Unit of competency Outline
Date retreived
23/07/2026 12:45 PM AWST
23/07/2026 12:45 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Monitor corporate governance activities
Monitor corporate governance activities
Unit of competency
National Code
FNSACC604A
FNSACC604A
State Code
D4049
D4049
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080101 - Accounting
Original Release Date
31/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, 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.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Establish corporate governance standards and practices
- 1.1. Application of, and adherence to, professional and legal accounting standards are monitored to identify emerging trends and interpretations of statutory and other regulatory requirements
- 1.2. Audit reports and practices are researched to assess methodologies and recommendations
2. Identify corporate governance reporting trends
- 2.1. Organisational practices are analysed to identify corporate governance obligations and performance
- 2.2. Queries from statutory and other regulatory authorities for corporate governance failure are examined to assess the change effects on internal control procedures
- 2.3. Content and structure of reports, returns and processes for review are assessed to evaluate policies being followed by the organisation
3. Determine processes for corporate governance adherence
- 3.1. Internal control procedures are analysed and monitored to determine performance indicators for compliance with corporate governance requirements
- 3.2. Information technology systems are evaluated to determine their use and suitability for recording data from operations and transactions for corporate governance obligations
- 3.3. Management processes to support corporate governance are established
- 3.4. Reporting plans are established to ensure completion of compliance requirements within scheduled timeframes
4. Review corporate governance compliance
- 4.1. The achievement of performance indicators is assessed and reviewed against key result areas
- 4.2. Compliance preparation processes are monitored and reviewed in line with corporate governance requirements
- 4.3. Failures in compliance are analysed to diagnose shortcomings and to remedy processes in line with corporate governance requirements
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Professional accounting standards may include:
Australian Accounting Standards
Australian Accounting Standards Board (AASB) requirements
ethical requirements.
Statutory and other regulatory authorities may include:
Australian Accounting Standards Board (AASB)
Australian Consumer and Competition Commission (ACCC)
Australian Institute of Company Directors
Australian Prudential Regulation Authority (APRA)
Australian Securities Exchange (ASX)
Australian Securities and Investments Commission (ASIC)
professional associations.
Obligations may include:
compliance with ASIC regulations
directors' duties, rights and responsibilities
explanatory statements
lodgement dates
regulatory influence of the Corporations Act
repayment schedules
supporting documentation.
Internal control procedures may include:
accuracy in valuations
decision making authorities
identification, measurement and recording of:
income
assets
expenditure
liabilities
equity
risk management strategies
safeguarding and insurance of assets
transparency in financial reporting.
Policies may include:
decision making authorities
documenting and receipting requirements
eligible expenditures
expenditure authorities
expenditure limits
financial analysis techniques
submission dates.
Information technology systems may include:
databases
electronic master files
internet
local area networks
spreadsheet software.
Management processes may include:
internal reporting
lending approvals
program responsibilities
sign-off authorities.
Performance indicators may include:
compliance with scheduled payment dates
debt reduction targets
profits and losses
reports:
quarterly
half yearly
annually
unqualified audits.
Key result areas may include:
accuracy of data
administrative efficiency
completion of documentation
compliance with statutory requirements
consistency of application of procedures
continuity of records.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Professional accounting standards may include:
Australian Accounting Standards
Australian Accounting Standards Board (AASB) requirements
ethical requirements.
Statutory and other regulatory authorities may include:
Australian Accounting Standards Board (AASB)
Australian Consumer and Competition Commission (ACCC)
Australian Institute of Company Directors
Australian Prudential Regulation Authority (APRA)
Australian Securities Exchange (ASX)
Australian Securities and Investments Commission (ASIC)
professional associations.
Obligations may include:
compliance with ASIC regulations
directors' duties, rights and responsibilities
explanatory statements
lodgement dates
regulatory influence of the Corporations Act
repayment schedules
supporting documentation.
Internal control procedures may include:
accuracy in valuations
decision making authorities
identification, measurement and recording of:
income
assets
expenditure
liabilities
equity
risk management strategies
safeguarding and insurance of assets
transparency in financial reporting.
Policies may include:
decision making authorities
documenting and receipting requirements
eligible expenditures
expenditure authorities
expenditure limits
financial analysis techniques
submission dates.
Information technology systems may include:
databases
electronic master files
internet
local area networks
spreadsheet software.
Management processes may include:
internal reporting
lending approvals
program responsibilities
sign-off authorities.
Performance indicators may include:
compliance with scheduled payment dates
debt reduction targets
profits and losses
reports:
quarterly
half yearly
annually
unqualified audits.
Key result areas may include:
accuracy of data
administrative efficiency
completion of documentation
compliance with statutory requirements
consistency of application of procedures
continuity of records.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
access and accurately interpret statutory and regulatory authority regulations and requirements
apply professional accounting standards and meet organisational policies and procedures
research corporate governance reporting trends
determine processes for corporate governance adherence
examine and review corporate governance standards and practices.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to an integrated financial software system and data
corporate governance documentation and organisational operational policies and procedures information.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
access and accurately interpret statutory and regulatory authority regulations and requirements
apply professional accounting standards and meet organisational policies and procedures
research corporate governance reporting trends
determine processes for corporate governance adherence
examine and review corporate governance standards and practices.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to an integrated financial software system and data
corporate governance documentation and organisational operational policies and procedures information.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9611 | FNSACCT604B | Monitor corporate governance activities | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ24 | FNSACC604 | Monitor corporate governance activities | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S735 | FNS60210 | Advanced Diploma of Accounting | Qualification |
| J324 | PSP60312 | Advanced Diploma of Government (Financial Management) | Qualification |
| D728 | FNS60811 | Advanced Diploma of Integrated Risk Management | Qualification |
| D721 | FNS50811 | Diploma of Integrated Risk Management | Qualification |