FNSACC506 Implement and maintain internal control procedures

Assessment ToolFNSACC506Implement and maintain internal controlproceduresFNS50215Diploma of AccountingVersion 3.0October 2015Level 2, 25 George Street, Parramatta, NSW 2150Phone: +61 2 9633 1222 Fax: +61 2 9633 1888Email: info@australisinstitute.nsw.edu.au Web: www.australisinstitute.nsw.edu.auABN 17 120 701 911 | RTO ID 91630 | CRICOS ID 03173K Table of ContentsPRE-ASSESSMENT CHECKLIST .. 3ASSESSMENT SUBMISSION SHEET . 4ASSESSMENT INFORMATION .. 5Writing and Submitting the Assessment.. 5ASSESSMENT ACTIVITY 1 REVIEW CORPORATE GOVERNANCE REQUIREMENTS . 2TASK 1.1. 2TASK 1.2. 2TASK 1.3. 2TASK 1.4. 2TASK 1.5. 2TASK 1.6. 2ASSESSMENT ACTIVITY 2 IMPLEMENT OPERATING PROCEDURES.. 3TASK 2.1. 3TASK 2.2. 3TASK 2.3. 3TASK 2.4. 3TASK 2.5. 4ASSESSMENT ACTIVITY 3 MONITOR POLICY.. 5TASK 3.1. 5TASK 3.2. 5TASK 3.3 . 5TASK 3.4. 5ASSESSOR MARKING AND FEEDBACK FORM: IMPLEMENT AND MAINTAIN INTERNAL CONTROL PROCEDURES 6Pre-assessment Checklist Candidates name:Units of competency:FNSACC506 Implement and maintain internal control proceduresTrainer/Assessor:Date:ChecklistComments Talked to the candidate about the purpose of the assessment. Discussed the assessment environment and the process covering whenthe assessment will occur, where the assessment will occur, who will assessthe candidate, and the feedback process. Printed the unit outline and explained the unit of competency includingeach element, performance criteria, foundation skill, performance evidence,and knowledge evidence that the candidate will be assessed on. Discussed the various methods of assessment, assessment instruments,submission requirements and the due date. Discussed what resources are required to successfully complete thisassessment. Discussed what performance level is required for each assessment task. Organised the necessary arrangements to meet the assessmentconditions essential for the candidate to carry out each assessment task. Ensured that the candidate read and understood the StudentAssessment Handbook involving following concepts: authenticity of candidates work re-submission, re-assessment and study plan policy/procedures appeals process regulatory information confidentiality procedures Discussed special needs (if any) of the candidate and made thenecessary arrangements. Summarised information and allowed candidate to ask questions. Assessment Submission SheetCourse Title Diploma of Accounting Course Code FNS50215Unit Title Implement and maintain internal control procedures Unit Code FNSACC506Version 3.0 Created on October 2015Please read and sign this assessment coversheet and submit it together with your assessment to your Assessor by the due date.Student Name Student IDAssessor Date DueDeclarationI affirm that all work submitted in this assessment is my own work and does not involve plagiarism orteamwork other than that authorised for any particular assessment activity. I have read the StudentAssessment Handbook under Section 2 Assessment Guidelines and understood the seriousconsequences in case this work is found plagiarised.Student Signature: Date Signed: ____/____/____Assessor Use OnlyFirst Submission Date Re-submission Date Re-assessment DateS NYS ___/___/____ S NYS ___/___/____SNYS ___/___/____Feedback: Trainer/Assessors Comments:I hereby confirm that I have been given feedback from the Assessor and I agree with the assessment outcome.StudentSignatureAssessorSignature Date ___/___/______Student Feedback on Assessment: Would you like to make any comments about this assessment?Assessment ReceiptStudent Name Student IDCourse Code & Title Extension Granted Yes No Unit Code & Title Date Received ___/___/____First Submission Re-submission Re-assessment Received by Assessment InformationThis assessment tool is designed to gather evidence on your knowledge as well as abilities to review corporategovernance requirements, implement operating procedures and monitor policy. It applies to individuals who usespecialised knowledge and analytical skills to ensure organisational policy, compliance and quality requirements aremet. In addition, it collects evidence on key foundation skills outlined in unit of competency details. YourTrainer/Assessor will go through the unit of competency at the very beginning of this unit explaining each element,performance criteria, foundation skill, performance evidence, and knowledge evidence that you will be assessed onvia this assessment tool. You can find more information at https://training.gov.au/Training/Details/ FNSACC506This assessment has two parts: Assessment Activity 1 Business scenario Assessment Activity 2 Case studies/ Business scenario Assessment activity 3- Business scenarioIn order to be deemed competent in this unit you must obtain satisfactory outcome in each part of this assessment.You must collate the following documents and submit in a portfolio format: Assessment activity oneAssessment activity twoAssessment activity three Guide for Preparing and Submitting Assessment Read each task carefully, to make sure you know what is expected of you. Check whether the task has multipleparts, and make sure you answer all parts.Answer all the required task in the sequence as providedResearch widely and use a variety of reputable sources. Use class notes and discuss with your trainerRemember to observe the principles of academic honesty, as we do check assessments for plagiarism.Writing and Submitting the AssessmentYour answers must be written in a formal format.Write and save your assessment as a Microsoft Word document to your computer.Give a title to your assessment and use headings and subheadings when appropriate.You must submit your assessment