Assessor Resource

FNSACC606
Conduct internal audit

Assessment tool

Version 1.0
Issue Date: May 2024


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.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

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

Evidence of the ability to:

conduct internal audit that complies with organisational policy and procedures, and includes:

use of professional accounting standards to identify strengths and weaknesses

assessment of internal control systems

evaluation of information systems

review of resources

development and monitoring of implementation plans.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline the key considerations when reviewing system requirements and specifications

compare and contrast recording and information management systems and software applicable to financial recording

explain the key principles of internal control, including statutory requirements

outline the key features of risk management strategies

discuss ethical considerations for records and file management

identify and explain the key features of relevant financial legislation relating to taxable transactions and reporting requirements.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

common office equipment, technology, software and consumables

an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

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

Evidence of the ability to:

conduct internal audit that complies with organisational policy and procedures, and includes:

use of professional accounting standards to identify strengths and weaknesses

assessment of internal control systems

evaluation of information systems

review of resources

development and monitoring of implementation plans.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline the key considerations when reviewing system requirements and specifications

compare and contrast recording and information management systems and software applicable to financial recording

explain the key principles of internal control, including statutory requirements

outline the key features of risk management strategies

discuss ethical considerations for records and file management

identify and explain the key features of relevant financial legislation relating to taxable transactions and reporting requirements.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

common office equipment, technology, software and consumables

an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Monitor sources of data input to identify influences and variations in returns and costs 
Monitor estimates of stock levels and review to ensure appropriate stocking and ordering of materials and inventory items 
Compare records of resource use with unit cost estimates to evaluate projected costs 
Analyse factors influencing resource use in future to assess impact on operations and objectives 
Adjust implementation to take account of emerging external influences and establishment of alternative targets 
Monitor and control costs of plans by evaluating net benefits to operations from allocation of resources 
Adjust internal control systems to ensure maintenance and achievement of accounting standards 
Evaluate system specifications against user requirements and feedback to identify redundancies and constraints, and capacities of information technology 
Identify hardware and software needs from assessment of available products and services 
Evaluate possible uses and handling of accounting data in consultation with users to determine security requirements 
Analyse organisational procedures and policy to evaluate scope of strategies for risk management, internal control of expenditure and compliance with statutory requirements 
Monitor and record enquiries regarding use of systems to ensure ongoing evaluation 
Review internal control systems to determine any implementation issues that impact on organisational processes 
Analyse strengths and weaknesses of organisational processes, including present and future capacities, and incorporate in implementation plan 
Design implementation to cover outcomes, resource use, costs, and achievement and maintenance of professional accounting standards 
Establish schedules that are realistic and feasible in context of organisation’s short-term and long-term objectives 
Monitor sources of data input to identify influences and variations in returns and costs 
Monitor estimates of stock levels and review to ensure appropriate stocking and ordering of materials and inventory items 
Compare records of resource use with unit cost estimates to evaluate projected costs 
Analyse factors influencing resource use in future to assess impact on operations and objectives 
Adjust implementation to take account of emerging external influences and establishment of alternative targets 
Monitor and control costs of plans by evaluating net benefits to operations from allocation of resources 
Adjust internal control systems to ensure maintenance and achievement of accounting standards 

Forms

Assessment Cover Sheet

FNSACC606 - Conduct internal audit
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

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Assessor name:

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Assessment Record Sheet

FNSACC606 - Conduct internal audit

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: