Audit and report on financial systems and records

Formats and tools

Unit Description
Reconstruct the unit from the xml and display it as an HTML page.
Assessment Tool
an assessor resource that builds a framework for writing an assessment tool
Assessment Template
generate a spreadsheet for marking this unit in a classroom environment. Put student names in the top row and check them off as they demonstrate competenece for each of the unit's elements and performance criteria.
Assessment Matrix
a slightly different format than the assessment template. A spreadsheet with unit names, elements and performance criteria in separate columns. Put assessment names in column headings to track which performance criteria each one covers. Good for ensuring that you've covered every one of the performance criteria with your assessment instrument (all assessement tools together).
Wiki Markup
mark up the unit in a wiki markup codes, ready to copy and paste into a wiki page. The output will work in most wikis but is designed to work particularly well as a Wikiversity learning project.
Evidence Guide
create an evidence guide for workplace assessment and RPL applicants
Competency Mapping Template
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners. A template for developing assessments for a unit, which will help you to create valid, fair and reliable assessments for the unit, ready to give to trainers and students
Observation Checklist
create an observation checklist for workplace assessment and RPL applicants. This is similar to the evidence guide above, but a little shorter and friendlier on your printer. You will also need to create a seperate Assessor Marking Guide for guidelines on gathering evidence and a list of key points for each activity observed using the unit's range statement, required skills and evidence required (see the unit's html page for details)

Self Assessment Survey
A form for students to assess thier current skill levels against each of the unit's performance criteria. Cut and paste into a web document or print and distribute in hard copy.
Moodle Outcomes
Create a csv file of the unit's performance criteria to import into a moodle course as outcomes, ready to associate with each of your assignments. Here's a quick 'how to' for importing these into moodle 2.x
Registered Training Organisations
Trying to find someone to train or assess you? This link lists all the RTOs that are currently registered to deliver FNSACCT602B, 'Audit and report on financial systems and records'.
Google Links
links to google searches, with filtering in place to maximise the usefulness of the returned results
Reference books for 'Audit and report on financial systems and records' on This online store has a huge range of books, pretty reasonable prices, free delivery in Australia *and* they give a small commission to for every purchase, so go nuts :)

Elements and Performance Criteria

Elements and Performance Criteria


Performance Criteria


Assess options


Statutory requirements are identified from assessment of terms of reference and client objectives and obligations


Client activities and procedures are reviewed and analysed to establish familiarity with systems and guide the selection of appropriate audit methodologies


Audit methodologies are developed to identify significant features of the audit and establish criteria for conducting the audit in accordance with professional auditing standards


Identify information sources


Audit data sources are identified from evaluation of organisation's information systems


Audit lines of inquiry are created to support audit objectives and reduce audit risk to an acceptable level


Determine audit strategies


Knowledge of the client is established from the economy, the industry and the client's business


Client's inherent risk is assessed through value chain risk analysis


Internal control procedures are identified through discussion with the client and established professional standards


Audit methodologies use established sampling and selection techniques in a manner consistent with the internal control procedures and substantive testing


Schedule resources and timelines and monitor progress


Timeframes are established and personnel allocated to functions and tasks based on audit lines of inquiry


Resource use is reviewed regularly and intermittent reports developed and monitored


Resource allocations and timeframes are adjusted through discussion and agreement with the client and in accordance with professional accounting standards


Resourcing needs and the allocation of personnel, time and equipment are assessed and identified within the scope of the audit methodology


Review data


Significant strengths and weaknesses are identified in the controls and ranked in accordance to audit objectives


Evidence on systems and controls under review is obtained and evaluated using established testing procedures and in accordance with criteria identified in audit methodology


Management assertions are tested to achieve audit objectives


Verify statements


Sufficient appropriate audit evidence has been gathered as a basis for an opinion


Financial statements are verified as materially misstated or not


Determine reporting formats


Operational functions, services and systems are identified and documented in accordance with standard formats


Format is consistent with documentation requirements of the auditor and professional auditing standards


Audit opinions, including recommendations, are formulated and provided to the client in an established and acceptable format

Qualifications and Skillsets

FNSACCT602B appears in the following qualifications:

  • PSP60304 - Advanced Diploma of Government (Financial Management)