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Evidence Guide: FNSACC506A - Implement and maintain internal control procedures

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSACC506A - Implement and maintain internal control procedures

What evidence can you provide to prove your understanding of each of the following citeria?

Review corporate governance requirements

  1. Corporate governance requirements are identified and analysed to determine application to operations
  2. Clarifications on application of corporate governance requirements are accessed from authoritative and recognised sources
  3. Internal control procedures are reviewed and developed reflecting the application of corporate governance requirements to internal operations
Corporate governance requirements are identified and analysed to determine application to operations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarifications on application of corporate governance requirements are accessed from authoritative and recognised sources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Internal control procedures are reviewed and developed reflecting the application of corporate governance requirements to internal operations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement operating procedures

  1. Financial delegations and accountabilities are maintained and reviewed to ensure consistency and compliance with internal control procedures
  2. Required reports are produced, reviewed and distributed within agreed timelines
  3. Timetables for the implementation of corporate governance requirements are developed in consultation with stakeholders
  4. Internal control procedures are detailed and documented in standardised formats to promote consistency of use
Financial delegations and accountabilities are maintained and reviewed to ensure consistency and compliance with internal control procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Required reports are produced, reviewed and distributed within agreed timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Timetables for the implementation of corporate governance requirements are developed in consultation with stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Internal control procedures are detailed and documented in standardised formats to promote consistency of use

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor policy

  1. Applications of corporate governance requirements are developed from published sources or recognised practices
  2. Performance indicators are developed and reported on to evaluate compliance with internal control procedures
  3. Variations in adoption of corporate governance requirements in operations are identified and evaluated to determine causes
  4. Modifications to procedures are developed and implemented to facilitate compliance with internal control procedures
Applications of corporate governance requirements are developed from published sources or recognised practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Performance indicators are developed and reported on to evaluate compliance with internal control procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Variations in adoption of corporate governance requirements in operations are identified and evaluated to determine causes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Modifications to procedures are developed and implemented to facilitate compliance with internal control procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

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:

interpret and comply with corporate governance requirements, organisational policies, financial delegations and accountabilities

review corporate governance requirements and implement effective operating procedures

monitor policy and relevant financial legislation.

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

corporate governance documentation and organisational operational policies and procedures information.

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 which may include formal examinations

setting and reviewing workplace projects and business simulations

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

high level communication skills to:

determine and confirm internal control requirements by consulting with staff on internal control procedures and using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed research and analysis skills for accessing and managing complex information

well-developed literacy skills for interpreting and analysing complex documentation including relevant legislation and producing accessible guidelines and reports

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

learning skills to maintain knowledge of changes to compliance legislation and requirements

problem solving skills to identify any issues that have the potential to impact on the financial controls in the organisation and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

Required knowledge

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

financial legislation such as:

taxable transactions

reporting requirements

methods of work practices and routines

organisational guidelines and procedures

principles of internal control and auditing

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.

Corporate governance requirements may include:

common law

delegated authorities

legislation such as:

corporation law

tax law

reporting periods

taxation payment timings.

Authoritative and recognised sources may include:

asset registers

Australian Securities and Investments Commission (ASIC)

Australian Taxation Office (ATO)

financial information systems

laws and regulations

personnel information systems

professional associations

pronouncements.

Internal control procedures may include:

accuracy in valuations

adequate disclosure in financial reporting

decision making authorities

electronic commerce security

identification, measurement and recording of:

income

assets

expenditure

liabilities

equity

risk management strategies

safeguarding and insurance of assets.

Financial delegations and accountabilities may include:

corporate governance requirements

employment delegations

expenditure and investment approvals

loan and lending approvals

sign-off authorities.

Required reports may include:

balance sheets

capital statements

cash flow statements

internal management reports

operating statements

transaction and auditable trails.

Stakeholders may include:

clients

employees

financial institutions

managers and company officers such as:

company directors

boards of management

suppliers