Implement and maintain internal

Implement and maintain internal control procedures

Module 5 Week 7 Term and Year Term 2 2018 Assessment Type Case study Student Name: Student ID No: Qualification : FNS50215 Diploma of Accounting Unit Code: FNSACC506 Unit Title: Implement and maintain internal control procedures Assessors Name Ada Du Student Declaration: I declare that this work has been completed by me honestly and with integrity. I understand that the Elite Education Vocation Institutes Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks. Student Name: Student Signature: Date: Assessment submission (new) requirements Please save this file as PDF format (include your name to the filename) before uploading onto Moodle. Assessment deadlines penalty It is expected that unless a simple extension, special consideration or disability services adjustment has been granted, candidates will submit all assessments for a unit of study on the specified due date. If the assessment is completed or submitted within the period of extension, no academic penalty will be applied to that piece of assessment. If an extension is either not sought, not granted or is granted but work is submitted after the extended due date, the late submission of assessment will result in a late penalty fee of AUD$50/- per assessment. Assessment/evidence gathering conditions Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve competence when all assessment components listed under procedures and specifications of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did Not Submit (DNS) will be recorded. Principles of Assessment Based on Clauses 1.8 1.12 from the Australian Standards Quality Assurances (ASQA) Standards for Registered Training Organizations (RTO) 2015, the learner would be assessed based on the following principles: Fairness (1) the individual learners needs are considered in the assessment process, (2) where appropriate, reasonable adjustments are applied by the RTO to take into account the individual leaners needs and, (3) the RTO informs the leaner about the assessment process, and provides the learner with the opportunity to challenge the result of the assessment and be reassessed if necessary. Flexibility assessment is flexible to the individual learner by; (1) reflecting the learners needs, (2) assessing competencies held by the learner no matter how or where they have been acquired and, (3) the unit of competency and associated assessment requirements, and the individual. Validity (1) requires that assessment against the unit/s of competency and the associated assessment requirements covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their practical application, (3) assessment to be based on evidence that demonstrates tat a leaner could demonstrate these skills and knowledge in other similar situations and, (4) judgement of competence is based on evidence of learner performance that is aligned to the unit/s of competency and associated assessment requirements. Reliability evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessment Rules of Evidence Validity the assessor is assured that the learner has the skills, knowledge and attributes, as described in the module of unit of competency and associated assessment requirements. Sufficiency the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a judgement to be made of a learners competency. Authenticity the assessor is assured that the evidence presented for assessment is the learners own work. This would mean that any form of plagiarism or copying of others work may not be permitted and would be deemed strictly as a Not Yet Competent grading. Currency the assessor is assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past. Resources required for this Assessment All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint Upon completion, submit the assessment via the student learning management system to your trainer along with the completed assessment coversheet. Refer the notes on eLearning to answer the tasks Any additional material will be provided by Trainer Instructions for Students Please read the following instructions carefully This assessment is to be completed according to the instructions given by your assessor. Students are allowed to take this assessment home. Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date. Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency. If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. Please refer to the College re-assessment and re-enrolment policy for more information. The following situations have occurred during the year at your audit client, Electric Blue Ltd, a large chemical company: (a) A clerk entered the wrong account number for a customer while entering the sales transactions for the day on the computer. As a result, that customers purchases were entered on the account of another customer, who was very annoyed when he received a bill for goods he had not ordered or received. (b) A keypunch operator incorrectly entered a customer payment as $575.00 instead of $5 750.00 (c) During a demonstration against Electric Blue Ltds environmental record, several people forced their way into the companys computer centre, which was on the main level of the office building. The protestors smashed the computer equipment and damaged other office equipment. As a result the companys computer system was inoperable for several days. (d) A computer operator on the night shift knew more about the companys computer system than anyone else. During a period of several months, she accessed the master payroll program, which was stored online, and increased her tax withholding so that she would get a large refund when she filed her tax return. Required Identify a control policy or procedure that would have prevented or detected each of the situations above. Assessment Submission Checklist to be completed by the Trainer/Assessor Unit name: FNSACC506- Implement and maintain internal control procedures Assessment: Week 7 Did the student complete and provide evidence for the following (please ): Yes No 1.1 Review corporate governance requirements and implement effective operating procedures 1.2 Monitor policy and relevant financial legislation. 1.3 Discuss ethical considerations and confidentiality for management and handling of files and records 1.4 Identify and explain the key features of financial legislation relating to taxable transactions and reporting requirements 1.5 Explain a range of methods of work practices and routines relevant to internal control procedures 1.6 Describe the key requirements of organisational policy and procedures relating to: Corporate governance Financial delegations and accountabilities 1.7 Identify and explain the key principles of internal control and auditing. Feedback and result outcome: Satisfactory Not Yet Satisfactory Re-assessment required Trainer/ Assessors declaration: I hereby certify that the above student has been assessed by myself and all assessments are carried out as required by the Principles of Assessments (Clause 1.8 of the Standards for RTO 2015). Trainer/ Assessors Initials Date

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