Unit of competency Outline

Date retreived
22/07/2026 4:59 AM AWST

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Implement and maintain internal control procedures

Implement and maintain internal control procedures

Unit of competency
National Code
FNSACC506
State Code
AUQ21
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
20
Description
This unit describes the skills and knowledge required to review corporate governance requirements, implement operating procedures and monitor policy.It applies to individuals who use specialised knowledge and analytical skills to ensure organisational policy, compliance and quality requirements are met.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.
Notes
Elements and Performance Criteria
1. Review corporate governance requirements
  • 1.1 Identify and analyse corporate governance and ethical requirements to determine application to operations
  • 1.2 Access clarifications on application of corporate governance requirements from authoritative and recognised sources
  • 1.3 Review and develop internal control procedures, reflecting application of corporate governance requirements to internal operations
2. Implement operating procedures
  • 2.1 Maintain and review financial delegations and accountabilities to ensure consistency and compliance with internal control procedures
  • 2.2 Produce, review and distribute required reports within agreed timelines
  • 2.3 Develop timetables for implementation of corporate governance requirements in consultation with stakeholders
  • 2.4 Detail and document internal control procedures in standardised formats to promote consistency of use
3. Monitor policy
  • 3.1 Develop applications of corporate governance requirements from published sources or recognised practices
  • 3.2 Develop and report on performance indicators to evaluate compliance with internal control procedures
  • 3.3 Identify and evaluate variations in adoption of corporate governance requirements in operations to determine causes
  • 3.4 Develop and implement modifications to procedures to facilitate compliance with internal control procedures
No information
No information
Replaces
State Code National Code Title Type
D4044 FNSACC506A Implement and maintain internal control procedures Unit of competency
Replaced By
State Code National Code Title Type
BBH73 FNSACC516 Implement and maintain internal control procedures Unit of competency