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Unit of competency details

FNSACC526 - Implement and maintain internal control procedures (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC516 - Implement and maintain internal control proceduresSupersedes and is equivalent to FNSACC516 Implement and maintain internal control procedures. 14/Jun/2022

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 15/Jun/2022


Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  15/Jun/2022 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSACC516 Implement and maintain internal control procedures.

Application

This unit describes the skills and knowledge required to review corporate governance requirements and implement and monitor internal control operating procedures.

The unit applies to individuals who use specialised knowledge and analytical skills to confirm that organisational procedures, compliance and quality requirements are met.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.

Unit Sector

Accounting

Elements and Performance Criteria

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 and determine their application to operations

1.2 Seek clarification on the application of corporate governance requirements from authoritative sources

1.3 Review and develop internal control procedures that apply corporate governance requirements to internal operations

2. Implement internal control operating procedures

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

2.2 Produce, review and distribute required reports within agreed timeframes

2.3 Develop timetables for implementing corporate governance requirements, in consultation with stakeholders

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

2.5 Implement internal control procedures for cyber security and the safe handling of payments and data

3. Monitor internal control operating procedures

3.1 Develop applications of corporate governance requirements from authoritative sources according to industry-standard practices

3.2 Report on performance indicators of internal operations and evaluate their compliance with internal control procedures

3.3 Identify and evaluate variations in adopting corporate governance requirements in operations and determine their causes

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

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL 

DESCRIPTION 

Numeracy

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

Oral communication

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

Reading

  • Interprets and analyses complex information and documentation from a range of sources, including legislation

Writing

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

Problem solving

  • Applies systematic and analytical decision-making processes in situations that impact on own work and that of others

Technology

  • Uses the main features and functions of digital technologies to access, extract and share information

Unit Mapping Information

Supersedes and is equivalent to FNSACC516 Implement and maintain internal control procedures.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSACC516 Implement and maintain internal control procedures.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • implement and maintain at least three internal control procedures.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • ethical and confidentiality considerations when managing and handling files, records, and data
  • cyber security considerations when managing data on computerised systems
  • key requirements of financial legislation relating to financial transactions and reporting requirements
  • benefits and limitations of internal controls and potential consequences of poor internal controls for internal operations
  • key requirements of organisational policies and procedures relating to:
  • corporate governance
  • financial delegations and accountabilities
  • key principles of internal control and auditing
  • key industry standard practices.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • office equipment, technology, software and consumables required to implement and maintain internal control procedures
  • corporate governance documentation required for role
  • organisational operational policies and procedures required for role.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe