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Assessment Resource Summary
Unit Details FNSACC506 Implement and maintain internal control procedures
Assessment Methods Case Study Assessment 1
Project Assessment 2
Written report Assessment 3
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Unit Summary
This unit describes the performance outcomes, skills and knowledge required to review corporate governance requirements, implement operating procedures and monitor policy
This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
The unit has application across all sectors of the financial services industry

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Summative Assessment - Assessor Instructions
It is important that prior to conducting this assessment, the assessor undertakes the following:
Prior to conductinq the assessment
Read the assessment task as detailed on the previous page
If undertaking this assessment in a simulated environment, set up the environment to reflect a vocational workplace within the boundaries of the instructions outlined in each assessment task Contextualise the task (and checklist) to ensure it reflects the students working environment (real or simulated). Be sure to check with the mapping document to ensure any contextualisation still covers the unit requirements
Read the assessor instructions and checklist prior to commencing the assessment
Ensure the workplace (real or simulated) is suitable for the parameters of the task, to ensure the students will have an appropriate opportunity to demonstrates their skills
Make suitable modifications to the workplace (real or simulated) if required to allow all tasks to be observed
Discuss the assessment with the workplace supervisor, to so they are aware of what will happen throughout the process (On The Job Assessments Only)
Ensure the student is allocated the appropriate time and resources for the task
Determine and agree with the supervisor an acceptable time frame for each assessment. (On The Job Assessments Only)
All observations that include working with others and that are technical in nature should be undertaken for at least 30 minutes per observation
Advise the student prior to conducting the assessment of:
what will occur throughout the assessment process o when the assessment will occur the level of competency expected o NB: You should not tell the student how to undertake the task, as it would lead the student and render the assessment process invalid. The student should have been taught -How- to perform each task during the training stage, and is expected to know this prior to commencing the assessment o DO NOT give the student a copy of the checklist prior to the assessment
Conductinq the assessment
Establish and oversee the evidence gathering process to ensure remains valid, reliable, fair and flexible
Advise the student when to commence the assessment Observe the student undertake the tasks as outlined
Record your observations in the assessor checklist
Where a checklist point is not observed due to an inappropriate environment, or for a reason outside the students control, modify the scenario to allow the student an opportunity to perform the associated task
Where a checklist point is not appropriate, write -N/A- in the space provided
Gather supporting documentation where available and appropriate (as evidence)
Incorporate allowable adjustments to the assessment procedure without compromising the integrity of the assessment
V280
Do not interfere with the assessment unless the students' actions impose a risk to themselves or anyone else
If a student performs an action incorrectly, mark it as such. Record what you see, not what you want to see.
Once the assessment is complete, advise the student that the assessment has ceased, and record your comments in the sections provided
Makinq and recordinq the decision
The student needs to be deemed satisfactory in the full unit to gain competency.
If you are in doubt, gather further evidence to help guide your decision
Assess the students on what you see during the assessment period, not on actions before or after the assessment.
Use both the checklist and your professional competency to determine the final outcome for the student.
If you are marking the student NYC, ensure you outline why you have made this decision, and provide advice on how the student can improve their skills / knowledge prior to reassessment.
Providinq feedback
Provide constructive feedback to the student on their performance during the assessment period.
Do not make any comments on actions undertaken prior or after the assessment period
Provide the student with o Clear and constructive feedback based on the assessment decision o Information on ways of overcoming any identified gaps in competency revealed by the assessment the opportunity to discuss the assessment process and outcome information on reassessment and the appeals processes.
An opportunity for reassessment if appropriate or requested by the candidate o Information on appeal process as applicable to your organisation
Where the students performance is deemed satisfactory, provide the student with a copy of the completed checklist, ensuring the comments section is completed.
Where the students performance is deemed not-satisfactory - provide a copy of the comments / feedback, but not the checklist. This is to ensure the assessment remains valid on re-assessment.
Record and report the assessment outcome as per your RTO's procedures

ASSESSMENT SUMMARY 1 COVER SHEET
This form is to be completed by the assessor and used as a final record of student competency.
All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file. Student results are not to be entered onto the Student Database unless all relevant papen,vork is completed and attached to this form.
Student Name:
Student ID No:
Final Completion Date: 10/09/2017
Unit Code & Title FNSACC506 - Implement and maintain internal control procedures
Please attach the following documentation to this form Result
S = Satisfactory
NS = Not Satisfactory NA = Not Assessed Reassessment
S = Satisfactory
NS = Not Satisfactory NA = Not Assessed

Assessment 1 Case Study s S I NS I NA
Assessment 2 Project s S I NS I NA
Assessment 3 Written Report s S I NS I NA

Final Assessment Result for this unit C / NYC
Assessor Notes: (inclusive of reassessment, reasonable adjustment, further opportunities for gap training etc):

Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights.
Name:
Signature:
Date. Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback
Name:

Signature:
Date:
Administrative use only
Entered onto Student Management Database
Date Initials

This information is to be
Instructions for Students:

1 to requirements.

Whilst researching and writing your project it is important to:
Read the Assessment description carefully.
Assessment should be in a Word format.
Assemble and analyze a set of sources that you have determined are relevant to the issues you are investigating.
Acknowledge clearly when and how you are drawing on the ideas or phrases of others;
Consult your instructors when you are unsure about how to acknowledge the contributions of others to your thought and writing
Read the Plagiarism policy and procedure carefully to understand the consequences that you could face if your work is plagiarized.
Student can seek clarification regarding the assessment required to be done.
Students can ask for reasonable time from Assessor for preparation of project or Assessment. Students can seek information on additional reading material and reference for completion of the assessments.
Students with special needs can seek assistance from Assessors depending upon the nature of the need.
Submit this document

Assessment — 1 — Case study
For this assessment, students are to research and review corporate governance requirements for a company of their choice. The company must be chosen in consultation with your assessor. Students must:
Undertake a comprehensive review of corporate governance requirements and determine their relevance to the chosen company
Students must cover the following corporate governance principles and associated recommendations in their research as a minimum:
Lay solid foundations for management and oversight
Structure the board to add value
Promote ethical and responsible decision making
Safeguard integrity in financial reporting
Make timely and balanced disclosure
Respect the rights of shareholders
Recognise and manage risk
Remunerate fairly and responsibly
Determine what practical applications these requirements have on the company
Seek further information regarding practical application of corporate governance requirements from relevant sources (these sources must be included in your report). Further information may be sought from a variety of sources including, but not limited to:
ATO
Professional associations
Financial information systems
ASIC
Comprehensively review internal control procedures in place and determine whether compliance with corporate governance requirements has been met. If so, detail how. If not, suggest additional internal control policies to ensure compliance.
This assignment should be submitted in the form of a detailed written report. Students must utilise sources as listed above for clarification, and these sources must be documented in your report.
This information is to be
Instructions for Students:

2
to requirements

Whilst researching and writing your project it is important to:
Read the Assessment description carefully.
Assessment should be in a Word format.
Assemble and analyze a set of sources that you have determined are relevant to the issues you are investigating.
Acknowledge clearly when and how you are drawing on the ideas or phrases of others;
Consult your instructors when you are unsure about how to acknowledge the contributions of others to your thought and writing.
Read the Plagiarism policy and procedure carefully to understand the consequences that you could face if your work is plagiarized.
Student can seek clarification regarding the assessment required to be done.
Students can ask for reasonable time from Assessor for preparation of project or Assessment. Students can seek information on additional reading material and reference for completion of the assessments.
Students with special needs can seek assistance from Assessors depending upon the nature of the need
Submit this document
Assessment 2
Assessment Requirement
You need to answer all questions of the Project task. This assessment is a 2-part project.
Part 1: (1,000 words)
You are required to undertake a further review of the company chosen in Assignment 1. Students are required to undertake the following:
Review the following aspects of financial delegations and accountabilities within the company and determine their compliance with internal control procedures Expenditure and / or investment approvals
Corporate governance requirements
Loan and lending approvals
Sign off authorities
Determine timeframes taken to complete and release reports such as operating and cash flow statements
Are these completed within agreed-upon timeframes?
Do the deadlines comply with legislative requirements?
Once students have reviewed the relevant areas, they should write a 1 ,000-word report on their findings. Students should focus on an area that either does not meet corporate governance requirements, or can be improved for the next part of this assignment.
Part 2:
Students must next choose an area to write a new procedure that will meet corporate governance requirements. Ideally, this should be within the context of financial reporting, recording of data, filing etc.
Determine the need for a new procedure that could better meet corporate governance requirements. If all requirements are already met, the students should consult with their instructor to determine what area they should focus on
Liaison with instructor to determine timeframes and deadlines for implementation of your new policy / procedure
Consult with published sources such as the ASX to obtain a template for your procedure. Create a detailed internal control procedure to meet the needs of corporate governance as determined in Part 1
The procedure must be in an appropriate format and documented / filed as necessary The procedure can be completely new in the case of non-compliance with corporate governance, or can be a modification of an existing policy to improve internal control measures.
Finally, students must write a 500-word report on the following:
Discuss how the procedure can be monitored to ensure it is effective — i.e. any relevant errors should be well documented by staff
Comment on any variations of corporate governance requirements you have discovered, and give reasons why these variations may exist
3
This information is to be to requirements
Instructions for Students:
Whilst researching and writing your project it is important to
Read the Assessment description carefully.
Assessment should be in a Word format.
Assemble and analyze a set of sources that you have determined are relevant to the issues you are investigating.
Acknowledge clearly when and how you are drawing on the ideas or phrases of others;
Consult your instructors when you are unsure about how to acknowledge the contributions of others to your thought and writing.
Read the Plagiarism policy and procedure carefully to understand the consequences that you could face if your work is plagiarized.
Student can seek clarification regarding the assessment required to be done.
Students can ask for reasonable time from Assessor for preparation of project or Assessment. Students can seek information on additional reading material and reference for completion of the assessments.
Students with special needs can seek assistance from Assessors depending upon the nature of the need
Submit this document
Assessment 3 — Written report
For this assessment, students are to write an 800-word report on the following:
• What are the purposes of corporate governance recommendations?
• Discuss how corporate governance and compliance with these policies and recommendations promotes ethics in business and accounting
• Give specific examples relating to the company you have researched in Assessments 1 & 2
Students must also create a spreadsheet listing the following information:
For each corporate governance recommendation, list exactly how the company has met the recommendation
If any recommendations are not met, then briefly list in the cell what the company could implement to ensure compliance.

UNIT SUMMARY RESULT
This form is to be completed by the Trainer/Assessor and attached as a summary page for each student. To provide the outcome of the Assessment, a photocopy will be given to the student.
Student Name Student ID
Unit Name Implement and maintain internal control procedures Unit Code FNSACC506
Unit start date 14/08/2017 Unit end date 10/09/2017
Summary of Assessments Satisfactory Not Yet Satisfactory
Assessment Task 1
Assessment Task 2
Assessment Task 3
To achieve competency for the unit, student must be COMPETENT in all tasks.
C2 COMPETENT C2NOT YET COMPETENT
FINAL FEEDBACK FOR THE STUDENT

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