Unit of competency Outline

Date retreived
23/07/2026 11:46 AM AWST

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Detect errors and fraud when processing financial transactions

Detect errors and fraud when processing financial transactions

Unit of competency
National Code
FNSFMK506
State Code
AUR14
TGA Status
Deleted
DTWD Status
Deleted
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
55
Description
This unit describes the skills and knowledge required to analyse financial transaction documentation, recognise any errors or fraudulent activity and take appropriate action.It applies to individuals with specialised knowledge who use analytical skills and systematic approaches for problem solving and making recommendations within their area of responsibility.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.
Notes
Elements and Performance Criteria
1. Access and interrogate financial transaction data
  • 1.1 Access and collate relevant financial transaction data sources and records
  • 1.2 Match and check random, systematic or stratified sample data for accuracy and compliance with legal requirements and organisational policies and procedures
  • 1.3 Analyse all data and initial queries on accuracy or compliance with legislative and industry requirements and follow through with relevant personnel
2. Determine data errors or potential fraudulent activity
  • 2.1 Identify and record errors in transaction processing and entries
  • 2.2 Draw conclusions on possible fraudulent transactions based on sound evidence
  • 2.3 Record and report major errors or possible fraudulent transactions to relevant personnel
3. Resolve errors and fraudulent activity
  • 3.1 Follow up and correct minor transaction data errors with appropriate personnel
  • 3.2 Identify and confirm major transaction data errors or fraud in consultation with appropriate personnel or external sources and escalate for further action according to organisational procedures
  • 3.3 Develop recommendations for resolution of fraudulent transactions and activities for appropriate action
No information
No information
Replaces
State Code National Code Title Type
D4128 FNSFMK506A Detect errors and fraud when processing financial transactions Unit of competency
State Code National Code Title Type
AWC2 FNS51015 Diploma of Financial Markets Qualification