FNSACC506 Implement and Maintain Internal Control Procedures - Assignment
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Implement and maintain internal Control (FNSACC506)
Added on 2020-04-21
FNSACC506 Implement and Maintain Internal Control Procedures - Assignment
Implement and maintain internal Control (FNSACC506)
Added on 2020-04-21
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Implement and Maintain Internal Control Procedures This course is based on the nationally recognised unit of competency:●FNSACC506 Implement and Maintain Internal Control Procedures It covers the skills and knowledge required to prepare, document andmanage budgets and forecasts, and encompasses forecasting estimatesand monitoring budgeted outcomes. ASSESSMENT WORKBOOKParticipant Name:Learner ID/Username:
Assessment Workbook U: Implement and Maintain Internal Control Procedures Assessment Workbook UImplement and Maintain Internal Control ProceduresV1.0 Produced 1 February 2016Copyright © 2016All rights reserved. No part of this publication maybe reproduced or distributed in any form or byany means, or stored in a database or retrieval system other than pursuant to the terms of theCopyright Act 1968 (Commonwealth).DateSummary of ModificationsMadeVersion1/02/16Version 1 produced followingassessment validationV1.0Page 1
Assessment Workbook U: Implement and Maintain Internal Control Procedures Page 2
Assessment Workbook U: Implement and Maintain Internal Control Procedures Getting StartedInstructionsThis workbook contains has two (2) sections:●Written Questions – A set of generic and workplace questionstesting the student’s general knowledge and understanding of thegeneral theory behind the unit.●Case Study – A set of hypothetical questions to test the student’sanalytical skills in project problem solving. Students will be providedwith a set of project management documents to analyse.The following questions are divided into two categories.The first set of questions cover generic underpinning knowledge of basicproject management terms and concepts. These questions are all in a shortanswer format. The longer questions requiring creative thought processesare covered in the case studies assessment. You must answer all questionsusing your own words. However you may reference your learner guide, andother online or hard copy resources to complete this assessment.The second set of questions cover processes you would be likely toencounter in a workplace. Ideally you should be able to answer thesequestions based on the processes that are currently in place in yourworkplace. If this is not the case, then answer the questions based onprocesses that should be implemented in your workplace.If you are currently working, you may answer these questions based onyour own workplace. Otherwise consider what you should do if you wereworking as part of a team.Requirements for satisfactory completionFor a ‘satisfactory’ result for each component of this workbook, all tasksmust be addressed to a ‘satisfactory’ standard. It is important you;1.Provide responses using complete sentences, making directreference to the question.2.Specifically address all parts of the question providing exampleswhere appropriate.Page 3
Assessment Workbook U: Implement and Maintain Internal Control Procedures Competency Based AssessmentCompetency based assessment focuses on whether you are able toperform the task to the standard expected in the workplace. It relies onyou providing evidence that supports your claim of competence. Thisevidence is in the form of your completion of the assessments set for eachunit.Once you have submitted your completed assessments, your instructor willassess your submission to determine your competence. To be deemedcompetent in each course, you are required to achieve a satisfactory resultfor all of the assessment components that make up that unit. Where a ‘notyet satisfactory’ judgement is made, you will be given guidance on steps totake to improve your performance and provided the opportunity to re-submit evidence to demonstrate competence. Once a ‘satisfactory’judgement has been made on all components for a unit, you will bedeemed ‘competent’ in that unit.SubmissionOnly submit your workbook once all activities inside are complete. Shouldyou have any questions regarding your assessments, or not understandwhat is required for you to complete your assessment, please feel free toask your instructor.Keep your answers succinct and make sure you are answering thequestion. Re-read the question after you have drafted up your responsejust to be sure you have covered all that is needed.Your final assessment result will either be ‘Competent’ or ‘Not YetCompetent’. When submitting your assessments please ensure that1. All assessment tasks within the workbook have been completed2.You have proof read your assessmentCandidate Declaration Page 4
Assessment Workbook U: Implement and Maintain Internal Control Procedures Submission of this workbook means you agree to abide by the terms of thecandidate declaration below.By submitting this work, I declare that:●I have been advised of the assessment requirements, have beenmade aware of my rights and responsibilities as an assessmentcandidate, and choose to be assessed at this time.●I am aware that there is a limit to the number of submissions that Ican make for each assessment and I am submitting all documentsrequired to complete this Assessment Workbook.●I have organised and named the files I am submitting according tothe instructions provided and I am aware that my assessor will notassess work that cannot be clearly identified and may request thework be resubmitted according to the correct process.●This work is my own and contains no material written by anotherperson except where due reference is made. I am aware that a falsedeclaration may lead to the withdrawal of a qualification orstatement of attainment.●I am aware that there is a policy of checking the validity ofqualifications that I submit as evidence as well as thequalifications/evidence of parties who verify my performance orobservable skills. I give my consent to contact these parties forverification purposes.Page 5
Assessment Workbook U: Implement and Maintain Internal Control Procedures Written Questions InstructionsThe following questions are divided into two categories.The first set of questions cover generic underpinning knowledge of basicproject management terms and concepts. These questions are all in a shortanswer format. The longer questions requiring creative thought processesare covered in the case studies assessment. You must answer allquestions using your own words. However you may reference your learnerguide, and other online or hard copy resources to complete thisassessment.The second set of questions cover processes you would be likely toencounter in a workplace. Ideally you should be able to answer thesequestions based on the processes that are currently in place in yourworkplace. If this is not the case, then answer the questions based onprocesses that should be implemented in your workplace.If you are currently working, you may answer these questions based onyour own workplace. Otherwise consider what you should do if you wereworking as part of a team.Generic Questions and CalculationsUQ1: The Federal and State Governments play an important role inregulating companies and ensuring good corporate governance.UQ1A What legislation was introduced by the Commonwealth Government?Answer: The legislation introduced by the commonwealth government areas follows; a.Australian law reform commission Actb.Best practice regulations Commonwealth of Australia constitution actPage 6
Assessment Workbook U: Implement and Maintain Internal Control Procedures UQ1B Which body is Australia’s corporate, market and financial services regulator?Answer: Australian Securities and Investments Commission is consideredas the Australia’s integrated corporate, markets, financial service andconsumer credit regulator. UQ2: Describe in your own words the functions performed by thefollowing regulatory authorities:UQ2A Australian Securities Exchange (“ASX”);Functions of ASX are as follows; a.The primary functions of ASX is to act as the market operator, clearing house andfacilitator of the system for the purpose of payments. b.It also oversees the compliance with the help of its operating rules, and promotesstandards of corporate governance among the listed companies of Australia’s andadditionally assists the retail investors in educating about investments. The function of ASX is to make sure that a fair, or4derly and transparent market for operations is formed.UQ2B Australian Competition and Consumer Commission (“ACCC”);Functions of Australian Competition and Consumer Commission a.The primary functions of Australian Competition and Consumer Commission is toprovide information to the consumer and the business in order to take complainsfrom the consumer regarding the exploitation of price. Page 7
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