Unit of competency Outline

Date retreived
23/07/2026 1:53 PM AWST

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Implement and maintain internal control procedures

Implement and maintain internal control procedures

Unit of competency
National Code
FNSACC516
State Code
BBH73
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
13/02/2018
View on TGA
State Implementation and Classification
Approved Date
09/05/2018
Field of Education
080101 - Accounting
Original Release Date
09/05/2018
Nominal Hours
20
Description
This unit describes the skills and knowledge required to review corporate governance requirements, implement internal control operating procedures, and monitor associated policy.It applies to individuals who use specialised knowledge and analytical skills to ensure organisational procedures, 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 Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
Notes
Elements and Performance Criteria
1. Review corporate governance requirements
  • 1.1 Identify and analyse corporate governance and ethical requirements to determine their application to operations
  • 1.2 Seek clarification on the application of corporate governance requirements from authoritative sources
  • 1.3 Review and develop internal control procedures that apply corporate governance requirements to internal operations
2. Implement internal control 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 timeframes
  • 2.3 Develop timetables for implementing 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 internal control operating procedures
  • 3.1 Develop applications of corporate governance requirements from authoritative sources and based on industry-standard practices
  • 3.2 Report on performance indicators of internal operations to evaluate their compliance with internal control procedures
  • 3.3 Identify and evaluate variations in adopting corporate governance requirements in operations to determine their causes
  • 3.4 Develop and implement modifications to procedures to facilitate their compliance with internal control procedures
No information
No information
Replaces
State Code National Code Title Type
AUQ21 FNSACC506 Implement and maintain internal control procedures Unit of competency
Replaced By
State Code National Code Title Type
OEB80 FNSACC526 Implement and maintain internal control procedures Unit of competency