Course Title: Monitor corporate governance activites
Part B: Course Detail
Teaching Period: Term1 2024
Course Code: ACCT5438C
Course Title: Monitor corporate governance activites
School: 525T Business & Enterprise
Campus: City Campus
Program: C6181 - Advanced Diploma of Accounting
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Anthony Di Stasio
anthony.distasio@rmit.edu.au
Nominal Hours: 60
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.
Pre-requisites and Co-requisites
There are no pre-requisites for this unit.
Course Description
This unit describes the skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practices, review compliance, and develop and implement processes and procedures for meeting corporate governance obligations.
The unit applies to individuals who use current and specialised knowledge and analytical skills to provide advice on organisational processes to meet compliance and management requirements.
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.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC634 Monitor corporate governance activites |
Element: |
1. Establish corporate governance standards and practices |
Performance Criteria: |
1.1 Monitor organisations application of and compliance with professional and legal accounting standards and identify emerging trends and interpretations of statutory and other regulatory requirements1.2 Research audit reports and practices to assess methodologies and recommendations |
Element: |
2. Identify corporate governance reporting trends |
Performance Criteria: |
2.1 Analyse organisational practices and identify corporate governance obligations and performance2.2 Examine queries from statutory and other regulatory authorities for corporate governance failure to assess change effects on internal control procedures2.3 Evaluate efficacy of policies being followed by organisation by assessing content and structure of reports, returns and processes |
Element: |
3. Determine processes for corporate governance compliance |
Performance Criteria: |
3.1 Determine performance indicators for compliance with corporate governance requirements by analysing and monitoring internal control procedures3.2 Evaluate information technology systems and determine their use and suitability for recording data from operations and transactions for corporate governance obligations3.3 Establish management processes that support corporate governance3.4 Establish reporting plans and confirm completion of compliance requirements within agreed timeframes |
Element: |
4. Review corporate governance compliance |
Performance Criteria: |
4.1 Assess achievement of performance indicators and determine sources of variance against established performance targets4.2 Monitor and review compliance preparation processes according to corporate governance requirements4.3 Analyse failures in compliance and identify areas to improve processes according to corporate governance requirements |
Learning Outcomes
Details of Learning Activities
This subject is clustered with Apply legal principles in corporations and trust law. (BAFI5223C)
Students will be progressively introduced to skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practice and review compliance to develop and implement processes and procedures for meeting corporate governance obligations. Students will also develop skills and knowledge required to apply legal principles in corporations and trust law matters.
In-class activities will account for some of the nominal hours allocated to this course and will include a range of self-paced and collaborative learning activities such as class discussion, completion and review of set exercises and work, tests, team presentation and a comprehensive individual assignment.
The hours of self directed/self paced learning by students will be taken up with reading, research, set work on exercises and the completion of the individual assignment outside scheduled class time. F2F classes are in total three (3) hours per week. The learning activities described will be covered in these classes and we expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
Introduction | Welcome and Orientation
Introduce the content in week 1
Corporate Governance Introduction
• Definition of Corporate Governance
Choosing a Business Structure
· Types of Business Structures
· Advantages / Disadvantages of Business Structures
Reading: Power points.
Corporate Governance Principles and Recommendations
Activities:
HIH Case
Reading: Power-Points
Advantages and Disadvantages summary
Activities: Review Questions
Week 2
The Company
· The Corporations Act 2001
· Separate Legal Entity
· Shareholders and Limited Liability
· Classification of Companies
· Registration
· Company Obligations
· Promoters and Pre-incorporation Contracts
Week 3
Management
· Division of Power within a Company
· Types of Directors
· How Directors are appointed
· Resignation and removal from Office
· Appointment of Company Secretary
· Remuneration of Directors
· Membership
Reading: Power points
Types of Directors
Activity: Directors Cases
True and False questions
Week 4
Directors’ Duties
· Fiduciary Duties
· Statutory Duties
· The insolvent trading rule
Corporate Reporting
Reading: Power Points
Activity: Directors cases relating to duties, insider trading etc.
