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Unit of competency details

FNSACC604 - Monitor corporate governance activities (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC604A - Monitor corporate governance activitiesUpdated to meet Standards for Training Packages 24/Mar/2015
Is superseded by and equivalent to FNSACC624 - Monitor corporate governance activities 12/Feb/2018

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


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  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

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

Application

This unit describes the skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations.

It applies to individuals who use and maintain current and specialised knowledge and analytical skills to provide advice on organisational processes to meet compliance and management requirements.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on 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. Establish corporate governance standards and practices

1.1 Monitor application of and adherence to professional and legal accounting standards to identify emerging trends and interpretations of statutory and other regulatory requirements

1.2 Research audit reports and practices to assess methodologies and recommendations

2. Identify corporate governance reporting trends

2.1 Analyse organisational practices to identify corporate governance obligations and performance

2.2 Examine queries from statutory and other regulatory authorities for corporate governance failure to assess change effects on internal control procedures

2.3 Assess content and structure of reports, returns and processes for review to evaluate policies being followed by organisation

3. Determine processes for corporate governance adherence

3.1 Analyse and monitor internal control procedures to determine performance indicators for compliance with corporate governance requirements

3.2 Evaluate information technology systems to determine their use and suitability for recording data from operations and transactions for corporate governance obligations

3.3 Establish management processes to support corporate governance

3.4 Establish reporting plans to ensure completion of compliance requirements within scheduled timeframes

4. Review corporate governance compliance

4.1 Assess achievement of performance indicators and review against key result areas

4.2 Monitor compliance preparation processes and review in line with corporate governance requirements

4.3 Analyse failures in compliance to diagnose shortcomings and to remedy processes in line with corporate governance requirements

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.1-2.3, 3.1, 3.2, 4.1

  • Accesses and critically analyses complex documentation, including relevant corporate governance legislation, to identify key information relevant to requirements

Writing

3.3, 3.4

  • Produces a range of written documentation, matching style of writing to the audience and purpose
  • Uses clear language, correct terminology, grammar and spelling to convey meaning

Numeracy

1.2, 2.3

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

Navigate the world of work

1.1, 1.2, 2.1-2.3

  • Ensures currency of knowledge relating to legislation, regulations and policies applicable to governance and professional requirements
  • Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of changes to legislation or regulations

Interacts with others

1.2, 2.1, 2.2

  • Consults with personnel on internal procedures using questioning and active listening to elicit, convey and clarify information

Get the work done

1.1, 2.1-2.3, 3.1-3.4, 4.1-4.3

  • Plans, organises, implements and reviews systems and processes to manage compliance with relevant regulations and legislation
  • Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes
  • Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria
  • Evaluates the effectiveness of systems and processes to inform decisions on how to implement improvements
  • Recognises and anticipates a range of problems, implementing contingency plans when appropriate
  • Recognises opportunities to develop and apply new ideas
  • Uses a range of digital technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC604 Monitor corporate governance activities

FNSACC604A Monitor corporate governance activities

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in 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 FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • research corporate governance reporting trends
  • determine processes for monitoring corporate governance adherence
  • examine and review corporate governance standards and practices following:
  • professional accounting standards
  • organisational policy and procedures
  • statutory and regulatory requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • access and accurately interpret authority regulations and requirements
  • identify and explain the key features of current financial legislation, and statutory and regulatory requirements
  • explain the current formats required for submission of statutory returns
  • discuss ethical considerations relating to compliance and governance
  • outline the key management processes that support corporate governance
  • identify and explain the forms and functions of employee records
  • identify and explain the key principles of:
  • internal control
  • valuation and common methods of depreciation
  • discuss the significance of performance indicators and key result areas relevant to monitoring corporate governance activities.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • common office equipment, technology, software and consumables
  • an integrated financial software system and data
  • corporate governance documentation and organisational operational policy and procedures information.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

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