Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to evaluate information systems and assess an organisation's risks as part of an internal audit process. This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body. |
Application of the Unit
Application of the unit |
The unit can be applied across a variety of financial services sectors and has application to those job functions that have responsibility to conduct internal audits such as accountants and quality assurance managers. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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FNSACC506A |
Implement and maintain internal control procedures |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Evaluate information systems |
1.1. System specifications are evaluated against user requirements and feedback to identify redundancies and constraints, and capacities of information technology 1.2. Hardware and software needs are identified from assessment of available products and services 1.3. Possible uses and handling of accounting data are evaluated in consultation with users to determine security requirements 1.4. Organisational procedures and policies are analysed to evaluate scope of strategies for risk management , internal control of expenditure and compliance with statutory requirements 1.5. Enquiries regarding use of systems are monitored and recorded to ensure ongoing evaluation |
2. Develop implementation plans |
2.1. Principles, procedures and processes arising from internal control systems are examined to determine implementation issues relevant to organisational processes 2.2. Strengths and weaknesses of organisational processes , including present and future capacities, are analysed and incorporated in the implementation plan 2.3. Implementation is designed to cover outcomes, resource use, costs and the achievement and maintenance of professional accounting standards 2.4. Schedules are established that are realistic and feasible in the context of the organisation's short -term and long -term objectives |
3. Review resource use |
3.1. Sources of data input are monitored to identify influences and variations in returns and costs 3.2. Estimates of stock levels are monitored and reviewed to ensure appropriate stocking and ordering of materials and inventory items 3.3. Records of resource use are compared with unit cost estimates to evaluate projected costs 3.4. Factors influencing resource use in the future are analysed to assess impact on operations and objectives |
4. Monitor plans |
4.1. Implementation is adjusted to take account of emerging external influences and the establishment of alternative targets 4.2. Costs of plans are monitored and controlled by evaluating net benefits to operations from the allocation of resources 4.3. Internal control systems are adjusted to ensure the maintenance and achievement of accounting standards |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment of performance requirements in this unit should be Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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System specifications may include: |
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Security requirements may include: |
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Risk management strategies may include: |
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Internal control systems and procedures may include: |
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Strengths and weakness of organisational processes may include: |
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Implementation may include: |
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Professional accounting standards may include: |
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Short -term and long -term objectives may include: |
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Sources of input data and documentation may include: |
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Unit Sector(s)
Unit sector |
Accounting |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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