Unit of competency Outline

Date retreived
22/07/2026 1:53 PM AWST

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Conduct internal audit

Conduct internal audit

Unit of competency
National Code
FNSACC606
State Code
AUQ30
TGA Status
Current
DTWD Status
Approved
Current Release Number
3.00
Current Release Date
23/09/2022
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the skills and knowledge required to evaluate information systems and assess an organisation’s risks as part of an internal audit process.It applies to individuals who use specialised knowledge, analytical skills and systematic approaches to evaluate and improve organisational systems and compliance requirements.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. Evaluate information systems
  • 1.1 Evaluate system specifications against user requirements and feedback to identify redundancies and constraints, and capacities of information technology
  • 1.2 Identify hardware and software needs from assessment of available products and services
  • 1.3 Evaluate possible uses and handling of accounting data in consultation with users to determine security requirements
  • 1.4 Analyse organisational procedures and policy to evaluate scope of strategies for risk management, internal control of expenditure and compliance with statutory requirements
  • 1.5 Monitor and record enquiries regarding use of systems to ensure ongoing evaluation
2. Develop implementation plans
  • 2.1 Review internal control systems to determine any implementation issues that impact on organisational processes
  • 2.2 Analyse strengths and weaknesses of organisational processes, including present and future capacities, and incorporate in implementation plan
  • 2.3 Design implementation to cover outcomes, resource use, costs, and achievement and maintenance of professional accounting standards
  • 2.4 Establish schedules that are realistic and feasible in context of organisation’s short-term and long-term objectives
3. Review resource use
  • 3.1 Monitor sources of data input to identify influences and variations in returns and costs
  • 3.2 Monitor estimates of stock levels and review to ensure appropriate stocking and ordering of materials and inventory items
  • 3.3 Compare records of resource use with unit cost estimates to evaluate projected costs
  • 3.4 Analyse factors influencing resource use in future to assess impact on operations and objectives
4. Monitor plans
  • 4.1 Adjust implementation to take account of emerging external influences and establishment of alternative targets
  • 4.2 Monitor and control costs of plans by evaluating net benefits to operations from allocation of resources
  • 4.3 Adjust internal control systems to ensure maintenance and achievement of accounting standards
No information
No information
Replaces
State Code National Code Title Type
D4051 FNSACC606A Conduct internal audit Unit of competency