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 will affect performance.
The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Obligations may include:
lodgement dates
supporting documentation
explanatory statements
repayment schedules
directors' duties, rights and responsibilities
Australian Securities and Investments Commission (ASIC)
regulatory influence of the Corporations Act
Internal control procedures may include:
identification, measurement and recording of income, assets, expenditure, liabilities and equity
safeguarding and insurance of assets
decision making authorities
accuracy in valuations
transparency in financial reporting
risk management strategies
Policies may include:
expenditure authorities
submission dates
expenditure limits
decision making authorities
documenting and receipting requirements
eligible expenditures
financial analysis techniques
Information technology systems may include:
databases
spreadsheet software
local area networks
internet
electronic master files
Management processes may include:
internal reporting
sign-off authorities
program responsibilities
lending approvals
Professional accounting standards may include:
Australian Accounting Standards Board (AASB)
Australian Accounting Standards
ethical requirements
Statutory and other regulatory authorities may include:
ASIC
professional associations
Australian Consumer and Competition Commission (ACCC)
Australian Institute of Company Directors
Australian Accounting Standards Board (AASB)
Australian Stock Exchange (ASX)
Performance indicators may include:
reports (quarterly, half yearly, annual)
compliance with scheduled payment dates
profits and losses
debt reduction targets
unqualified audits
Key result areas may include:
accuracy of data
consistency of application of procedures
compliance with statutory requirements
completion of documentation
continuity of records
administrative efficiency

EVIDENCE GUIDE
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
knowledge of statutory and regulatory authorities
knowledge of professional accounting standards
knowledge of organisational policies and procedures
ability to research corporate governance reporting trends
ability to determine processes for corporate governance adherence
ability to examine corporate governance standards and practices
ability to review corporate governance compliance
Critical aspects of evidence
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.
Assessment requirements
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.