Part A: Course Overview

Program: C5424 Diploma of Accounting

Course Title: Implement and maintain internal control procedures

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.

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5443C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term2 2023,
Term1 2024,
Term2 2024,
Term1 2025

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 review corporate governance requirements and implement and monitor internal control operating procedures.

The unit applies to individuals who use specialised knowledge and analytical skills to confirm that organisational procedures, compliance and quality requirements are met.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.

Pre-requisite Courses and Assumed Knowledge and Capabilities

There is no pre-requisite for this unit.



National Competency Codes and Titles

National Element Code & Title:

FNSACC526 Implement and maintain internal control procedures

Elements:

1. Review corporate governance requirements

2. Implement internal control operating procedures

3. Monitor internal control operating procedures

Learning Outcomes


Overview of Assessment

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

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • implement and maintain at least three internal control procedures.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • ethical and confidentiality considerations when managing and handling files, records, and data
  • cyber security considerations when managing data on computerised systems
  • key requirements of financial legislation relating to financial transactions and reporting requirements
  • benefits and limitations of internal controls and potential consequences of poor internal controls for internal operations
  • key requirements of organisational policies and procedures relating to:
  • corporate governance
  • financial delegations and accountabilities
  • key principles of internal control and auditing
  • key industry standard practices.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • office equipment, technology, software and consumables required to implement and maintain internal control procedures
  • corporate governance documentation required for role
  • organisational operational policies and procedures required for role.

 

Assessors of this unit must satisfy the requirements for assessors 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.