Unit Outline

At the conclusion of this unit, you will be able to undertake appropriate general accounting and financial processes required to maintain trust and general account records according to law and good practice. You will develop knowledge and understanding of the important fiduciary, ethical and reporting obligations associated with the maintenance of trust accounts and protection of client funds using appropriate accounting and financial software. This Unit is organised into two modules: Office Accounting (for clients) and Trust Accounting. Assessment of tasks undertaken in Module 1 – Office Accounting will be mostly formative but key aspects identified by your instructor will be assessed on a summative basis. Assessment of Tasks and ‘random’ audits in Module 2 – Trust Accounting will be summative. You will be provided with opportunity to resubmit tasks that do not initially meet the required standard.

Intended Learning Outcomes

As per the Assessment and Results Policy 1.3, your results will reflect your achievement against specified learning outcomes.

On completion of this unit, you will be able to:


1.	Apply legal knowledge and practical concepts to maintain trust and general account records according to law and good practice
2.	Undertake maintenance of trust accounts and protection of client funds in accordance with relevant fiduciary, ethical and reporting obligations
3.	Conduct relevant financial transactions including accounts payable and receivable, journal entries and reconciliation of financial transactions
4.	Display competency in the use of applicable office-based and accounting software.

Requisites


REQUISITE TYPE	REQUISITES
Pre-requisite	Admission into L6B - Graduate Diploma of Legal Practice

Alterations as a result of student feedback

We have provided more guidance on how your final result is determined.

How will I be Assessed?

For more detailed assessment information please see MyLO.

Assessment schedule


ASSESSMENT TASK #	ASSESSMENT TASK NAME	DATE DUE	WEIGHT	LINKS TO INTENDED LEARNING OUTCOMES
Assessment Task 1:	Assessment Task: Trust Accounting	Refer to Assessment Description	30 %	LO1, LO2, LO3, LO4
Assessment Task 2:	Assessment Task: Trust Account Audit	Refer to Assessment Description	30 %	LO1, LO2, LO3, LO4
Assessment Task 3:	Assessment Task: Office Accounting Practice Exercises	Refer to Assessment Description	40 %	LO1, LO2, LO3, LO4

Assessment details

Assessment Task 1: Assessment Task: Trust Accounting

Task Description:

In response to delivery of material and information through workshops you will undertake several tasks designed to test knowledge and understanding of trust accounting concepts and practice.

You will be instructed in the use of appropriate accounting and financial software required to complete several firm-based trust accounting tasks including producing:
• Trust cash books and journals for firm Trust entries
• Production of client Trust Ledgers
• Preparation of Trust ledger reconciliations.

Completion of tasks will occur during workshops and outside the formal teaching structure. The trust accounting exercises are hurdle tasks and you must demonstrate your competency in each activity.

Assessment of tasks will be summative. You are provided with the opportunity to resubmit an activity if you do not meet the expected standard and individualised tutorials will be provided within the teaching structure to assist you to meet the required standard.

Assessed weeks 6 to 10

Task Length:

Varies

Due Date:

Refer to Assessment Description

Weight:

30 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Evidence legal and accounting knowledge to maintain trust and general account records according to law and good practice	LO1, LO4
2	Maintain trust accounts and protection of client funds in accordance with relevant fiduciary, ethical and reporting obligations	LO2, LO3, LO4
3	Conduct relevant financial transactions including accounts payable and receivable, journal entries and reconciliation of financial transactions	LO1, LO3, LO4
4	Use applicable office-based and accounting software	LO4

Assessment Task 2: Assessment Task: Trust Account Audit

Task Description:

In addition to the tasks undertaken in Assessment Task 2, you will be required to maintain trust accounting records according with rules of practice and in a format suitable for production for audit by the “regulator”.

To measure the understanding of concepts acquired through completion of required tasks in Task 2, the instructor as “regulator” will undertake “random” audits and assessment of audits will be summative.

You are provided with the opportunity to resubmit an activity if you do not meet the expected standard and individualised tutorials will be provided within the teaching structure to assist you to meet the required standard.

