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Elements and Performance Criteria

  1. Assess options
  2. Identify information sources
  3. Determine audit strategies
  4. Schedule resources and timelines and monitor progress
  5. Review data
  6. Verify statements
  7. Determine reporting formats

Required Skills

REQUIRED KNOWLEDGEampSKILLS

Knowledge requirements include

testing procedures and methods of inquiry

principles of internal control including statutory requirements

current financial legislation eg taxable transactions reporting requirements

duties and responsibilities of auditors

principles of auditing

current knowledge of relevant professional accounting standards

ethical considerations for management and handling of files and records eg confidentiality disclosure

Skills requirements include

interpersonal skills and communication skills eg liaising listening consulting

report writing and preparation

capacity to maintain confidences and operate with discretion

diagnostic skills for identifying problems and solutions

interpretation of legislation

recording gathering and consolidating financial information

use computers organisational accounting software systems spreadsheet software systems and telecommunication devices

Evidence Required

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 organisational policies and procedures

knowledge of relevant professional standards

knowledge of internal control procedures

ability to access options

ability to identify information sources

ability to determine audit strategies

ability to schedule resources and timelines and monitor progress

ability to review data

ability to verify statements

ability to determine reporting formats

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

Deliveryassessment relationship to other units

Prerequisite units

FNSACCTB Implement and maintain internal control procedures

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 andor 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 personalfinancial 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


Range Statement

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.

Statutory requirements may include:

reporting periods

taxation payment timings

delegated authorities

internal control procedures

taxable transactions

Client objectives may include:

reduction in tax liabilities

financial consolidation

compliance adherence

asset development

administrative efficiency

Audit methodologies may include:

gathering and evaluating data

compliance and substantive testing

interpretation of compliance with statutory requirements

application of criteria from recognised authorities

examination of processes and procedures of internal control

analysis of documentation

assessment of commercial viability

valuation of assets

Data sources may include:

budgets and forecasts

financial statements and reports

market valuations

Australian Bureau of Statistics (ABS) economic data

financial markets monitoring services (eg Reuters)

credit ratings

cash flow

Audit lines of inquiry may include:

evaluation of achievement of accounting system objectives

assessment of objectives of internal control

accounting staff

management

specialist and expert advice

company officers

operation and strategic plans

Internal control procedures may 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

Established professional 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

Testing procedures may include:

interviews with personnel concerning the performance of duties

observation of personnel

inspection of documentation for evidence of control procedures

reconstruction of accounting routines

achievement of debt repayment schedules

submission of statutory returns

Systems may include:

financial information systems

personal information systems

recording and filing systems

communication and distribution systems

data bases

decision making authorities