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Assessment Resource Summary
FNSACC403 Student Assessment V1.0 January 2017 Page 1 of 14
Unit Details FNSACC403 Make decisions in a legal context
Project Assessment Task 1
Assessment Methods
Project
Assessment Task 2
Written questions Assessment Task 3
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Unit Summary
This unit describes the performance outcomes, skills and knowledge required to make decisions in a legal context. It is intended to satisfy the requirement for a course of study in commercial law at an introductory or foundation level covering Australian legal systems and processes.
This unit has broad application and can be used wherever candidates have a need to make decisions in a context of the Australian legal system.
Prerequisite Units
There are no recommended pre-requisite units for this competency.
Co-requisite Units
Competence in this unit may be assessed in conjunction with other units which together form part of a holistic work role.
All products purchased remain the intellectual property of St Peter Institute. All rights reserved; no part of any publication provided
by St Peter Institute may be reproduced by any means for use outside the purchasing organisation, without the prior written
permission of St Peter Institute.
FNSACC403 Student Assessment V1.0 January 2017 Page 2 of 14
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Summative Assessment - Assessor Instructions
It is important that prior to conducting this assessment, the assessor undertakes the following:
Prior to conducting 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:
o what will occur throughout the assessment process
o when the assessment will occur
o 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
Conducting 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
FNSACC403 Student Assessment V1.0 January 2017 Page 3 of 14
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• 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
Making and recording 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.
Providing 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.
o 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.
FNSACC403 Student Assessment V1.0 January 2017 Page 4 of 14
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ASSESSMENT SUMMARY / 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
paperwork is completed and attached to this form.
Student Name:
Student ID No:
Final Completion Date:
Unit Code & Title FNSACC403 - Make decisions in a legal context
Please attach the following documentation to this form Result Reassessment
S = Satisfactory S = Satisfactory
NS = Not Satisfactory NS = Not Satisfactory
NA = Not Assessed NA = Not Assessed
Assessment 1 0 Project S I NS I NA S I NS I NA
Assessment 2 CI Project S I NS I NA S I NS I NA
Assessment 3 0 Written Assessment S I NS I NA 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):
FNSACC403 Student Assessment V1.0 January 2017 Page 5 of 14
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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: / /
Initials
Entered onto Student Management Database
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Student Assessment
ASSESSMENT 1 STUDENT INFORMATION
This information is to be handed to each student to outline the assessment 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
FNSACC403 Student Assessment V1.0 January 2017 Page 7 of 14
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Student Assessment
Project Assessment 1
For this assessment, you are required to go through the case study and answer the questions that follow the case study. Review the following article from ABC News on the Qantas Takeover Bid.
ACCC examines Qantas takeover bid 15 December 2006, ABC News Online
Australia's competition regulator is seeking industry feedback as it launches a review of the Qantas takeover bid.
The Australian Competition and Consumer Commission (ACCC) says it has started its market inquiries into the $11.1 billion takeover offer for the airline.
It will take a close look at the possible impact on customers, suppliers and competitors in both the passenger and freight markets.
The ACCC has noted that one member of the bidding consortium, Macquarie Bank, holds a 49 per cent
interest in Sydney Airport and that other consortium partners also have air transport interests.
But the head of the ACCC, Graeme Samuel, says Macquarie's involvement might not be a problem. -The bidding vehicles or the bidding entities that are being used in respect of the private equity acquisition and Sydney Airport are two entirely different entities with different shareholders and that may well mitigate any competition concerns that might arise from that common participation from Macquarie,- he said. The competition watchdog wants to receive written submissions from other industry players by January 29 and will be seeking talks with aviation industry participants in the coming weeks.
Question 1: Which Parts of the Competition and Consumer Act 2010 have been identified as of concern? Question 2: What is the difference between compliance and risk management?
Question 3: What are the financial consequences of a breach of Restrictive Trade Practices provisions under the Trade Practices Act?
Question 4: What is the name of the association that oversees the rules and policies associated with Australia's trillion dollar over-the-counter markets?
FNSACC403 Student Assessment V1.0 January 2017 Page 8 of 14

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ASSESSMENT 2 STUDENT INFORMATION
This information is to be handed to each student to outline the assessment 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
Project Assessment 2
Assessment Requirement
Review the following article dated 7 December 2006 from Risk Management Magazine on the growth
of internal audit and answer the questions that follow.
Internal audit growth, influence on the rise
Internal audit is more influential and better resourced than ever, with growth in team size continuing, a new
study of the profession has found.
Despite significant growth in function size over the past few years, 38 per cent of internal audit chiefs polled by Ernst & Young (EY) said they increased the size of their internal audit teams this year. Similar growth was recorded last year, and reflects increased coverage of internal controls and more involvement in the oversight of risk management frameworks.
According to EY's Craig Jackson, Oceania leader for risk advisory services, the growth was being partly driven by a greater need for assurance, particularly from audit committees, which are looking for comfort that all risks are being effectively managed in the tighter regulatory environment.