as one portfolio where each part must have its own cover page having:Course Code, Course Name Unit Code, Unit Name Date of Submission Your Full Name and Your Student Number Your Trainers/Assessors full nameNumber the pages in the bottom right hand corner.Make sure you present a professional looking portfolio. Use a document folder to collate all your documentstogether. Ensure quality print.Save a back-up copy of your assessment on a portable storage medium, in case your computer fails or is stolen,and/or keep a printed copy.When submitting your assessment, please submit it as one document do not submit the title page, thereferences and the body separately. If you do this, your assessment will be returned to you for re-formatting FNSACC503 Version 3.0 Created on June 2015 Page 1Style Guide for Assessment SubmissionYou must submit your entire assessment in a professional portfolio format using the following guidelines as the formatof your assessment: Language Use formal and non-discriminatory language Avoid informal terms: E.g.; Using Yeah rather than Yes Avoid sexism in languageSpelling Use a spellchecker to ensure your portfolio is free of spelling errors. Spell organisation/brand names as the organisation spells it. E.g.; iPhoneProofreading Ensure the following in your portfolio: correct use of grammar, spelling and punctuation visual consistency and language consistency coherent structure and consistent layout readability and legibility in typography tables have titles and aligned according to the page marginsHeadings andSubheadings Use Cambria (Headings):H1: Main Heading (16pt)H2: Subheading Level 1 (14pt)H3: Subheading Level 2 (13 pt) Use an initial capital for the first word only (unless the heading includes proper names andnouns): E.g.; Assessment Activity 1 Use informative and intriguing wording Using Boxed Headings is optional.Citation andReference List Use Harvard Style Guide Insert in-text citation directly after the information being sourced from an externalsource. Provide a Reference List (Bibliography) at the end of your portfolio Each external image incorporated in your portfolio must be sited.Capitalisation Use initial capitals for positions, personal names, placenames, nationalities, and groups ofpeopleE.g.; Chief Executive Officer Alim Saiyed Parramatta Australia AustralianLists Use a colon to introduce the list, a comma before or/and and a full stop at the end ofthe last item in the list. Use a bullet point as the first level and an en dash (-) as the secondlevelE.g.;Students must enrol in: Accounting units, Marketing units, and Business units Manage Meetings Make a Presentation.FontUse black as text colour and Calibri (Body) 11pt or 12pt for default text (See Headings andSubheadings for headings).Text alignment Use text justification (Ctrl+J) for paragraphs.Spacing Use 1.15 as line spacing.Printing Use Moderate margins for printing (Page Layout Margins Moderate). Print Black/White unless stated otherwise by your Trainer/Assessor.PrivacyPrinciples Visit the following page and familiarise yourself with Australian Privacy Principleshttp://www.oaic.gov.au/privacy-policy-summary For more information on how to write professional documents, you may refer to the Style Manual, sixth edition:http://www.australia.gov.au/publications/style-manualFNSACC503 Version 3.0 Created on June 2015 Page 2Assessment Activity 1 Review corporate governance requirementsAssume you have been just appointed internal auditor of any of the companies in Australia, who started itsoperation as private company recently became a public company. You have to undertake a review of thecorporate governance requirements of the business. The newly created board of directors has concerns thatthey are not sure of their corporate governance obligations. Look at the internal records of the company andanswer following questions. Some of the companies, which became public companies, are Australia in 2015are as below:ALT Resources Limited, Baby Bunting Group Limited, Bitcoin Group Limited, CBL Corporation Limited, DingSheng Xin Finance Co. Limited etc.You could search more on http://www.asx.com.au/prices/upcoming.htmTask 1.1Suggest the company about need for required corporate structural changes. Also, discuss the relevantgovernance and ethical requirements. (1.1)Task 1.2What is the purpose of corporate governance activities?Task 1.3Outlines directors duties determined by ASIC.Task 1.4Discuss ASIC legislative requirements for compliance (1.2)Task 1.5The board of your chosen company is concerned about the internal control procedures currently in place.Review the current procedures. Discuss the importance of reviewing and modifying them. (1.3)Task 1.6Develop procedures to control handling of cash receipts and payments for the chosen company in order toprevent fraud and errors in handling of cash. (1.3)FNSACC503 Version 3.0 Created on June 2015 Page 3Assessment activity 2 Implement Operating ProceduresThis assessment is based on the same public company, which you have chosen in assessment activity one.Answer the following task.Task 2.1To maintain consistency and compliance with internal control procedures, it is very important to maintainand review financial delegations and accountabilities. Discuss this in terms of your chosen company.Task 2.2It is very important to disclose all required information to stakeholders and to the board of directors of anybusiness. What information might be required in reports for? Explain what internal controls mean in termsof reporting. (2.2)Task 2.3Discuss the objectives of internal control in terms of reliability of the financial reports. Also, discuss theimportance of care and time, while preparing