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Unit of competency details

SFICPL401 - Conduct an investigative audit (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to SFICOMP501C - Conduct an investigative auditUpdated to meet Standards for Training Packages. Change to AQF indicator in unit code to better reflect outcomes. 20/Jun/2019

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 21/Jun/2019


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  21/Jun/2019 
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Unit Of competency

Modification History

Release

Comments

Release 1

This version released with SFI Seafood Industry Training Package Version 1.0.

Application

This unit of competency describes the skills and knowledge required to plan and conduct an investigative audit, evaluating evidence of record keeping compliance and unlawful transactions related to fisheries compliance.

The unit applies to individuals who conduct investigative audits within a single fishery business, or who follow a transaction trail across several businesses along the supply chain.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Pre-requisite Unit

Nil

Unit Sector

Compliance (CPL)

Elements and Performance Criteria

Elements

Performance Criteria

Elements describe the essential outcomes.

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

1. Determine audit risk

1.1 Develop knowledge of business structures and practices associated with fish production records, processing, wholesale and retail marketing

1.2 Determine scope of audit program in the context of relevant fisheries management arrangements, fraud risk assessment and available intelligence

2. Develop audit plan

2.1 Define initial audit objectives based on type of business being audited

2.2 Determine resources required to conduct audit, and plan for their allocation

3. Identify operating systems for the business entity being audited

3.1 Prepare flowchart and working papers documenting business operating systems

3.2 Assess potential for targeted activity within business entity fishing operation

3.3 Assess potential for success in locating authentic material information and evidence related to targeted activity and audit objectives

3.4 Select appropriate audit methodologies and types of material information and evidence

4. Conduct investigative audit

4.1 Incorporate selected audit methodologies into audit plan and adjust, as required, by the audit progress

4.2 Conduct stocktake according to audit plan

4.3 Perform substantive tests of transactions within the business operating systems for the time period specified in audit plan, and identify anomalies and irregularities

4.4 Document results of investigations

5. Evaluate, review and report on the audit

5.1 Ensure information and evidence obtained is sufficient, complete, reliable and valid

5.2 Ensure evidence meets jurisdictional requirements for admissibility of evidence

5.3 Prepare and issue audit report to relevant authorities

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential for performance in this unit of competency but are not explicit in the performance criteria.

Skill

Description

Numeracy

  • Evaluates transactions
  • Prepares audit plans, programs and reports

Reading

  • Reads, interprets, analyses and evaluates business and processing documentation

Writing

  • Writes audit plans, programs and reports

Navigate the world of work

  • Applies knowledge of legislation and policies relevant to audit
  • Recognises and responds to explicit and implicit investigation protocols
  • Works independently and collectively within broad parameters

Interact with others

  • Selects and uses appropriate vocabulary, conventions and protocols, including technical language, to exchange and clarify information with others

Get the work done

  • Uses computer technology and digital equipment related to investigative audits
  • Maintains secure access to digitally stored and transmitted information

Unit Mapping Information

Code and title current version

Code and title previous version

Comments

Equivalence status

SFICPL401 Conduct an investigative audit

SFICOMP501C Conduct an investigative audit

Updated to meet Standards for Training Packages

Change to AQF indicator in unit code to better reflect outcomes

Equivalent unit

Links

Companion Volumes, including Implementation Guides, are available at VETNet: - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=e31d8c6b-1608-4d77-9f71-9ee749456273

 

Assessment requirements

Modification History

Release

Comments

Release 1

This version released with SFI Seafood Industry Training Package Version 1.0.

Performance Evidence

An individual demonstrating competency must satisfy all of the elements and performance criteria in this unit.

There must be evidence that the individual has conducted an investigative audit for a fishery business on at least one occasion, including:

  • identifying the scope of audit program
  • developing an audit plan that defines objectives and required resources to conduct the audit
  • documenting and assessing the business operating systems
  • conducting a stocktake and testing of transactions
  • developing an audit report based on validated and reliable investigative results.

Knowledge Evidence

An individual must be able to demonstrate the knowledge required to perform the tasks outlined in the elements and performance criteria of this unit. This includes knowledge of:

  • jurisdictional laws, policies and procedures relevant to fisheries management compliance
  • audit procedures and techniques, including data pattern matching
  • business's operating systems, including fish production records, product movement, processing, sales, purchases, receivals, inventory and financial
  • evidence gathering and maintenance in accordance with rules of evidence
  • fraudulent practices used within the seafood industry
  • seafood industry business practices.

Assessment Conditions

Assessment of skills must take place under the following conditions:

  • physical conditions:
  • skills must be demonstrated in a fishery auditing setting or an environment that accurately represents workplace conditions
  • operational business to audit
  • resources, equipment and materials:
  • computer and data analysis software
  • specifications:
  • business-related documentation
  • access to jurisdictional laws, policies and procedures relevant to fisheries management compliance.

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

Links

Companion Volumes, including Implementation Guides, are available at VETNet: - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=e31d8c6b-1608-4d77-9f71-9ee749456273