Due Date: Week 10

Task Length:

Varies

Due Date:

Refer to Assessment Description

Weight:

30 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Evidence legal and accounting knowledge to maintain trust and general account records according to law and good practice	LO1, LO4
2	Maintain trust accounts and protection of client funds in accordance with relevant fiduciary, ethical and reporting obligations	LO2, LO3, LO4
3	Conduct relevant financial transactions including accounts payable and receivable, journal entries and reconciliation of financial transactions	LO1, LO3, LO4
4	Use applicable office-based and accounting software	LO4

Assessment Task 3: Assessment Task: Office Accounting Practice Exercises

Task Description:

In response to delivery of material and information through lectorials and workshops you will complete a series of practical tasks, designed to test knowledge and understanding of basic office accounting concepts and practice. You will be instructed in the use of appropriate accounting and financial software required to complete tasks. Completion of exercises and tasks will occur during workshops or outside the formal teaching structure.

The practical tasks are hurdle tasks and you must demonstrate your competency in each activity. You are provided with the opportunity to resubmit an activity if you do not meet the expected standard and individualised tutorials will be provided within the teaching structure to assist you to meet the required standard.

Some elements of the assessment of exercises and tasks completed in Office Accounting will be summative, and the remainder will be assessed on a formative basis and general feedback provided.

Assessed weekly between Weeks 2 to 5

Task Length:

Varies

Due Date:

Refer to Assessment Description

Weight:

40 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Evidence knowledge of office accounting practices required to maintain trust and general account records according to law and good practice	LO1, LO4
2	Display legal knowledge of relevant fiduciary, ethical and reporting obligations required to maintain trust accounts and protect client funds	LO2, LO3, LO4
3	Conduct relevant financial transactions including accounts payable and receivable, journal entries and reconciliation of financial transactions	LO1, LO3, LO4
4	Use applicable office-based and accounting software	LO4

How your final result is determined

No assessment process in this Unit or across the GDLP will involve the awarding of “marks”, in percentage terms, or otherwise. That is because, in legal practice, service to clients is not measured in percentage terms, but in being efficient and effective.

Your work in this Unit will be assessed against the standard required of an entry level lawyer and if it meets that standard it will be awarded a “pass”.

To pass this Unit, you need to demonstrate your attainment of the competency standards outlined above, to a “satisfactory” standard. As assessment for each Unit is both formative and summative, in the event you do not initially attain competency to a “satisfactory” standard regarding a task or assignment, you may be requested and provided with an opportunity to resubmit that task or assignment.

Any discussion regarding resubmission requirements will be communicated to you by the Unit Co-ordinator or Course Director on behalf of the Unit Co-ordinator.

Subject to attendance requirements being met, you may expect to satisfactorily complete this Unit if you demonstrate you have met the required competency standard.

Submission of assignments

Where practicable, assignments should be submitted to an assignment submission folder in MYLO. You must submit assignments by the due date or receive a penalty (unless an extension of time has been approved by the Unit Coordinator). Students submitting any assignment in hard copy, or because of a practicum finalisation, must attach a student cover sheet and signed declaration for the submission to be accepted for marking.

Requests for extensions

If you are unable to submit an assessment task by the due date, you should apply for an extension.

A request for an extension should first be discussed with your Unit Coordinator or teaching support team where possible. A request for an extension must be submitted by the assessment due date, except where you can provide evidence it was not possible to do so. Typically, an application for an extension will be supported by documentary evidence: however, where it is not possible for you to provide evidence please contact your Unit Coordinator.

The Unit Coordinator must notify you of the outcome of an extension request within 3 working days of receiving the request.

Late penalties

Assignments submitted after the deadline will receive a late penalty of 5% of the original available mark for each calendar day (or part day) that the assignment is late. Late submissions will not be accepted more than 10 calendar days after the due date, or after assignments have been returned to other students on a scheduled date, whichever occurs first. Further information on Late Penalties can be found on the Assessments and Results Procedure.

Review of results and appeals

You are entitled to ask for a review of the marking and grading of your assessment task if there is an irregularity in the marking standards or an error in the process for determining the outcome of an assessment. Details on how to request a review of a mark for an assignment are outlined in the Review and Appeal of Academic Decisions Procedure.