financial reports. (2.2)Task 2.4Organisations should lodge reports and statements at a regular basis. Discuss how your chosen companywould determines the correct establishment of lodgement schedules. Develop one for them to lodge BAS.Do a meeting with your trainer taking him/her as managing director of your chosen company. Ask thequestion in those meetings about developing a lodgement schedule. Your questions could include dates,how often you must lodge and about lodgement methods etc.Your trainer will use following checklist to assess your skills of effectively engaging others in verbalexchanges using active listening and questioning to elicit, clarify and convey information.FNSACC503 Version 3.0 Created on June 2015 Page 4 Did the learnersYes/NoCommentsAsk questions?Listen to the answers and recorded theresponses?Answer trainer questions?Questions were asked in professional way. Task 2.5Documentation of procedures would help to enhance your chosen companys controls by maintainingconsistency. Discuss it in detail in context of your chosen company (PC-2.4)FNSACC503 Version 3.0 Created on June 2015 Page 5Assessment Activity 3 Monitor policyThis assessment is based on the same public company, which you have chosen in assessment activity oneand two. Answer the following task.Task 3.1Corporate governance requirements are identified and analysed to determine application to operations.Clarifications on application of corporate governance requirements are accessed from authoritative andrecognised sources. List the name of organisations from where this information can be collected.Define and discuss the role of corporate governance for your chosen business and identify the role, functionand responsibilities of the board of directors.Task 3.2Develop some key performance indicators to evaluate compliance with internal control procedures for yourchosen business. Look at the income statement of your chosen company and develop KPI to make the weakareas better. How would you report and monitor the KPIs?Task 3.3Look at the following scenario; assume it happened at your chosen company.When completing an internal audit, it is found that the company is losing sales due to complaints fromcustomers about delivery of goods. You are required to implement policy and procedures to monitor goodssent to customers.The mission of the policy, monitoring and audit section is to develop and clarify policies, monitor forcompliance, and continually improve and manage the dispute resolution processes. Monitoring services andtechnical assistance is provided to support the companys efforts for accountability for results and improvedservices for customers.After reading these variations in adoption of corporate governance requirements, developModifications to procedures to facilitate compliance with internal control procedures.Task 3.4Discuss the principles of auditing and internal control.FNSACC503 Version 3.0 Created on June 2015 Page 6Assessor marking and Feedback Form: Implement and maintain internalcontrol procedures Assessor Use OnlyAssessors please tick if the evidence supplied is enough to demonstrate satisfactory performance. Also,write comments on the quality of this evidence. Assessment activity one : Review corporate governancerequirementsSNYSCommentsIdentify and analyse corporate governance and ethical requirementsto determine application to operationsAccess clarifications on application of corporate governancerequirements from authoritative and recognised sourcesReview and develop internal control procedures, reflectingapplication of corporate governance requirements to internaloperationsAssessment activity two : Implement operating proceduresNYScommentsMaintain and review financial delegations and accountabilities toensure consistency and compliance with internal control proceduresProduce, review and distribute required reports within agreedtimelinesDevelop timetables for implementation of corporate governancerequirements in consultation with stakeholdersDetail and document internal control procedures in standardisedformats to promote consistency of useAssessment activity three : Monitor policySNYSCommentsDevelop applications of corporate governance requirements frompublished sources or recognised practicesDevelop and report on performance indicators to evaluatecompliance with internal control proceduresIdentify and evaluate variations in adoption of corporate governancerequirements in operations to determine causesDevelop and implement modifications to procedures to facilitatecompliance with internal control proceduresKnowledge EvidenceSNYSCommentsDiscuss ethical considerations and confidentiality for managementand handling of files and recordsIdentify and explain the key features of financial legislation relating totaxable transactions and reporting requirements FNSACC503 Version 3.0 Created on June 2015 Page 7 Explain a range of methods of work practices and routines relevant tointernal control procedures.Describe the key requirements of organisational policy andprocedures relating to: corporate governance financial delegations and accountabilitiesIdentify and explain the key principles of internal control andauditing.Performance evidenceSNYSCommentsInterpret and comply with corporate governance requirements,organisational policy, and financial delegations and accountabilitiesreview corporate governance requirements and implement effectiveoperating proceduresMonitor policy and relevant financial legislation.Foundation skillsSNYSCommentsReadingWritingOral communicationLiteracyNumeracyNavigate the world of workGet the work doneFinal Comments:Assessor Initials:Date:

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