ASSESSMENT TASK 1
Qualification code FNS50215 Qualification
Name Diploma of Accounting
Unit Code FNSACC506 Unit Name Implement and maintain internal control procedures Assessment Type Case Study
Instructions to the Candidates
Student must review
• Lesson materials provided in class
• Examples used in lessons.
Instructions to Students:
• This assessment is to be completed according to the instructions given by your assessor.
• You must attempt all the questions.
• 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-submission and re-sit policy for more information.
• This assessment covers the following Performance Criteria
PC’s Covered: 1.1,1.2,1.3,2.1,2.2,2.3,2.4
This assessment tool relates to the following unit of competency of ‘Implement and maintain internal control procedures’.
Outcomes of the Assessment:
After Completion of this assessment tool candidate will be able to:
Review corporate governance requirements
Implement operating procedures
Students are to read the information provided in the questions prior to answering the questions. Students will be allocated time to complete this assessment in class under the supervision of the Trainer/ Assessor.
If you are not sure about any aspect of this assessment or would like to discuss your particular needs, please speak to your assessor. Should you have a questions notify the Trainer/Assessor. The Trainer/Assessor will attend to you as soon as possible.
You must successfully complete all the questions included in this assessment tool.
This assessment consists of a comprehensive case study and followed by the several questions which need to be answered. Please answer all the questions or as instructed by your trainer / assessor. Students are permitted to use non-programmable calculators.
These task / exercises form part of your assessment for this unit; therefore it is essential that you complete these exercises.
When you complete each task / exercise, these need to be handed into the trainer to be checked.
To be able to be marked competent in any unit you must:
• Submit all pieces of assessable work. If you do not submit any work you will be unable to gain competency
• Submit all work on or before the due date. Any work submitted after the due date, without an approved extension will be unable to gain competency
• Any work submitted after term will not be marked and you will be assessed as not yet competent
• All work is to be done to a high quality in terms of both presentation and content. This includes correct referencing, grammar, punctuation and name/student number placed in either header or footer.
Case Study (instructions)
This assessment requires you to understanding the process of reviewing corporate governance requirements and understanding of implementing operating procedures.
This assessment is a two-part activity (Activity 1 and Activity 2) consists of several tasks. Please complete all requirements asked at the end of the project question. Students are permitted to use non-programmable calculators.
Review corporate governance requirements
Assume you have been just appointed internal auditor of any of the companies in Australia, who started its operation as private company recently became a public company. You have to undertake a review of the corporate governance requirements of the business. The newly created board of directors has concerns that they are not sure of their corporate governance obligations. Look at the internal records of the company and answer following questions. Some of the companies, which became public companies, are Australia in 2018 are as below:
ALT Resources Limited, Baby Bunting Group Limited, Bitcoin Group Limited, CBL Corporation Limited, Ding Sheng Xin Finance Co. Limited etc.
You could search more on http://www.asx.com.au/prices/upcoming.htm
Suggest the company about need for required corporate structural changes. Also, discuss the relevant governance and ethical requirements.
What is the purpose of corporate governance activities?
Outlines directors’ duties determined by ASIC.
Discuss ASIC legislative requirements for compliance
The 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.
Develop procedures to control handling of cash receipts and payments for the chosen company in order to prevent fraud and errors in handling of cash.
Implement Operating Procedures
This assessment is based on the same public company, which you have chosen in assessment activity one. Answer the following task. Task 2.1
It is very important to disclose all required information to stakeholders and to the board of directors of any business. What information might be required in reports for? Explain what internal controls mean in terms of reporting.
Discuss the objectives of internal control in terms of reliability of the financial reports. Also, discuss the importance of care and time, while preparing financial reports.
Documentation of procedures would help to enhance your chosen company’s controls by maintaining consistency. Discuss it in detail in context of your chosen company.