\documentclass[a4paper,12pt,oneside]{memoir}
\newenvironment{objectives}{%
    \rule{\linewidth}{1pt}
	After studying this chapter you should be able to:
    \itemize%
}{%
	\enditemize\vspace{-\baselineskip}
    \rule{\textwidth}{1pt}%
}
\makeatletter
\def\itemI#1{%
  \@inmatherr\item
  \@ifnextchar [\@item{\@noitemargtrue \@item[\@itemlabel]}%
  \addcontentsline{loo}{section}{#1}#1
}
\makeatother
\newcommand{\listobjectivesname}{List of Objectives}
\newlistof{listofobjectives}{loo}{\listobjectivesname}

\begin{document}
\chapter{First Chapter}
\begin{objectives}
  \itemI{describe the role of local rescue squads in cave rescue;}
  \itemI{describe when the immediate callout of the NSW Cave Rescue
    Squad is required;}
  \itemI{list the list the information which should be sought in making
    a surface assessment of a cave rescue incident.}
\end{objectives}

\listofobjectives%


\end{document}