Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Review corporate governance requirements

1.1 Identify and analyse corporate governance and ethical requirements to determine application to operations

1.2 Access clarifications on application of corporate governance requirements from authoritative and recognised sources

1.3 Review and develop internal control procedures, reflecting application of corporate governance requirements to internal operations

2. Implement operating procedures

2.1 Maintain and review financial delegations and accountabilities to ensure consistency and compliance with internal control procedures

2.2 Produce, review and distribute required reports within agreed timelines

2.3 Develop timetables for implementation of corporate governance requirements in consultation with stakeholders

2.4 Detail and document internal control procedures in standardised formats to promote consistency of use

3. Monitor policy

3.1 Develop applications of corporate governance requirements from published sources or recognised practices

3.2 Develop and report on performance indicators to evaluate compliance with internal control procedures

3.3 Identify and evaluate variations in adoption of corporate governance requirements in operations to determine causes

3.4 Develop and implement modifications to procedures to facilitate compliance with internal control procedures

Skill 

Performance Criteria 

Description 

Reading

1.1-1.3, 2.1, 2.2, 3.1, 3.3

• Interprets and analyses complex information and documentation from a range of sources, including relevant legislation, to determine requirements

Writing

1.2, 1.3, 2.1-2.4, 3.2, 3.4

• Produces accessible guidelines and reports using clear and concise language appropriate to the audience and purpose

Oral Communication

2.2, 2.3, 3.2

• Effectively engages others in verbal exchanges using active listening and questioning to elicit, clarify and convey information

Numeracy

1.1, 2.1, 3.2

• Accurately analyses financial and numerical information embedded in a range of texts and tasks

Navigate the world of work

1.1-1.3, 2.1, 2.4, 3.1, 3.4

• Monitors adherence to legal and regulatory requirements and recommends and implements changes to policies, procedures or processes where these are deemed necessary

Get the work done

1.1-1.3, 2.1-2.4, 3.1-3.4

• Organises, plans and sequences own workload and schedules work activities of others
• Uses problem-solving processes to identify and analyse issues with the potential to impact on financial controls, and develop and implement options to resolve these issues
• Applies systematic and analytical decision-making processes in situations that impact on the work of self and others
• Uses a range of digital technologies to access, extract and share relevant information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC506 Implement and maintain internal control procedures

FNSACC506A Implement and maintain internal control procedures

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.