FNSACC602 — Audit and report on financial systems and records

1 Assess options

• 1.1Identify statutory requirements from assessment of terms of reference, and client objectives and obligations
• 1.2Review and analyse client activities and procedures to establish familiarity with systems and guide selection of appropriate audit methodologies
• 1.3Develop financial audit methodologies to identify significant features of audit and establish criteria for conducting audit in accordance with professional auditing standards

2 Identify information sources

• 2.1Identify audit financial data sources from evaluation of organisation’s information systems
• 2.2Create audit lines of enquiry to support audit objectives and reduce audit risk to acceptable level

3 Determine audit strategies

• 3.1Establish client financial business characteristics from analysis of general economy, industry and client’s provided information
• 3.2Assess client’s inherent financial risk through value chain risk analysis
• 3.3Identify internal control procedures for financial transactions through discussion with client and established professional standards
• 3.4Ensure audit methodologies use established sampling and selection techniques in manner consistent with internal control procedures and substantive testing

4 Schedule resources and timelines and monitor progress

• 4.1Establish timeframes and allocate personnel to functions and tasks based on audit lines of enquiry
• 4.2Review resource use regularly, and develop and monitor intermittent reports with resource allocation and timeframes adjusted through discussion and agreement with client and in accordance with professional accounting standards

5 Review data and verify statements

• 5.1Identify significant strengths and weaknesses in controls and rank in accordance to audit objectives
• 5.2Obtain and evaluate evidence on financial systems and controls under review using established testing procedures and in accordance with criteria identified in audit methodology
• 5.3Test management assertions to achieve audit objectives
• 5.4Gather sufficient appropriate audit evidence as basis for expert opinion
• 5.5Verify financial statements as materially misstated or correct

6 Determine reporting formats

• 6.1Identify and document financial operational functions, services and systems in accordance with standard formats
• 6.2Ensure format is consistent with documentation requirements of auditor and professional auditing standards
• 6.3Formulate and provide financial audit opinions, including recommendations, to client in established and acceptable format

What does an assessment tool for FNSACC602 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSACC602 needs to address all 35 unit components: 6 elements with 19 performance criteria, 3 performance evidence requirements, 6 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for FNSACC602?

Auditori pulls the current release of FNSACC602 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for FNSACC602 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing FNSACC602 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of FNSACC602, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.