Unit of competency Outline

Date retreived
22/07/2026 3:56 PM AWST

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Implement and maintain internal control procedures

Implement and maintain internal control procedures

Unit of competency
National Code
FNSACC506A
State Code
D4044
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
15/10/2014
Field of Education
080101 - Accounting
Original Release Date
15/10/2014
Nominal Hours
20
Description
This unit describes the performance outcomes, skills and knowledge required to review corporate governance requirements, implement operating procedures and monitor policy.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Review corporate governance requirements
  • 1.1. Corporate governance requirements are identified and analysed to determine application to operations
  • 1.2. Clarifications on application of corporate governance requirements are accessed from authoritative and recognised sources
  • 1.3. Internal control procedures are reviewed and developed reflecting the application of corporate governance requirements to internal operations
2. Implement operating procedures
  • 2.1. Financial delegations and accountabilities are maintained and reviewed to ensure consistency and compliance with internal control procedures
  • 2.2. Required reports are produced, reviewed and distributed within agreed timelines
  • 2.3. Timetables for the implementation of corporate governance requirements are developed in consultation with stakeholders
  • 2.4. Internal control procedures are detailed and documented in standardised formats to promote consistency of use
3. Monitor policy
  • 3.1. Applications of corporate governance requirements are developed from published sources or recognised practices
  • 3.2. Performance indicators are developed and reported on to evaluate compliance with internal control procedures
  • 3.3. Variations in adoption of corporate governance requirements in operations are identified and evaluated to determine causes
  • 3.4. Modifications to procedures are developed and implemented to facilitate compliance with internal control procedures
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Corporate governance requirements may include:
common law
delegated authorities
legislation such as:
corporation law
tax law
reporting periods
taxation payment timings.
Authoritative and recognised sources may include:
asset registers
Australian Securities and Investments Commission (ASIC)
Australian Taxation Office (ATO)
financial information systems
laws and regulations
personnel information systems
professional associations
pronouncements.
Internal control procedures may include:
accuracy in valuations
adequate disclosure in financial reporting
decision making authorities
electronic commerce security
identification, measurement and recording of:
income
assets
expenditure
liabilities
equity
risk management strategies
safeguarding and insurance of assets.
Financial delegations and accountabilities may include:
corporate governance requirements
employment delegations
expenditure and investment approvals
loan and lending approvals
sign-off authorities.
Required reports may include:
balance sheets
capital statements
cash flow statements
internal management reports
operating statements
transaction and auditable trails.
Stakeholders may include:
clients
employees
financial institutions
managers and company officers such as:
company directors
boards of management
suppliers
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
interpret and comply with corporate governance requirements, organisational policies, financial delegations and accountabilities
review corporate governance requirements and implement effective operating procedures
monitor policy and relevant financial legislation.

Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
corporate governance documentation and organisational operational policies and procedures information.

Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment
Replaces
State Code National Code Title Type
C9606 FNSACCT506B Implement and maintain internal control procedures Unit of competency
Replaced By
State Code National Code Title Type
AUQ21 FNSACC506 Implement and maintain internal control procedures Unit of competency