Assessment Requirements for FNSACC606 Conduct internal audit

Release: 1

Assessment Requirements for FNSACC606 Conduct internal audit

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:

conduct internal audit that complies with organisational policy and procedures, and includes:

use of professional accounting standards to identify strengths and weaknesses

assessment of internal control systems

evaluation of information systems

review of resources

development and monitoring of implementation plans.

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:

outline the key considerations when reviewing system requirements and specifications

compare and contrast recording and information management systems and software applicable to financial recording

explain the key principles of internal control, including statutory requirements

outline the key features of risk management strategies

discuss ethical considerations for records and file management

identify and explain the key features of relevant financial legislation relating to taxable transactions and reporting requirements.

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.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

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