Course Title: Develop and manage financial systems
Part B: Course Detail
Teaching Period: Term1 2021
Course Code: ACCT5394C
Course Title: Develop and manage financial systems
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
Upasana Mahajan
upasana.mahajan@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 strategically manage finances directly linked to organisational performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.
It applies to individuals in positions of responsibility who use a range of specialist and managerial techniques to assess requirements, and prepare, plan and review their work and that of others.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSORG602 Develop and manage financial systems |
Element: |
1. Establish financial system requirements |
Performance Criteria: |
1.1 Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration 1.2 Identify and record reporting and procedural requirements that affect the organisation for future reference 1.3 Include satisfactory security mechanism for internal financial audit controls in system specifications 1.4 Identify risks to financial viability and cost contingency strategies to manage risk |
Element: |
2. Design financial management systems |
Performance Criteria: |
2.1 Access sources of competent assistance and use advice to secure financial records and assets 2.2 Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow 2.3 Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions 2.4 Ensure financial reporting requirements are known and used by relevant personnel 2.5 Ensure established financial reports provide accurate and timely data required for financial decision making 2.6 Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions 2.7 Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards 2.8 Prepare financial reports at regular intervals in required format to meet external audit requirements |
Element: |
3. Prepare and review financial plans |
Performance Criteria: |
3.1 Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments 3.2 Maintain probity in planning and implementation of financial management activities 3.3 Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation |
Element: |
4. Monitor and review financial reporting systems |
Performance Criteria: |
4.1 Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments 4.2 Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances |
Learning Outcomes
Details of Learning Activities
This is a face to face unit covered in class. We will dedicate 3 hours per week for 17 weeks to this unit.
There will be 3 assessments.
You should look at first the ‘Welcome and Orientation’ module and ‘Assignments’ area in Canvas. You should be aware of assessment due dates as you progress through the semester.
Be sure to refer to myRMIT and myTimetable to be organised for Week 1 and locating classes.
During the course you will learn the skills and knowledge required to strategically manage finances directly linked to organisational performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.
This unit requires you to undertake a Voluntary Practical Placement. You are required to undertake a voluntary placement. You will have to seek a placement and work there for some time( Minimum 10 days). During the placement you will be working/ visiting the employer’s organisation. The employer that you should look for either should belong to the Accounting industry predominantly like an Accounting firm where lots of clients come and the firm provides the financial solutions to them or should be a business unit of a large organisation who is responsible of looking after organisation’s financial needs and provide solutions based on the financial system requirements.
You are asked to look for the business where you will get enough exposure to observe the financial plans and will be able to build some skills within the area.
Teaching Schedule
*please note this schedule can be subject to change and any changes will be notified via CANVAS
Develop and Manage Accounting Systems |
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Weekly Schedule |
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Week No. |
Topic: |
Activities and tasks |
1 |
Outline of course, Introduction to the accounting system, ethics |
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2 |
Establish financial system requirements |
Assessment 1&2- Prac placement assessment issued |
3 |
Establish financial systems |
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4 |
Design financial management systems |
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5 |
Design financial management systems |
Assessment 3 - Knowledge based assessment released |
6 |
Spreadsheet design and other uses |
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7 |
Accounting software |
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8 |
Prepare and review financial plans |
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Prac Placement (WIL) 5 days plus another 5 days in other weeks |
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9 |
Prepare and review financial plans |
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10 |
Prepare and review financial plans |
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11 |
Monitor and review financial reporting system |
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12 |
Monitor and review financial reporting system |
Assessment 1- Report due |
13 |
Report Presentation in class |
Assessment 2 - Supervisor report due |
14 |
Report Presentation in class - Continued |
|
15 |
Assessment 3 due | Assessment 3 -Knowledge based assessment due |
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Resits if required |
Learning Resources
Prescribed Texts
References
Accounting Information Systems |
978-1-76073-083-3 |
Other Resources
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include:
- Course outlines
- Power point Presentations
- Supporting Reading material
- Industry relevant articles
- Activities.
Overview of Assessment
Performance Evidence
Evidence of the ability to:
- determine organisational requirements and design parameters for a financial system
- undertake risk assessment, evaluation and management of financial reporting
- comply with relevant statutory, regulatory, professional and practice requirements
- apply costing and budgeting techniques and tools.
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:
- explain the key requirements of legislation and regulations relevant to managing financial systems including:
- finance
- taxation
- trust accounts
- trade practices
- security requirements
- ethical requirements
- explain accounting and bookkeeping practices required for financial control
- outline the key features to be considered in financial system design
- explain the key features of organisational administrative systems and practices
- explain cost-benefit analysis
- outline reporting and auditing requirements for business
- explain the types and characteristics of systems, technology and software required to manage the functions of an organisation.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills 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.
Assessment Tasks
Assessments
There will be three assessments in this course. In order to complete the unit, you will have to complete all the three assessments successfully.
Assessment 1 (due Week 12) - This is report-based assessment. You are required to undertake a voluntary placement. During the placement you will be working/ visiting the employer’s organisation. You are expected to consult the relevant stakeholder and observe the accounting and general office environments in the organisation where you work for placement and based on that you will ask the questions. The main questions you would ask will be to establish the organisation financial system requirements and based on that you would design their financial system, prepare and review their financial plans and monitor their financial reporting system. Based on the responses collected, you will prepare a detailed report and submit.
Assessment 2 (due Week 13) - For this assessment task, you will be required to undertake a variety of activities in a financial workplace under supervision of a workplace supervisor. The purpose of this assessment is for the student to demonstrate an ability to undertake a range of activities in a financial workplace under the supervision of a workplace supervisor. You will be given a checklist of tasks that must be completed during your work placement.
To be marked competent in this unit, you are to demonstrate that you have undertaken the required activities successfully in a financial workplace under the direction/supervision of your workplace supervisor. By completing this checklist, the supervisor is providing supporting evidence to assist you in achieving a competent result in this unit.
Assessment 3 (due Week 15) - This assessment is a short-answer knowledge assessment designed to assess the application of knowledge of the Financial industry.
You will be given this assessment at the start of the semester and will complete this knowledge assessment in your own time and submitted on Canvas by the due date as indicated on the Canvas shell. This knowledge assessment is an individual assessment task that must be completed with minimal support from the student’s supervisor (allowed support includes further explanation of the task requirements or explanation of assessment criteria etc.)
Please note *
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.
Assessment Matrix
The assessment matrix that maps all the assessment is available on CANVAS under Assignments.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.
Other Information
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Submission Requirements
You should:
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.
Final Grades table: | |||
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CA |
Competency Achieved |
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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.
Course Overview: Access Course Overview