce, review and distribute required reports within agreed timelines
2.3 Develop timetables for implementation of corporate governance requirements in consultation with stakeholders
2.4 Detail and document internal control procedures in standardised formats to promote consistency of use


3. Monitor policy

Performance Criteria:

3.1 Develop applications of corporate governance requirements from published sources or recognised practices
|3.2 Develop and report on performance indicators to evaluate compliance with internal control procedures
3.3 Identify and evaluate variations in adoption of corporate governance requirements in operations to determine causes
3.4 Develop and implement modifications to procedures to facilitate compliance with internal control procedures

Learning Outcomes

Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.

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.
We expect you to participate and contribute in all scheduled learning activities.

Teaching Schedule

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
  • Resubmission policy
  • Where to get support
  • Student responsibilities 


 The Teaching Schedule for this course is as follows but please note that it is subject to change.

     Week Week Commencing Topics                                                             Assessment   
 1  08/02/16  Introduction; Topic 1 Corporate Governance and Ethics(Ch 11,12,13)  
 2  150/2/16  Topic 1  to complete
Topic 2 Fraud (Ch 6)
 3  22/02/16  Topic 3 Seven Internal Control Principles (Ch 2)  
 4  29/02/16  Topic 4 Purchases & Accounts Payable cycle (CH 3)  
 5  07/03/16  Test 1  Test 1
 6  14/03/16  Topic 5 Sales & Accounts Receivable cycle (Ch 3)  
 7a  21/03/16  Topic 6 Payroll cycle (Ch 3)  Case study out
   24/03/16 - 30/03/2016  - Mid Semester Break  
 7b  28/03/16    
 8 04/04/16  Topic 7 & 8 Cash, Bank accounts and Non-current assets (Ch 3)  
 9 11/04/16  Topic 9 Computerised accounting system(Ch 4)  
10 18/04/16  Topic 10 Auditing (external audits) (Ch 8  
 11 25/04/16  Topic 10 Auditing (internal audits); Compliance, & operational audits (Ch 7)  
 12 02/05/16  Case study in class  Case study due
 13 09/05/16  Revision  
 14 16/05/16  Test 2 Test 2 
15 23/05/16  Feedback on Test 2  
 16 30/05/16  Resits, resubmissions, feedback  Resit Test 2

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Learning Resources

Prescribed Texts

Internal Controls and Corporate Governance   by Leeson, Di Sisto, Flanders  Third edition   Pearson Australia



Other Resources

Materials posted from time to time on the MyRMIT/ Blackboard

Overview of Assessment

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

Performance Evidence

Evidence of the ability to:

  • interpret and comply with corporate governance requirements, organisational policy, and financial delegations and accountabilities
  • review corporate governance requirements and implement effective operating procedures
  • monitor policy and relevant financial legislation

Knowledge Evidence

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

  • discuss ethical considerations and confidentiality for management and handling of files and records
  • identify and explain the key features of financial legislation relating to taxable transactions and reporting requirements
  • explain a range of methods of work practices and routines relevant to internal control procedures
  • describe the key requirements of organisational policy and procedures relating to:
    • corporate governance
    • financial delegations and accountabilities
  • identify and explain the key principles of internal control and auditing

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
  • corporate governance documentation
  • 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 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



The assessments for this course have been designed to allow participants  apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.

TASK 1 (Due Date:  Week of 7/3/16 )

For this Assessment you are required to sit a test in class, which will cover the first 4 weeks of work. The test is a written short answer test. This test is closed book, except that students are allowed to take in a copy of the textbook, provided it is not marked in any way, except for the 7 internal control principles (headings only).

TASK 2 (Due Date: Week of 2/5/16)

For this assessment task you are to complete a case study.
This case study concerns the structure and activities of a company Berrimah, it is a retail and wholesale organisation with some custom manufacturing. It consists of 5 stores throughout Australia. You need to do an organisation chart, flowcharts of sub-systems, identify weaknesses particularly areas susceptible to fraud, and suggest improvements. In addition you develop an audit plan for an operational audit, and a plan to identify slow moving inventory items.


TASK 3 (Due Date: Week of 16/5/16)

For this assessment you are required to sit a test in class, which will cover weeks 6 to 11 material. The test is a written short answer test. This test is closed book, except that students are allowed to take in a copy of the textbook, provided it is not marked in any way, except for the 7 internal control principles (headings only).


You must successfully complete all assessment tasks to achieve competency.

Assessment Matrix

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, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

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. <check links are still current>

More Information:

Form to use:

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:;ID=g43abm17hc9w

Form to use:

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: <check link is still current>
More Information:;ID=7usdbki1fjf31

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
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.

Course Overview: Access Course Overview