Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

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 organisation’s application of and compliance with 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 to evaluate efficacy of policies being followed by organisation

3. Determine processes for corporate governance compliance

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 agreed timeframes

4. Review corporate governance compliance

4.1 Assess achievement of performance indicators and determine sources of variance against established performance targets

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 improve processes, in line with corporate governance requirements

Skill 

Description 

Reading

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

Writing

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

Numeracy

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

Navigate the world of work

• 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 and regulations

Interacts with others

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

Get the work done

• Plans, organises, implements and reviews systems and processes to manage compliance with legislative and regulatory requirements
• 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
• Identifies and anticipates a range of problems, implementing contingency plans when appropriate
• Identifies opportunities to develop and apply new ideas
• Uses a range of digital technologies to access, extract and share information to achieve required outcomes

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC624 Monitor corporate governance activities (Release 1)

FNSACC604 Monitor corporate governance activities (Release 1)

Edits to performance criteria to clarify intent. Expanded performance evidence.

Equivalent unit.

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.