Review Questions
Leaning Quiz 1 & 2 due for submission
Week 5
Share Capital & Fundraising
· Financial resources of a Company
· Classes of Shares
· Issuing Shares
· Retention of Capital
· Share Buy-Backs
· Going Public
Reading: Power points
Call and Put option examples
share placement
Activity: Review Questions
Week 6
Trusts & Superannuation
· Elements of a Trust
· Types of Trusts
· Continuity of Existence
· Winding up Trusts
· Superannuation- Purpose, Regulation, types of Superannuation Funds, Regulatory Framework and Proposed Changes
Reading -Trust power points and Superannuation file
Activity: Review Questions
Week 7
Framework of the Australian Legal System
· Origins of Law in Australia
· The Australian Constitution
· Types of Laws
· Sources of Law
· Jurisdiction and Hierarchy of Courts
Reading: Power points
Doctrine of Precedent, equity law, court hierarchy
Activity: Review Questions
Week 8
Negligence and Risk
· Meaning of Tort
· What law applies to Negligence
· The elements of Negligence
· Negligent Misstatement
· Pure Economic Loss
· Defences to Negligence
Reading: Power points
Activity:
Self test questions
Assessment 1 Due to be submitted in CANVAS
Week 9
External Administration of Companies
· Voluntary Administration
· Receivership
· Winding Up or Liquidation
Reading: Power Points
Cases
Activity:
Review Questions
Feedback on Assessment 1
Week 10
Risk Management
· Risk Assessment
· Risk Management framework
· Identify Risk
· Determine possible causes
· Determine possible consequences
· Determine current likelihood
· Determine Risk Rating
· Risk Treatment
Reading: Power Points
RG259
Activity:
Review Questions
Assessment 2 Due for submission
Week 11
Corporate Governance Framework & Ethics
· Internal Controls and Corporate Governance
· Corporate Governance Requirements
· Corporate Governance Structures in Australia
· Corporate Governance Regulations
· Standards for good Corporate Governance
· Management Accountability
· ASX Corporate Governance Principles and Recommendations
· Ethical Responsibilities
Reading: Power Points
Corporate Governance Handout
APES 110 Code of Ethics
Activity:
Review Questions
Feedback on Assessment 2
Week 12
Assessment 3 Part 2 - Meeting with Billy Wright
This week students will conduct the meeting with Billy Wright to present a recommendation on suitable business structures after considering the circumstances of Billy and his friends
Reading: Read Part 2 of Assessment 3 prior to meeting
This is a requirement for Part 2 of Assessment 3. Students will be allocated a time for the meeting and need to take take minutes during the meeting
Week 13
Revision
Week 14
Revision
Week 15
Assessment 3 Due
Week 16
Resubmissions
Week 17
Resubmissions
Week 18
Resulting
Learning Resources
Prescribed Texts
The application of Legal Principles in Business Corporation & Trust Law by Penelope McCann |
ISBN 9781760730796 |
References
Other Resources
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:
- review and determine processes for monitoring at least three corporate governance activities.
In the course of above, the candidate must:
- ensure that monitoring and reporting processes follow professional accounting standards, organisational policies and procedures, and statutory and regulatory requirements.
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:
- key features of documentation required to monitor corporate governance activities, including:
- authority regulations and requirements
- current financial legislative, statutory and regulatory requirements
- current formats required for submission of statutory returns
- ethical considerations relating to compliance and governance
- key management processes that support corporate governance
- forms and functions of employee records
- key principles of:
- internal control
- valuation and common methods of depreciation
- significance of performance indicators and key result areas to monitoring corporate governance activities.
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 monitor corporate governance activities, including:
- access to the internet
- an integrated financial software system and data
- corporate governance documentation and organisational operational policies and procedures.
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.
Assessment Tasks
Assessment Tasks
Please note that this course is clustered/co-delivered and co-assessed holistically as a group of two (2) course being, ACCT5430C - Monitor Corporate Governance Activities and BAFI5223C Apply Legal Principles in Corporation and Trust Law. As a result, other than the elements and critical aspects to this course, the two course guides will depict the same information.
Task 1: Short answer assessment task (40 questions) - This assessment is due as per CANVAS Syllabus. (Submitted in CANVAS).
Task 2: Product assessment task - There are 3 parts to this task, you will be required to complete research and prepare a report on Part A -Australian legal systems, corporations and trust law, Part 2 Superannuation and Part 3 Corporate governance failure.
This assessment is due as per CANVAS Syllabus. (Submitted in CANVAS).
Task 3: This practical assessment will allow students to demonstrate their ability to research and analyse legal principles and issues in corporations and trust law matters and then apply this knowledge to provide advice to clients. There are 4 parts to this task using a business scenario.
This assessment is due as per CANVAS Syllabus. (Submitted in CANVAS).
The Teacher or Course Coordinator may at any time ask students to demonstrate and/or reproduce assessments to validate authenticity. AND Students must satisfactorily complete all assessment tasks in order to obtain competency in this course.
Assessment Matrix
The assessment matrix that maps all the assessment is available on CANVAS
https://rmit.instructure.com/courses/30267/assignments
Other Information
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
Where an extension of greater than seven days is needed, you must apply for Special Consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Resubmissions (VE Programs):
If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Grading & re-submissions
Successful re-submissions will contribute a CA only (Competency Achieved) result to your overall grade for the course.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Other ResourcesPrescribed Textbook is: The application of Legal Principles in Business Corporation & Trust Law by Penelope McCann
Course Overview: Access Course Overview