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Evidence Guide: SFICOMP501C - Conduct an investigative audit

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

SFICOMP501C - Conduct an investigative audit

What evidence can you provide to prove your understanding of each of the following citeria?

Determine audit risk

  1. Knowledge of business structures and practices associated with fish processing, wholesale and retail marketing is developed.
  2. Scope of the audit program is determined in the context of relevant fisheries management arrangements, a fraud risk assessment and intelligence available.
Knowledge of business structures and practices associated with fish processing, wholesale and retail marketing is developed.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Scope of the audit program is determined in the context of relevant fisheries management arrangements, a fraud risk assessment and intelligence available.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop audit plan

  1. Initial audit objectives are defined in the context of the type of business being audited.
  2. Resources required to conduct the audit are determined and arrangements made for their allocation.
Initial audit objectives are defined in the context of the type of business being audited.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Resources required to conduct the audit are determined and arrangements made for their allocation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify operating systems for the business entity being audited

  1. Flowchart and working papers documenting the business's operating systems are prepared.
  2. The potential for targeted activity within the business entity's fishing operation is assessed.
  3. The potential for success in locating authentic material information/evidence related to the targeted activity and audit objectives is assessed.
  4. Appropriate audit methodologies and types of material information/evidence are selected.
Flowchart and working papers documenting the business's operating systems are prepared.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The potential for targeted activity within the business entity's fishing operation is assessed.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The potential for success in locating authentic material information/evidence related to the targeted activity and audit objectives is assessed.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Appropriate audit methodologies and types of material information/evidence are selected.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct investigative audit

  1. Selected audit methodologies are incorporated into the audit plan and adjusted, as required, by the audit progress.
  2. Stocktake is conducted in accordance with the audit plan.
  3. Substantive tests of transactions within the business's operating systems are performed for the time period specified in audit plan, and anomalies and irregularities identified.
  4. Results of investigations are documented.
Selected audit methodologies are incorporated into the audit plan and adjusted, as required, by the audit progress.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Stocktake is conducted in accordance with the audit plan.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Substantive tests of transactions within the business's operating systems are performed for the time period specified in audit plan, and anomalies and irregularities identified.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Results of investigations are documented.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate, review and report on the audit

  1. Information/evidence obtained is sufficient, complete, reliable and valid.
  2. Evidence meets jurisdictional requirements for admissibility of evidence.
  3. Audit report is prepared and issued to relevant authorities.
Information/evidence obtained is sufficient, complete, reliable and valid.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evidence meets jurisdictional requirements for admissibility of evidence.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Audit report is prepared and issued to relevant authorities.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

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 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

business-related documentation and operational business to audit.

Method of assessment

The following assessment methods are suggested:

questions

practical exercises

project work

demonstration.

Guidance information for assessment

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

Required Skills and Knowledge

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

business's 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.

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:

finances

inventory

processing

product movement

purchases

receivals

sales.

Targeted activity may include:

handling of illegal catches

misrepresentation of:

fish catches

inventory stock

products

money laundering

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.