Unit of competency Outline

Date retreived
23/07/2026 5:48 PM AWST

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Monitor corporate governance activities

Monitor corporate governance activities

Unit of competency
National Code
FNSACC624
State Code
BBH93
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
13/02/2018
View on TGA
State Implementation and Classification
Approved Date
09/05/2018
Field of Education
080101 - Accounting
Original Release Date
09/05/2018
Nominal Hours
60
Description
This unit describes the skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations.It applies to individuals who use current and specialised knowledge and analytical skills to provide advice on organisational processes to meet compliance and management requirements.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.
Notes
Elements and Performance Criteria
1. Establish corporate governance standards and practices
  • 1.1 Monitor organisation’s application of and compliance with professional and legal accounting standards to identify emerging trends and interpretations of statutory and other regulatory requirements
  • 1.2 Research audit reports and practices to assess methodologies and recommendations
2. Identify corporate governance reporting trends
  • 2.1 Analyse organisational practices to identify corporate governance obligations and performance
  • 2.2 Examine queries from statutory and other regulatory authorities for corporate governance failure to assess change effects on internal control procedures
  • 2.3 Assess content and structure of reports, returns and processes to evaluate efficacy of policies being followed by organisation
3. Determine processes for corporate governance compliance
  • 3.1 Analyse and monitor internal control procedures to determine performance indicators for compliance with corporate governance requirements
  • 3.2 Evaluate information technology systems to determine their use and suitability for recording data from operations and transactions for corporate governance obligations
  • 3.3 Establish management processes to support corporate governance
  • 3.4 Establish reporting plans to ensure completion of compliance requirements within agreed timeframes
4. Review corporate governance compliance
  • 4.1 Assess achievement of performance indicators and determine sources of variance against established performance targets
  • 4.2 Monitor compliance preparation processes and review in line with corporate governance requirements
  • 4.3 Analyse failures in compliance to diagnose shortcomings and to improve processes, in line with corporate governance requirements
No information
No information
Replaces
State Code National Code Title Type
AUQ24 FNSACC604 Monitor corporate governance activities Unit of competency
Replaced By
State Code National Code Title Type
OEC08 FNSACC634 Monitor corporate governance activities Unit of competency