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Elements and Performance Criteria

Determine audit risk
- Knowledge of business structures and practices associated with fish processing, wholesale and retail marketing is developed.
- Scope of the audit program is determined in the context of relevant fisheries management arrangements, a fraud risk assessment and intelligence available.
Develop audit plan
- Initial audit objectives are defined in the context of the type of business being audited.
- Resources required to conduct the audit are determined and arrangements made for their allocation.
Identify operating systems for the business entity being audited
Conduct investigative audit
Evaluate, review and report on the audit

Required Skills

Required skills

analysing and solving problems

working in an orderly and logical manner

organisational planning and time management skills to sequence tasks meet timelines and conduct investigations

using technology and equipment required to conduct auditing activities

Literacy skills used for

developing an audit plan

conducting an audit

preparing flow charts and working papers

reading and interpreting business and processing documentation

using spreadsheets

writing audit plans programs and reports

Numeracy skills used for

evaluating transactions

preparing audit plans programs and reports

Required knowledge

audit procedures and techniques including data pattern matching

businesss operating systems including product movement processing sales purchases receivals inventory and financial

evidence gathering and maintenance in accordance with rules of evidence

fraudulent practices used within the seafood industry

industry business practices

Evidence Required

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 evidence required to demonstrate competence in this unit

Assessment must confirm an ability to

plan conduct and evaluate an investigative audit according to jurisdictional laws policies and procedures

Assessment must confirm knowledge of

investigative audit procedures and business operating systems

Context of and specific resources for assessment

Assessment is to be conducted at the workplace or in a simulated work environment

Resources may include

case study or workplace scenario

businessrelated documentation and operational business to audit

Method of assessment

The following assessment methods are suggested

Guidance information for assessment

This unit may be assessed holistically with other units within a qualification

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.

Resources may include:

budgetary commitment

computer and data analysis software

full and free (search warrant) access to records

personnel with required knowledge and expertise

vehicles.

Business's operating systems may include:

Targeted activity may include:

handling of illegal catches

misrepresentation of:

quota inconsistencies

unrecorded sales.

Material information/evidence may include:

business plans, journals and ledgers

cash book/general ledger/computerised accounting systems

energy purchase accounts (e.g. gas and electricity)

fish stocks (e.g. unprocessed and processed)

freight registers

personnel time sheets

product labels

source documents for accounting, including purchase, sales, processing and freight documentation

stock control, processing and accounting instruction manuals

telephone records

unrecorded cash floats

vehicle log books.

Audit methodologies may include:

cross-referencing of documentation between business's operating systems

substantive selection of transactions over a period of time as specified in the audit plan

target specific suppliers, customers, locations, species, stock volume, freight services and times as specified in the audit plan

third-party verification

combination of above methodologies.

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SFICOMP501C - Conduct an investigative audit

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Elements and Performance Criteria

Required Skills

Evidence Required

Range Statement