INFORMATION TECHNOLOGY Competency to be achieved Tasks to be performed Expected levels of competence at the end of each year of the training contract Detailed examples of activities to be performed by trainees to demonstrate competence in this task Mode through which exposure will be gained (i.e. on-the-job experience/ simulation) Yr1 Yr2 Yr3 Yr4 Yr5 IT(C) Uses IT as a means of working more efficiently and effectively IT(C)1 Uses IT applications, including spreadsheets, word processing, presentations and e-mail, effectively IT(C)2 Uses the internet effectively as a source of relevant and reliable information IT(C)3 Applies procedures and controls to ensure integrity and security of personal IT resources, for example password protection, backup procedures, distribution of confidential information, anti-virus measures, etc. ACCOUNTING AND EXTERNAL REPORTING Competency to be achieved Tasks to be performed Expected levels of competence at the end of each year of the training contract Detailed examples of activities to be performed by trainees to demonstrate competence in this task Mode through which exposure will be gained (i.e. on-the-job experience/ simulation) Yr1 Yr2 Yr3 Yr4 Yr5 AE(C)1 Evaluates appropriate accounting frameworks and policies AE(C)1.1 Based on the entity’s financial reporting needs and the stakeholders identified, evaluates the appropriateness of the accounting framework AE(C)1.2 Evaluates accounting policies in accordance with the appropriate accounting framework AE(C)2.1 Evaluates or accounts for routine transactions, for example sales, cost of sales, operating expenses, etc.
MD(R)3 Analyses and interprets budget variances MD(R)3.1 Documents actual performance against budget, and investigates and documents reasons for variances MD(R)3.2 Makes recommendations to address variances FINANCIAL MANAGEMENT (RESIDUAL) Competency to be achieved Tasks to be performed Expected levels of competence at the end of each year of the training contract Detailed examples of activities to be performed by trainees to demonstrate competence in this task Mode through which exposure will be gained (i.e. on-the-job experience/ simulation) Yr1 Yr2 Yr3 Yr4 Yr5 FM(R)1 Evaluates the entity's financial situation FM(R)1.1 Evaluates the entity’s/business unit’s/engagement client’s financial position, for example using financial analysis, ratio analysis, trend analysis and/or cash flow analysis, etc. FM(R)2 Monitors cash flow FM(R)2.1 Prepares or evaluates a cash flow forecast for an entity/business unit/engagement client FM(R)2.2 Identifies when there may be a cash shortfall and recommends possible action plans
RM(R)1 Identifies and evaluates the risks pertaining to the financial information system RM(R)1.1 Evaluates strategic, operational, financial, regulatory and information system risks, based on an understanding of the environment in which the entity/audit engagement operates, its strategies and management processes RM(R)1.2 Identifies the business processes which are susceptible to fraud and, where applicable, documents the systems introduced by the business to mitigate the risk RM(R)2 Identifies the key internal controls (including IT related controls) implemented in an entity RM(R)2.1 Identifies the entity's key business processes, including the procurement processes, and identifies general and application controls, both manual and IT, within these business processes RM(R)3 Evaluates internal control RM(R)3.1 Evaluates the design adequacy of internal control, including application and general controls within the IT environment in the context of the criteria/recognised framework RM(R)4 Conducts governance reviews in accordance with appropriate governance standards RM(R)4.1 Documents the components of the entity’s/audit engagement’s governance structure and its role, for example board of directors, audit committee, etc. RM(R)4.2 Evaluates the corporate governance practices of an entity/audit engagement in relation to relevant legislation and practices