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Evidence Guide: FNSACC606 - Conduct internal audit

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

 

FNSACC606 - Conduct internal audit

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

Review resource use

  1. Monitor sources of data input to identify influences and variations in returns and costs
  2. Monitor estimates of stock levels and review to ensure appropriate stocking and ordering of materials and inventory items
  3. Compare records of resource use with unit cost estimates to evaluate projected costs
  4. Analyse factors influencing resource use in future to assess impact on operations and objectives
Monitor sources of data input to identify influences and variations in returns and costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor estimates of stock levels and review to ensure appropriate stocking and ordering of materials and inventory items

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare records of resource use with unit cost estimates to evaluate projected costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse factors influencing resource use in future to assess impact on operations and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor plans

  1. Adjust implementation to take account of emerging external influences and establishment of alternative targets
  2. Monitor and control costs of plans by evaluating net benefits to operations from allocation of resources
  3. Adjust internal control systems to ensure maintenance and achievement of accounting standards
Adjust implementation to take account of emerging external influences and establishment of alternative targets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and control costs of plans by evaluating net benefits to operations from allocation of resources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjust internal control systems to ensure maintenance and achievement of accounting standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate information systems

  1. Evaluate system specifications against user requirements and feedback to identify redundancies and constraints, and capacities of information technology
  2. Identify hardware and software needs from assessment of available products and services
  3. Evaluate possible uses and handling of accounting data in consultation with users to determine security requirements
  4. Analyse organisational procedures and policy to evaluate scope of strategies for risk management, internal control of expenditure and compliance with statutory requirements
  5. Monitor and record enquiries regarding use of systems to ensure ongoing evaluation
Evaluate system specifications against user requirements and feedback to identify redundancies and constraints, and capacities of information technology

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify hardware and software needs from assessment of available products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate possible uses and handling of accounting data in consultation with users to determine security requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse organisational procedures and policy to evaluate scope of strategies for risk management, internal control of expenditure and compliance with statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and record enquiries regarding use of systems to ensure ongoing evaluation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop implementation plans

  1. Review internal control systems to determine any implementation issues that impact on organisational processes
  2. Analyse strengths and weaknesses of organisational processes, including present and future capacities, and incorporate in implementation plan
  3. Design implementation to cover outcomes, resource use, costs, and achievement and maintenance of professional accounting standards
  4. Establish schedules that are realistic and feasible in context of organisation’s short-term and long-term objectives
  5. Monitor sources of data input to identify influences and variations in returns and costs
  6. Monitor estimates of stock levels and review to ensure appropriate stocking and ordering of materials and inventory items
  7. Compare records of resource use with unit cost estimates to evaluate projected costs
  8. Analyse factors influencing resource use in future to assess impact on operations and objectives
  9. Adjust implementation to take account of emerging external influences and establishment of alternative targets
  10. Monitor and control costs of plans by evaluating net benefits to operations from allocation of resources
  11. Adjust internal control systems to ensure maintenance and achievement of accounting standards
Review internal control systems to determine any implementation issues that impact on organisational processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse strengths and weaknesses of organisational processes, including present and future capacities, and incorporate in implementation plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Design implementation to cover outcomes, resource use, costs, and achievement and maintenance of professional accounting standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish schedules that are realistic and feasible in context of organisation’s short-term and long-term objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor sources of data input to identify influences and variations in returns and costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor estimates of stock levels and review to ensure appropriate stocking and ordering of materials and inventory items

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare records of resource use with unit cost estimates to evaluate projected costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse factors influencing resource use in future to assess impact on operations and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjust implementation to take account of emerging external influences and establishment of alternative targets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and control costs of plans by evaluating net benefits to operations from allocation of resources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjust internal control systems to ensure maintenance and achievement of accounting standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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.