-The chairman needs to have comfort that, at all levels in the organisation, there is an understanding of the internal audit and risk management functions within the framework of each business within the organisation's goals and objectives,- he said, adding that internal audit has a key input to strategic management. -The value derived from the internal audit ... review enables senior corporate management to manage business risks whilst protecting and enhancing shareholder value.-
FNSACC403 Student Assessment V1.0 January 2017 Page 9 of 14
The EY study also unearthed areas of conflict in internal audit, Jackson said. -This year's survey shows that while internal auditors see their primary role as providing assurance, the business increasingly sees them as consultants and advisors,- he said. Management is keen to extract more value from the function, Jackson added, using it to identify opportunities to improve business performance.
Some internal auditors had been concerned that the progress made by the profession in recent years in terms of growth — the Institute of Internal Auditors' [IIA] membership grew by 20 per cent in 2006 — influence and salary, could be reversed. However, the finding that 83 per cent of management executives see the function as a consultant and adviser — up from 66 per cent last — suggests the sea change in internal audit is not temporary.
-This [the 83 per cent finding] shows that internal audit's unique vantage point over the business is clearly recognised by management who want to extract maximum value from their business-wide perspective,- Jackson said.
Coinciding with the increasing importance of the internal audit function, the study also documented an increasing focus on risk management generally. Jackson said internal audit was very much involved in the increasing focus.
-Internal audit is having greater involvement in strategic, financial operational and compliance controls and is being asked to oversee the identification, management and monitoring of risk across the organisation,- he said. Nearly 80 per cent of respondents said risk awareness has increased in their organisation and cited increased focus on risk by risk and compliance or audit committees as evidence.
In terms of working with others, the most common use of internal audit is to support fraud investigations, a consistent finding over the past three years. However, far from just being involved in financial audits, respondents to the survey — which included CFOs, CEOs and chief audit executives — said internal audit is also involved with business risk, IT risk and ethical and environmental issues.
While the study had generally good news for internal auditors, there were some issues. One potential problem is the ongoing conflict inherent in the work of some internal audit functions. With close to two-thirds of respondents to the study reporting that internal audit provides independent assurance over risk management practices, while also developing and assisting in the oversight of risk management in nearly half of the responding organisations, the potential for tension is clear.
-These results illustrate the perpetual challenge facing internal audit departments, that of objectivity and independence, and the ongoing balance between the dual roles of adviser and policeman,- Jackson said.
There were also concerns that not enough institutions are commissioning independent reviews of their internal audit functions. Just under 30 per cent of respondents have commissioned such a review, despite the IIA's International Standards for the Professional Practice of Internal Auditing mandating that an external quality assessment be performed by 1 January 2007.
1. How is the role of internal audit changing within the organisation?
2. List two responsibilities of an Audit Committee.
3. Do a research online and find out five elements that should be contained in an Audit Committee's charter (committee objectives for example can be one of them)
FNSACC403 Student Assessment V1.0 January 2017 Page 10 of 14
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Written Questions Assessment 2
Student Instructions: (Written Assessment Only)
This is a closed book written assessment. In allocated time of 2 hours, you are to answer all of the following questions. Make sure you:
• Print Clearly
• Answer all questions
• Use a pen. Assessments written in pencil will not be accepted.
• Ask your assessor if you do not understand a question. Whist your assessor cannot tell you the answer, he/she may be able to re-word the question for you
• Do not talk to your classmates. If you are caught talking, you will be asked to leave and your assessment will not be marked.
• Do not cheat. Anyone caught cheating will automatically be marked Not Yet Competent for this unit. There are NO EXCEPTIONS to this rule.
1. What is law?
2. In your own words, briefly define civil law.
3. What are the two main categories of law in Australia?
4. Under the doctrine of the separation of powers, the Commonwealth government is separated into three branches. What are they and who controls them?
a) Doctor of Precedent:
b) Judge:
c) Jurisdiction:
d) Plaintiff:
e) Respondents:
f) Summons:
g) Tort:
5. What are the three sources of legislative power which exist between the Commonwealth and the States? In your own words, briefly describe their powers.
6. In April 2006, the Australian Securities and Investments Commission (ASIC) released the enclosed booklet entitled Better regulation: AS1C initiatives. This document outlines a number of regulatory enhancements ASIC intends to deliver. What are ASIC's six priorities as listed in the above booklet?
7. Why was the Financial Reporting Council established?
8. What is monetary policy and who is responsible for it?
9. The Corporations Act 2001 includes the Financial Services Reform (FSR) Act. What are the four major changes on the way financial services are regulated due to the FSR Act?
10. The CLERP 9 Act contains a number of important reforms to the existing corporate governance provisions in the Corporations Act. What are the main reforms of the CLERP 9 Act?
FNSACC403 Student Assessment V1.0 January 2017 Page 11 of 14
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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 Make decisions in a legal context Unit Code FNSACC403
Unit start date Unit end date
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.
COMPETENT NOT YET COMPETENT
FNSACC403 Student Assessment V1.0 January 2017 Page 12 of 14

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