Release 

Comments 

Release 1

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

FNSACC506A

Implement and maintain internal control procedures

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Evaluate information systems

1.1 Evaluate system specifications against user requirements and feedback to identify redundancies and constraints, and capacities of information technology

1.2 Identify hardware and software needs from assessment of available products and services

1.3 Evaluate possible uses and handling of accounting data in consultation with users to determine security requirements

1.4 Analyse organisational procedures and policy to evaluate scope of strategies for risk management, internal control of expenditure and compliance with statutory requirements

1.5 Monitor and record enquiries regarding use of systems to ensure ongoing evaluation

2. Develop implementation plans

2.1 Review internal control systems to determine any implementation issues that impact on organisational processes

2.2 Analyse strengths and weaknesses of organisational processes, including present and future capacities, and incorporate in implementation plan

2.3 Design implementation to cover outcomes, resource use, costs, and achievement and maintenance of professional accounting standards

2.4 Establish schedules that are realistic and feasible in context of organisation’s short-term and long-term objectives

3. Review resource use

3.1 Monitor sources of data input to identify influences and variations in returns and costs

3.2 Monitor estimates of stock levels and review to ensure appropriate stocking and ordering of materials and inventory items

3.3 Compare records of resource use with unit cost estimates to evaluate projected costs

3.4 Analyse factors influencing resource use in future to assess impact on operations and objectives

4. Monitor plans

4.1 Adjust implementation to take account of emerging external influences and establishment of alternative targets

4.2 Monitor and control costs of plans by evaluating net benefits to operations from allocation of resources

4.3 Adjust internal control systems to ensure maintenance and achievement of accounting standards

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 1.4, 2.1, 2.2, 3.1, 3.2

• Accesses and evaluates complex information and documentation from a range of sources to determine requirements

Writing

1.3, 1.5, 2.2, 2.4

• Produces reports and plans that sequence and structure information logically
• Uses a writing style and concepts appropriate for the audience and purpose

Oral Communication

1.3

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

Numeracy

3.1-3.3, 4.2

• Accurately identifies and analyses financial and numerical information embedded in a range of texts and tasks
• Performs mathematical calculations to check the accuracy and completeness of numerical and financial data, with a focus on identifying errors and discrepancies

Navigate the world of work

1.4, 2.1, 2.3, 4.3

• Develops, implements and reviews strategies to ensure organisational policy, procedures and regulatory requirements are met

Get the work done

1.1-1.5, 2.1- 2.4, 3.1-3.4, 4.1-4.2

• Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes
• Develops plans to introduce new systems and processes with strategic implications for the organisation
• 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
• Uses digital technologies to access, extract and share relevant information to achieve required outcomes
• Actively identifies systems, devices and applications with potential to meet needs, including consideration of data security

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC606 Conduct internal audit

FNSACC606A Conduct internal audit

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.