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 |
|
Writing |
3.3, 3.4 |
|
Numeracy |
1.2, 2.3 |
|
Navigate the world of work |
1.1, 1.2, 2.1-2.3 |
|
Interacts with others |
1.2, 2.1, 2.2 |
|
Get the work done |
1.1, 2.1-2.3, 3.1-3.4, 4.1-4.3 |
|
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