Unit of competency Outline
Date retreived
22/07/2026 6:10 PM AWST
22/07/2026 6:10 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Detect errors and fraud when processing financial transactions
Detect errors and fraud when processing financial transactions
Unit of competency
National Code
FNSFMK506A
FNSFMK506A
State Code
D4128
D4128
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
080101 - Accounting
Original Release Date
29/07/2014
Nominal Hours
55
Description
This unit describes the performance outcomes, skills and knowledge required to analyse financial transaction documentation, recognise any errors or fraudulent activity and take appropriate action.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Access and interrogate financial transaction data
- 1.1. Relevant financial transaction data sources and records are accessed and collated
- 1.2. Random, systematic or stratified sample data are matched and checked for accuracy and compliance with legal requirements and organisational policies and procedures
- 1.3. All data are analysed and initial queries on accuracy or compliance with legislative and industry requirements followed through with relevant personnel
2. Determine data errors or potential fraudulent activity
- 2.1. Errors in transaction processing and entries are identified and recorded
- 2.2. Conclusions on possible fraudulent transactions are drawn based on sound evidence
- 2.3. Major errors or possible fraudulent transactions are recorded and reported to relevant personnel
3. Resolve errors and fraudulent activity
- 3.1. Minor transaction data errors are followed up with appropriate personnel and corrected
- 3.2. Major transaction data errorsor fraud are identified and confirmed in consultation with appropriate personnel or external sources
- 3.3. Recommendations for resolution of fraudulent transactions and activities are developed for appropriate action
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.
Financial transaction data may be:
electronic
paper-based
related to:
clients
personnel
other organisations.
Legal requirements may include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
CPA Australia Code of Practice
Banking Code of Practice
Commonwealth Criminal Code
Consumer Affairs Act
Corporations Act
Financial Corporations Act
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
legislation and regulations administered by Australian Prudential Regulation Authority (APRA)
Privacy Act
Reserve Bank Act
Taxation Act
Trade Practices Act.
Organisational policies and procedures may include:
ethical standards, codes of practice
legal and organisational policy/guidelines
mission statements, strategic plans
product or service development
quality assurance and/or procedures manuals.
Conclusions on possible fraudulent transactions may be:
fraud has occurred or been attempted
further investigation is required
other organisational personnel or external authorities should be involved.
Relevant personnel may include:
audit team members
compliance officers
senior management.
Minor transaction errors may include:
account designation, coding or allocation error
incorrect entry
number or arithmetical error
transpositional error.
Major transaction data errors or fraud may include:
entering unauthorised data
inventory anomalies
misappropriation
missing, altered or falsified data and documentation
overpayments
overstatement of assets or receipts
personal use of funds or services
removing data without authorisation
unbalanced ledger
underpayments
understatement of liabilities.
Appropriate action may include:
administrative change
investigation or enquiry:
internal
external
personnel review
policy change
referral to an external agency.
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.
Financial transaction data may be:
electronic
paper-based
related to:
clients
personnel
other organisations.
Legal requirements may include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
CPA Australia Code of Practice
Banking Code of Practice
Commonwealth Criminal Code
Consumer Affairs Act
Corporations Act
Financial Corporations Act
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
legislation and regulations administered by Australian Prudential Regulation Authority (APRA)
Privacy Act
Reserve Bank Act
Taxation Act
Trade Practices Act.
Organisational policies and procedures may include:
ethical standards, codes of practice
legal and organisational policy/guidelines
mission statements, strategic plans
product or service development
quality assurance and/or procedures manuals.
Conclusions on possible fraudulent transactions may be:
fraud has occurred or been attempted
further investigation is required
other organisational personnel or external authorities should be involved.
Relevant personnel may include:
audit team members
compliance officers
senior management.
Minor transaction errors may include:
account designation, coding or allocation error
incorrect entry
number or arithmetical error
transpositional error.
Major transaction data errors or fraud may include:
entering unauthorised data
inventory anomalies
misappropriation
missing, altered or falsified data and documentation
overpayments
overstatement of assets or receipts
personal use of funds or services
removing data without authorisation
unbalanced ledger
underpayments
understatement of liabilities.
Appropriate action may include:
administrative change
investigation or enquiry:
internal
external
personnel review
policy change
referral to an external agency.
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:
conduct analysis of financial data in order to identify errors, fraud
interpret and comply with legislative and organisational requirements
test and assess the integrity of financial information for risk
provide recommendation for action to resolve transactional errors and fraudulent activity
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
access to financial services transaction data
access to financial industry legislation and industry codes of conduct.
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
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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:
conduct analysis of financial data in order to identify errors, fraud
interpret and comply with legislative and organisational requirements
test and assess the integrity of financial information for risk
provide recommendation for action to resolve transactional errors and fraudulent activity
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
access to financial services transaction data
access to financial industry legislation and industry codes of conduct.
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
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR14 | FNSFMK506 | Detect errors and fraud when processing financial transactions | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D722 | FNS51011 | Diploma of Financial Markets | Qualification |