Unit of competency Outline

Date retreived
22/07/2026 8:06 PM AWST

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Establish and maintain accounting information systems

Establish and maintain accounting information systems

Unit of competency
National Code
FNSACC505
State Code
AUQ17
TGA Status
Current
DTWD Status
Approved
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
020303 - Database Management
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the skills and knowledge required to identify and record system requirements, evaluate alternative systems and acceptance test systems, prepare system documentation, implement reporting systems and records, monitor systems and review reporting procedures.It applies to experienced individuals who use specialised technical knowledge, systematic approaches and analytical skills to effectively establish an organisational system.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. Identify and record system requirements
  • 1.1 Prepare comprehensive specifications based on requirements of potential users that include system objectives, document specifications, and security and records requirements
  • 1.2 Review features of any existing system and records to establish their suitability and usability
  • 1.3 Establish recording processes according to accepted practice and in accordance with legislation and codes of practice
2. Evaluate alternative systems
  • 2.1 Compare and measure features of various systems against user requirements to enable identification of alternative systems and solutions
  • 2.2 Carry out cost–benefit analysis of alternative systems and solutions, and document recommendations
3. Evaluate acceptance test system
  • 3.1 Test system in operational environment to ensure compliance with user requirements, company policy and guidelines, system specifications and relevant legislation or industry codes of practice
  • 3.2 Obtain formal confirmation from all users on acceptability of new system or system changes against all criteria and system specifications
4. Prepare system documentation
  • 4.1 Prepare system documentation thoroughly and accurately, using easily understood language and in clear format to support system implementation and training
  • 4.2 Consult users to ensure clarity, accuracy, thoroughness and usability of system documentation
  • 4.3 Make system documentation easily accessible, and constantly review and update to ensure currency and accuracy
5. Implement reporting systems and records
  • 5.1 Carry out implementation in accordance with specified guidelines and timelines, and establish contingency plans to deal with any potential delays or problems
  • 5.2 Establish effective training schedules and programs to support implementation
  • 5.3 Transfer all data from existing to new or modified system and records without error or loss
  • 5.4 Update systems and records regularly to identify ongoing benefits and threats to organisation
  • 5.5 Maintain files within organisational and statutory requirements, and identify and remedy discrepancies
  • 5.6 Ensure integrity of systems and records complies with organisational and statutory requirements
  • 5.7 Monitor transactions to identify taxation and other liabilities
6. Monitor reporting systems
  • 6.1 Analyse and account for transactions, and correctly relate to accounting period
  • 6.2 Communicate and promote processes for recording and classifying transactions to support internal verification of records
  • 6.3 Standardise sources of input data and documentation in structured formats to minimise errors
  • 6.4 Maintain back-ups in accessible location to safeguard data in accordance with organisational and audit requirements
7. Review reporting procedures
  • 7.1 Systematically check sources of input data and documentation records for accuracy and reliability
  • 7.2 Establish reporting requirements and analyse regularly to identify variations and compliance with established processes for recording and classifying transactions
  • 7.3 Maintain written reports, explanatory notes and financial results to support source documentation
No information
No information
Replaces
State Code National Code Title Type
D4043 FNSACC505A Establish and maintain accounting information systems Unit of competency