This qualification reflects professional accounting job roles in financial services and other industries, including tax agents, accounts payable and accounts receivable officers, payroll service providers, and employees performing a range of accounting tasks for organisations in a range of industries. Individuals in these roles apply solutions to a range of often complex problems, and analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others within defined guidelines.
Licensing/Regulatory Information
Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on requirements.
This qualification includes units that comprise an approved Tax Practitioner Board (TPB) course in Australian taxation law and commercial law, which are relevant for registration as a tax agent. Persons seeking registration with the TPB should check current registration requirements with the TPB, as registration requirements are reviewed regularly.
Entry Requirements
Completion of the FNSSS00014 Accounting Principles Skill Set;
OR
Completion of FNS40615 Certificate IV in Accounting or equivalent;
OR
Completion of FNS40215 Certificate IV in Bookkeeping or equivalent.
This unit describes the skills and knowledge required to prepare, document, and manage budgets and forecasts. It encompasses forecasting estimates and monitoring budgeted outcomes.
It applies to individuals who use specialised knowledge and analytical skills to prepare and manage strategic organisational information.
This unit defines skills, knowledge and outcomes required to use leadership to promote team cohesion. It includes motivating, mentoring, coaching and developing the team and forming the bridge between the management of the organisation and team members.
This unit applies to team leaders, supervisors and new or emerging managers where leadership plays a role in developing and maintaining effective workplace relationships. It applies in any industry or community context.
At this level work will normally be carried out within routine and non-routine methods and procedures, which require planning and evaluation and leadership and guidance of others.
This unit describes the skills and knowledge required to prepare non-complex income tax returns for individuals in line with statutory requirements. It encompasses gathering and verifying data, calculating taxable income, and reviewing compliance requirements.
It applies to individuals who use systematic approaches and follow specific guidelines to ensure compliance requirements are met.
This unit describes the skills and knowledge required to prepare financial reports for a corporate reporting entity. It encompasses compiling and analysing data and meeting statutory reporting requirements.
It applies to individuals who use specialised knowledge and analytical skills to prepare financial reports that meet specific compliance requirements.
This unit describes the skills and knowledge required to identify statutory reporting requirements, and plan, develop and submit reports for authorisation before distribution.
It applies to individuals who use a range of organisational techniques to manage their work and that of others.
This unit describes the skills and knowledge required to analyse and report on a broad range of financial and business performance information. It encompasses assessing client needs, analysing data, and preparing advice.
It applies to individuals who, in line with their level of authority, use specialised knowledge, systematic approaches, and analytical techniques to research and prepare customised information for clients.
This unit describes the skills and knowledge required to gather, record and analyse operating and cost data, prepare budget reports, and review costing system integrity to calculate and record the costs of products and services.
It applies to individuals who use specialised knowledge and analytical skills to manage complex financial data and develop comprehensive organisational reports.

Application
This unit describes the skills and knowledge required to review corporate governance requirements, implement internal control operating procedures, and monitor associated policy.
It applies to individuals who use specialised knowledge and analytical skills to ensure organisational procedures, compliance and quality requirements are met.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
Unit Sector
Accounting
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Review corporate governance requirements | 1.1 Identify and analyse corporate governance and ethical requirements to determine their application to operations 1.2 Seek clarification on the application of corporate governance requirements from authoritative sources 1.3 Review and develop internal control procedures that apply corporate governance requirements to internal operations |
2. Implement internal control operating procedures | 2.1 Maintain and review financial delegations and accountabilities to ensure consistency and compliance with internal control procedures 2.2 Produce, review and distribute required reports within agreed timeframes 2.3 Develop timetables for implementing corporate governance requirements, in consultation with stakeholders 2.4 Detail and document internal control procedures in standardised formats to promote consistency of use |
3. Monitor internal control operating procedures | 3.1 Develop applications of corporate governance requirements from authoritative sources and based on industry-standard practices 3.2 Report on performance indicators of internal operations to evaluate their compliance with internal control procedures 3.3 Identify and evaluate variations in adopting corporate governance requirements in operations to determine their causes 3.4 Develop and implement modifications to procedures to facilitate their compliance with internal control procedures |
Foundation Skills
This section describes those language, literacy and numeracy and employment skills that are essential to performance.
Skill | Description |
Reading |
|
Writing |
|
Oral communication |
|
Numeracy |
|
Navigate the world of work |
|
Get the work done |
|
Unit Mapping Information
Code and title current version | Code and title previous version | Comments | Equivalence status |
FNSACC516 Implement and maintain internal control procedures (Release 1) | FNSACC506 Implement and maintain internal control procedures (Release 1) | Edits to performance criteria and elements. Updates to performance evidence and knowledge evidence. | Equivalent unit. |
Links
Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Application
This unit describes the skills and knowledge required to identify and record system requirements, evaluate alternative systems and acceptance test systems, prepare system documentation, implement reporting systems and records, monitor systems and review reporting procedures.
It applies to experienced individuals who use specialised technical knowledge, systematic approaches and analytical skills to effectively establish an organisational system.
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 Sector
Accounting
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify and record system requirements | 1.1 Prepare comprehensive specifications based on requirements of potential users that include system objectives, document specifications, and security and records requirements 1.2 Review features of any existing system and records to establish their suitability and usability 1.3 Establish recording processes according to accepted practice and in accordance with legislation and codes of practice |
2. Evaluate alternative systems | 2.1 Compare and measure features of various systems against user requirements to enable identification of alternative systems and solutions 2.2 Carry out cost–benefit analysis of alternative systems and solutions, and document recommendations |
3. Evaluate acceptance test system | 3.1 Test system in operational environment to ensure compliance with user requirements, company policy and guidelines, system specifications and relevant legislation or industry codes of practice 3.2 Obtain formal confirmation from all users on acceptability of new system or system changes against all criteria and system specifications |
4. Prepare system documentation | 4.1 Prepare system documentation thoroughly and accurately, using easily understood language and in clear format to support system implementation and training 4.2 Consult users to ensure clarity, accuracy, thoroughness and usability of system documentation 4.3 Make system documentation easily accessible, and constantly review and update to ensure currency and accuracy |
5. Implement reporting systems and records | 5.1 Carry out implementation in accordance with specified guidelines and timelines, and establish contingency plans to deal with any potential delays or problems 5.2 Establish effective training schedules and programs to support implementation 5.3 Transfer all data from existing to new or modified system and records without error or loss 5.4 Update systems and records regularly to identify ongoing benefits and threats to organisation 5.5 Maintain files within organisational and statutory requirements, and identify and remedy discrepancies 5.6 Ensure integrity of systems and records complies with organisational and statutory requirements 5.7 Monitor transactions to identify taxation and other liabilities |
6. Monitor reporting systems | 6.1 Analyse and account for transactions, and correctly relate to accounting period 6.2 Communicate and promote processes for recording and classifying transactions to support internal verification of records 6.3 Standardise sources of input data and documentation in structured formats to minimise errors 6.4 Maintain back-ups in accessible location to safeguard data in accordance with organisational and audit requirements |
7. Review reporting procedures | 7.1 Systematically check sources of input data and documentation records for accuracy and reliability 7.2 Establish reporting requirements and analyse regularly to identify variations and compliance with established processes for recording and classifying transactions 7.3 Maintain written reports, explanatory notes and financial results to support source documentation |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.4, 1.5, 2.1, 4.3, 6.1, 7.1, 7.2 |
|
Writing | 1.1, 1.2, 2.2, 3.2, 4.1-4.3, 6.2, 6.3, 7.3 |
|
Oral Communication | 1.1, 3.2, 4.2, 6.2 |
|
Numeracy | 2.1, 2.2, 5.7, 6.1, 7.3 |
|
Navigate the world of work | 1.6, 3.1, 5.5, 6.4, 7.2 |
|
Interact with others | 1.1, 4.2, 6.2 |
|
Get the work done | 1.1-1.6, 2.1, 2.2, 3.1, 3.2, 4.1-4.3, 5.1-5.7, 6.1-6.4, 7.1-7.3 |
|
Unit Mapping Information
Code and title current version | Code and title previous version | Comments | Equivalence status |
FNSACC505 Establish and maintain accounting information systems | FNSACC505A Establish and maintain accounting information systems | Updated to meet Standards for Training Packages Rewording and combining of some performance criteria to clarify intent of unit | Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe