Unit of competency Outline

Date retreived
23/07/2026 7:32 AM AWST

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Implement and maintain internal control procedures

Implement and maintain internal control procedures

Unit of competency
National Code
FNSACC526
State Code
OEB80
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
080101 - Accounting
Original Release Date
07/12/2022
Nominal Hours
30
Description
This unit describes the skills and knowledge required to review corporate governance requirements and implement and monitor internal control operating procedures.The unit applies to individuals who use specialised knowledge and analytical skills to confirm that 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. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Review corporate governance requirements
  • 1.1 Identify and analyse corporate governance and ethical requirements and 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 for 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 and promote consistency of use
  • 2.5 Implement internal control procedures for cyber security and the safe handling of payments and data
3. Monitor internal control operating procedures
  • 3.1 Develop applications of corporate governance requirements from authoritative sources according to industry-standard practices
  • 3.2 Report on performance indicators of internal operations and evaluate their compliance with internal control procedures
  • 3.3 Identify and evaluate variations in adopting corporate governance requirements in operations and determine their causes
  • 3.4 Develop and implement modifications to procedures and facilitate their compliance with internal control procedures
No information
No information
Replaces
State Code National Code Title Type
BBH73 FNSACC516 Implement and maintain internal control procedures Unit of competency