Work Placement – Tax

AIM

This course aims to develop practical knowledge, skills and attitude of the students and to strengthen their positions in relevant industries. The students will apply the knowledge and theories acquired in previous coursework in a real business setting. Through this opportunity the students can explore their interests in the tax field and be familiar with the working norms, rules and regulations governing the industry as well as build a professional business network. The course emphasizes students’ preparation for their future careers and helps them to be well-trained candidates when they graduate. At the end of the work placement, the students will be deeply familiar with the key factors for success in a tax career.

  • COURSE DESCRIPTION
  • ROLE IN CURRICULUM
  • LEARNING OUTCOMES
  • STUDY PLAN/ JOB TRAINING PLAN
  • TEACHING METHODS
  • ASSESSMENT AND GRADING
  • TEXTBOOKS AND REFERENCES

COURSE DESCRIPTION

To achieve the aims above, this course covers a number of tasks that are divided into two parts. The first part is the professional orientation which focuses on gaining a clear understanding of the work environment of the prospective employers and of the job markets in general. After this, the students will be placed at the selected employers where they will apply their acquired knowledge, skills and attitude in a real work environment. It is important for the students to comply with the hosting organization’s requirements, to meet the Performance Objectives (POs) and to keep track of their
training progression throughout the work placement period.

Credits: 5

  • 5 credit hour for the field work placement = 90 hours
  • Total Credit Hours = 450 hours
  • Period of work placement = 3-6 months

ROLE IN CURRICULUM

Prerequisites

To qualify for the work placement, students must have completed the 9-hour preparation activities provided by Career Services and Student Advising (CSSA) or employer-conducted orientation approved by CSSA.

Students must have completed Business Ethics, Financial Accounting 1, Financial Accounting 2, Management Accounting 1, and Audit Theory and Practice.

LEARNING OUTCOMES

On successful completion of this course, students will be able to:

1  Knowledge

Level of Learning PLO CLO Learning Outcome
Understand PK3 CK1 Identify the general tax issues in relation to tax l aw and regulations.

2  Cognitive Skills

Level of Learning PLO CLO Learning Outcome
Apply PC4 CC1 Compute the liabilities and tax payments in accordance with the tax l aw and regulations.
Evaluate PC4 CC2 Assess the implication of non-compliance and tax planning in accordance with tax regulations.

3  Communication, Information Technology, and Numerical Skills

Level of Learning PLO CLO Learning Outcome
Understand PCIT4 CCIT1 Discuss the potential tax risks and/or tax minimisation measures for individuals and organisations.

4   Interpersonal Skills and Responsibilities

Level of Learning PLO CLO Learning Outcome
Apply PIP1 CIP1 Work effectively with the team to deal with relevant tax issues of individuals and organizations.

STUDY PLAN

Week Lesson Learning Outcomes Teaching and Learning Activities, Assessment
 1

Course Orientation

  1. Introduce the course aims, descriptions and criteria.
  2. Explain the performance objectives to be achieved during the job training.
  3. Explain the practical experience report
  4. Guide the students in searching for relevant information about jobs and prospective organizations. 

 

 

Lecture

Question and Answer
2-18 On Job training (All CLOs) Apply knowledge

TEACHING METHODS

This course is primarily an experience-based course. An orientation will be conducted at the beginning of the course to ensure that the students will gain a clear understanding of the work environment in the hosting organization and some basic skills for performing their work effectively during the placement. A variety of methods will be employed to encourage and assess student achievement on course learning outcomes. Some methods include, but are not limited to, presentation, interview and written reports, group discussions, business writing, self-reflection, and peer consultation.

ASSESSMENT AND GRADING

In order to successfully complete the course, students are required to complete all the assessment below. Grades will be calculated using the following assessments and score allocations.

Assessment Weight of each assessment Learning Outcome Assessed
CLO PLO
Mentor Meeting: 5 times Assessment by Mentor Form: https://forms.gle/Aqut3mnCAJAPN7QT8) Marking Rubrics:  https://docs.google.com/spreadsheets/d/13E7t97Exks12-eRz46VaM48FN92v5zYaTj4TRGs6024/edit?usp=sharing 10% CIP1 PIP1
Assessment by Supervisor Form:  https://forms.gle/Aqut3mnCAJAPN7QT8 Marking Rubrics:  https://docs.google.com/spreadsheets/d/1A8aKplinkc_0DVDO6KF5ouOWcUIxaAPIemQK3vmXQxY/edit?usp=sharing 35% CK1, CC1, CC2, CCIT1, CIP1 PK3, PC4, PCIT4, PIP1
Assessment by Peer Form:  https://forms.gle/Aqut3mnCAJAPN7QT8 Marking Rubrics:  https://docs.google.com/spreadsheets/d/1A8aKplinkc_0DVDO6KF5ouOWcUIxaAPIemQK3vmXQxY/edit?usp=sharing 20% CK1, CC1, CC2, CCIT1, CIP1 PK3, PC4, PCIT4, PIP1
Practical Experience Assessment Form (http://bit.ly/2LusSlq)  35% CK1, CC1, CC2, CCIT1, CIP1 PK3, PC4, PCIT4, PIP1
Total grading score 100%  

Performance Objectives Students are required to achieve four performance objectives in total including all three of interpersonal qualities and the core skills of performance objectives in audit. Students may achieve each performance objective by participating in suggested activities or similar other activities related to the performance objectives by providing an explanation in the practical experience report. The performance objectives are set out in interpersonal qualities and core skills as in the appendix 1. To provide evidence of achieving performance objectives, students are required to request a confirmation letter from their supervisor with attachment of the performance objectives that they have achieved during the job training. Personal Experience Report

Work Group: Individual
Output format: Performance Objective Matrix
Language: English
Assignment: Students will be required to produce a summarized report reflecting the experience obtained from the job training that satisfies the required performance objectives. As their training progresses, students should keep track of their experiences. At the end of the training, students will be required to write a report summarizing the experience in their own words in a performance objective matrix. The report should be clear and truthfully reflect the experience with examples provided.

TEXTBOOKS AND REFERENCES

References

  1. ACCA rule book https://www.accaglobal.com/gb/en/about-us/regulation/ethics/acca-rulebook.html
  2. ACCA performance objectives https://www.accaglobal.com/vn/en/student/practical-experience-per/performance-objectives.html

Appendix 1 – Performance Objectives Interpersonal Qualities These are the important elements of interpersonal qualities that students must achieve. They are required to maintain the professional code of ethics, develop productive business relationships with stakeholders and take initiative as a leader during work.

Performance Objectives Elements
Maintain professional code of ethics
  • Act diligently and honestly, following codes of conduct, taking into account and keeping up-to-date with legislation.
  • Act with integrity, objectivity, professional competence and due care and confidentiality. You should raise concerns about non-compliance.
  • Develop a commitment to your personal and professional knowledge and development. You should become a life-long l earner and continuous improver, seeking feedback and reflecting on your contribution and skills.
Develop productive business relationships
  • Display sensitivity, empathy and cultural awareness in all your communications. This allows you to establish trust and credibility with a range of stakeholders and gain their confidence.
  • Use a range of mediums and make appropriate use of digital technology to communicate clearly, concisely and persuasively in formal and informal situations.
  • Develop and build effective and ethical professional relationships and networks using face to face and digital technology.
Apply leadership and self development
  • Show initiative with your team – working towards organisational goals, collaborating with and supporting others.
  • Manage time and tasks effectively to meet business needs and professional commitments. You are capable of working under pressure.
  • You negotiate effectively and can justify solutions logically and persuasively to colleagues and clients.

Core Skill Tax Students will be involved in planning the tax assessments and computing the relevant tax liabilities in accordance with the laws and regulations. They could represent the business to prepare and file the tax return and advise the business on the tax planning.

Performance Objectives Elements
Calculate and assess tax liabilities
  • Extract and analyse data from financial records and filing information to prepare tax computations and related documents.
  • Use appropriate technology to prepare tax computations or assessments and related documents.
  • Prepare or contribute to computations or assessments of indirect tax liabilities.
  • Explain the basis of tax calculations and the interpretation of the effect of current legislation and case l aw and ethical frameworks.
Verify and assess the tax compliance
  • Sceptically verify client submissions – and submit on time to the tax authorities.
  • Determine the incidence (timing) of tax liabilities and their impact on cash flow/financing requirements.
  • Explain tax filing and payment – and the consequences of non-compliance to clients.
  • Identify allowable claims, or the need to object to/appeal an assessment, in a timely way.
  • Communicate professionally in both routine and specific inquiries.
Plan and advise on tax
  • Explain the differences between tax planning, tax avoidance and tax evasion.
  • Review and advise on the potential tax risks and/or tax minimisation measures for individuals and organisations.
  • Assess the tax implications of proposed activities or plans, referring to up-to-date legislation. Mitigate and/or defer tax liabilities through standard reliefs, exemptions and incentives.

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