Qualification details

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Minor updates to elective unit list
Release 1	This version first released with FNS Financial Services Training Package Version 3.0.

Qualification Description

This qualification reflects the role of individuals working in accounting and seeking professional recognition, including tax agents, accounts managers and business analysts; and to employees performing a range of accounts management tasks for organisations in a range of industries. At this level individuals are expected to apply theoretical and technical skills in a range of situations and to display initiative and judgement in planning activities. They have autonomy in performing complex operations and can be responsible for planning, coordinating and evaluating the work of others within broad but generally well-defined parameters.

Licensing/Regulatory Information 

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on requirements.

This qualification includes units that comprise an approved Tax Practitioner Board (TPB) course in Australian taxation law and commercial law, which are relevant for registration as a tax agent. Persons seeking registration with the TPB should check current registration requirements with the TPB, as registration requirements are reviewed regularly.

Entry Requirements

Completion of both FNSSS00014 Accounting Principles Skill Set and FNSSS00015 Advanced Accounting Principles Skill Set;

OR

Completion of FNS50215 Diploma of Accounting;

OR

Completion of FNS50217 Diploma of Accounting.

Packaging Rules

Total number of units = 14 

3 core units  plus

11 elective  units

The elective units must be relevant to the work environment and the qualification, maintain the integrity of the AQF alignment, and contribute to a valid industry-supported vocational outcome, and are to be chosen as follows:

• all 11 units may be chosen from the elective units listed below
• up to 6 units may be from a Certificate IV, Diploma or Advanced Diploma in any currently endorsed training package or accredited course, provided they do not duplicate the outcome of another unit chosen for the qualification.

Core Units 

FNSACC624 Monitor corporate governance activities

FNSINC601 Apply economic principles to work in the financial services industry

FNSINC602 Interpret and use financial statistics and tools

Elective Units 

FNSACC601 Prepare and administer tax documentation for legal entities*¹

FNSACC602 Audit and report on financial systems and records*

FNSACC603 Implement tax plans and evaluate tax obligations*¹

FNSACC605 Implement organisational improvement programs

FNSACC606 Conduct internal audit*

FNSACC608 Evaluate organisation’s financial performance*

FNSACC609 Evaluate financial risk*

FNSACC610 Develop and implement financial strategies*

FNSACC611 Implement an insolvency program

FNSACC612 Implement reconstruction plan

FNSACC613 Prepare and analyse management accounting information*

FNSACC614 Prepare complex corporate financial reports*

FNSFMK505 Comply with financial services legislation and industry codes of practice

FNSINC503 Identify situations requiring complex ethical decision making

FNSINC504 Apply ethical frameworks and principles to make and act upon decisions

FNSORG602 Develop and manage financial systems

FNSRSK602 Determine and manage risk exposure strategies

FNSTPB503 Apply legal principles in contract and consumer law²

FNSTPB504 Apply legal principles in corporations and trust law²

FNSTPB505 Apply legal principles in property law²

FNSTPB506 Apply taxation requirements when providing tax (financial) advice services³

FNSTPB507 Apply legal principles in commercial law when providing tax (financial) advice services³

*Note the following prerequisite unit requirements.

Unit in this qualification	Prerequisite unit
FNSACC601 Prepare and administer tax documentation for legal entities	FNSACC512 Prepare tax documentation for individuals
FNSACC602 Audit and report on financial systems and records	FNSACC516 Implement and maintain internal control procedures
FNSACC603 Implement tax plans and evaluate tax compliance	FNSACC512 Prepare tax documentation for individuals
FNSACC606 Conduct internal audit	FNSACC516 Implement and maintain internal control procedures
FNSACC608 Evaluate organisation’s financial performance	FNSACC511 Provide financial and business performance information
FNSACC609 Evaluate financial risk	FNSACC511 Provide financial and business performance information
FNSACC610 Develop and implement financial strategies	FNSACC511 Provide financial and business performance information
FNSACC613 Prepare and analyse management accounting information	FNSACC517 Provide management accounting information
FNSACC614 Prepare complex corporate financial reports	FNSACC514 Prepare financial reports for corporate entities

¹ Unit included in the Tax Practitioners Board approved course in Australian taxation law: FNSSS00008 Taxation Law for Tax Agents Skill Set (Tax documentation).

² Unit included in the Tax Practitioners Board approved course in commercial law: FNSSS00005 Commercial Law for Tax Agents Skill Set.

³ Unit included in the Tax Practitioners Board approved course in commercial law for tax (financial) advisers: FNSSS00006 Commercial Law for Tax (Financial) Advisers Skill Set

Qualification Mapping Information

Code and title  current version	Code and title  previous version	Comments	Equivalence status
FNS60217 Advanced Diploma of Accounting	FNS60215 Advanced Diploma of Accounting	Updates to elective unit list.	No equivalent qualification.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe