Recent Question/Assignment

Assessment Details
Qualification code FNS50215 Qualification
Name Diploma of Accounting
Unit Code FNSACC506 Unit Name Implement and maintain internal control procedures Assessment Type Project
Instructions to the Candidates
Pre Requirement for this task
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: 3.1,3.2,3.3,3.4
Assessment Description
This assessment tool relates to the following unit of competency of ‘Implement and maintain internal control procedures’.
Instruction for Assessments Submission:
On the following pages you will find the various types of information.
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.
If you do not understand any part of the unit or the assessments you are required to undertake, please talk with your trainer. It is important that you understand all aspects of the learning and assessment process that you will be undertaking. This will make it easier for you to learn and successfully progress in your studies.
Key Requirements
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.
(Specific Instructions):
This assessment is based on the same public company, which you have chosen in assessment activity one and two in Assessment 1. Answer the following tasks. 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.
Project (instructions)
This assessment requires you to understanding the importance of monitoring process.
There are 4 tasks you have to complete in this assessment.
Please complete all requirements asked at the end of the project question. Students are permitted to use nonprogrammable calculators.
Monitor Policy Task 3.1
Corporate governance requirements are identified and analysed to determine application to operations. Clarifications on application of corporate governance requirements are accessed from authoritative and recognised 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, function and responsibilities of the board of directors.
Task 3.2
Develop some key performance indicators to evaluate compliance with internal control procedures for your chosen business. Look at the income statement of your chosen company and develop KPI to make the weak areas better. How would you report and monitor the KPI’s?
Task 3.3
Look 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 from customers about delivery of goods. You are required to implement policy and procedures to monitor goods sent to customers.
The mission of the policy, monitoring and audit section is to develop and clarify policies, monitor for compliance, and continually improve and manage the dispute resolution processes. Monitoring services and technical assistance is provided to support the company’s efforts for accountability for results and improved services for customers.
After reading these variations in adoption of corporate governance requirements, develop
Modifications to procedures to facilitate compliance with internal control procedures; Task 3.4
Discuss the principles of auditing and internal control.

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