Elements and Performance Criteria

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.


electronic funds management including transfer/deposit/verification

administrative systems

ethical requirements

bookkeeping

trust account procedures

office routines

legislative and regulatory requirements

disclosure and reporting requirements

security requirements

Australian Accounting Standards and codes of practice

Consumer Credit Codes

IT legislation, regulations and codes of practice


audit and accounting requirements

taxation and financial fees and charges

relevant regulations and legislation

financial management principles and practices

financial and IT systems and technology

compliance of financial and IT systems and technology with relevant legislation and regulations

disclosure and reporting requirements

client confidentiality

client instructions, expectations and needs


a range of dealings in real or personal property

may include electronic, computerised or manual entries or processes

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

To achieve competency in this unit, a person must be able to demonstrate:

compliance with and thorough knowledge of statutory and legislative requirements for the operation of trust accounts
application of financial management and accounting principles and knowledge
application of detailed knowledge of the policies and procedures of the practice
commitment to client service and maintenance of client confidentiality
high level critical analysis, monitoring and evaluative skills
high standards of professional and ethical behaviour in all actions

Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.