Assessor Resource

FNSACCT606B
Conduct internal audit

Assessment tool

Version 1.0
Issue Date: April 2024


This unit requires the application of skills and knowledge required to conduct an internal audit. The unit encompasses evaluating information systems, developing implementation plans, reviewing resources and monitoring plans.

The unit can be applied across a variety of financial services sectors and has application to those job functions that have responsibility to conduct internal audits such as accountants and quality assurance managers.

This unit requires the application of skills and knowledge required to conduct an internal audit. The unit encompasses evaluating information systems, developing implementation plans, reviewing resources and monitoring plans.

The unit can be applied across a variety of financial services sectors and has application to those job functions that have responsibility to conduct internal audits such as accountants and quality assurance managers.

This unit covers the evaluation of information systems and assessment of an organisations risks as part of an internal audit process.

This unit covers the evaluation of information systems and assessment of an organisations risks as part of an internal audit process.

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

Prerequisites

Not applicable.

Employability Skills

The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.

The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.



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.

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of internal control systems

knowledge of organisational policies and procedures

knowledge of professional accounting standards

ability to identify strengths and weakness within organisational policies and procedures

ability to evaluate information systems

ability to develop implementation plans

ability to review resources

ability to monitor plans

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:

Prerequisite units:

FNSACCT506B Implement and maintain internal control procedures.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Assessment of this unit of competence requires access to suitable resources to demonstrate competence.

Assessment instruments, including personal planner and assessment record book.

Access to registered provider of assessment services.

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.

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

principles of internal control (including statutory requirements)

wide knowledge of recording and information management systems and software applicable to financial recording

financial legislation (eg taxable transactions, reporting requirements)

ethical considerations for records and file management (eg confidentiality)

Skills requirements include:

research skills for tracing use of financial data

planning skills for evaluating routines for handling data

capacity to troubleshoot information technology systems

timetabling skills for overseeing the introduction of new systems and processes

capacity to identify repeating errors and diagnose problems in financial recording

writing skills for reporting and documenting procedures

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

System specificationsmay include:

logical data models (eg data base design)

software (upgrades and legacies)

changing needs

client compatibilities

financial analysis functions

processing capacities (eg system size, speed)

networking capacities

Security requirementsmay include:

limited personnel access

passwords

encrypted data

read only files requirements

virus scanning

data storage requirements

Risk management strategies may include:

quantification of risks

periodic reporting

decision making authorities

policy statements

forecasting

comparative analysis

Internal control systems and proceduresmay include:

identification, measurement and recording of income, assets, expenditure, liabilities and equity

safeguarding and insurance of assets

decision making authorities

accuracy in valuations

transparency in financial reporting

risk management strategies

compliance testing

Strengths and weakness of organisational processesmay include:

computer literacy (eg skills profiles)

compliance with internal procedures

documented procedures

recording systems

work practices

attitudes to change

decision making authorities

Implementationmay include:

testing

feedback

consultation

staged introduction

evaluation

documentation and guidelines

budgeting

Professional accounting standards may include:

Australian Accounting Standards Board (AASB)

Australian Accounting Standards

Australian Auditing Standards

Auditing Guidance Statements

ethical requirements

Superannuation Industry (Supervision) (SIS) Act 1993

Short and long term objectives may include:

budgetary targets (eg quarterly, half yearly, annual)

sales and revenues targets

monthly cash flows

investment realisations

client development

profit growth

Sources of input data and documentation may include:

invoices

purchase orders

requisitions

receipts

system reports

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
System specifications are evaluated against user requirements and feedback to identify redundancies and constraints, and capacities of information technology 
Hardware and software needs are identified from assessment of available products and services 
Possible uses and handling of accounting data are evaluated in consultation with users to determine security requirements 
Organisational procedures and policies are analysed to evaluate scope of strategies for risk management, internal control of expenditure and compliance with statutory requirements 
Enquiries regarding use of systems are monitored and recorded to ensure ongoing evaluation 
Principles, procedures and processes arising from internal control systems are examined to determine implementation issues relevant to organisational processes 
Strengths and weaknesses of organisational processes, including present and future capacities, are analysed and incorporated in the implementation plan 
Implementation is designed to cover outcomes, resource use, costs and the achievement and maintenance of professional accounting standards 
Schedules are realistic and feasible in the context of the organisation's short and long term objectives 
Sources of data input are monitored to identify influences and variations in returns and costs 
Estimates of stock levels are monitored and reviewed to ensure appropriate stocking and ordering of materials and inventory items 
Records of resource use are compared with unit cost estimates to evaluate projected costs 
Factors influencing resource use in the future are analysed to assess impact on operations and objectives 
Implementation is adjusted to take account of emerging external influences and the establishment of alternative targets 
Costs of plans are monitored and controlled by evaluating net benefits to operations from the allocation of resources 
Internal control systems are adjusted to ensure the maintenance and achievement of accounting standards 

Forms

Assessment Cover Sheet

FNSACCT606B - 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

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACCT606B - 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: