TEQSA say that educational institutions are required have a "tenable rationale" for including Work Integrated Learning (WIL), and to monitor the student's experience and learning outcomes, "against defined, expected outcomes".
TEQSA provide an example of non-compliance where the educational institution does not assure the suitability of placements and safety of the students, doesn't provide feedback to the students and just has a single assessment item at the end of the placement unrelated to employability skills.
One approach I suggest could be used is on-line learning management systems and e-portfolios for monitoring of student's progress and feedback for students and their host. I was on the project management committee for an on-line system developed at the University of Queensland to evaluate students on occupational therapy professional practice placements.
This was originally a paper based process, using the "Student Practice Evaluation Form "SPEF-R" (Turpin, Fitzgerald, and Rodger, 2011) used widely by universities around Australia. It was converted to a mobile device compatible web based system using bespoke software. However, the same function could now be implemented using off-the-shelf- learning systems.