This unit describes the skills and knowledge required to supervise an audit of financial systems and prepare the appropriate reports, including assessing options, identifying information sources, determining audit strategies, monitoring progress, reviewing data, verifying financial statements and determining appropriate reporting formats.  It applies to experienced individuals who use specialised knowledge and systematic approaches to analyse and evaluate financial information against specified criteria and compliance requirements.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:


FNSACC516 - Implement and maintain internal control procedures


Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines. Students will be expected to demonstrate the following required skills: - assess client risk and determine financial audit strategy and methodology; - schedule resources and timelines, and monitor progress, and; - review data, verify financial statements and determine reporting formats.Students will also be expected to demonstrate the following knowledge: - identify and explain the key features of current financial legislation and statutory requirements relating to internal control, taxable transactions and reporting requirements; - identify and explain the key features of current, relevant professional accounting standards; - outline the duties and responsibilities of auditors; - discuss professional standards and ethical considerations for management and handling of files and records; - identify and explain the key principles of: auditing; internal control, and; - compare and contrast testing procedures and methods of enquiry.

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