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.
Systems and records may include:
software packages
user manuals
proformas and other documents
management information systems
Records may include:
asset management accounts
loan accounts
expense accounts
cash and trading accounts

credit balances
electronic formats (eg forms, spreadsheets)
master files
client histories
System testing may include:
running current system in parallel with new/modified system for defined periods of time
ensuring operational capability matches system specifications and user requirements
Company policy and guidelines may include:
accounts and records
auditing practices and procedures
client service
clerical and administrative systems
information technology
corporate governance
Legislation and industry codes of practice may include:
Australian Accounting Standards
Australian Auditing Standards
Taxation Law
Privacy Act
Corporations Law
Contracts Law
Trade Practices Law
Trust Law
Consumer Affairs Law
relevant industry codes of practice
Australian Institute of Company Directors policies
corporate governance
System specifications and features may include:
cost
compliance and reporting requirements
technical, functional and operational features
integration with existing/other systems, data and records
company policies and guidelines
applicable to large, medium or small organisations
Organisational and statutory requirements may include:
reporting requirements (eg financial reporting cycles)
financial analysis assessments (eg growth prospects against prior and current periods)
electronic forms
overdue accounts and debt recovery procedures
exception reports
Discrepancies may include:
expenditure report mismatches
incorrect payments
absence of audit trails
inappropriate authorisations
variances from budget and phasings
unreconciled cash flows and operating statements
incorrect report formats
Transactions may include:
purchases
payments
journal entries
receipting
financial adjustments (eg write-offs, revaluations)
Taxation and other liabilities may include:
State Government charges (eg Payroll Taxes)
Goods and Services Tax (GST)
Corporate Tax
Capital Gains Tax (CGT)
Fringe Benefits Tax (FBT)
superannuation requirements
wine equalisation tax

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 organisational and statutory requirements
knowledge of organisational policies and procedures
knowledge of taxation and other liabilities
knowledge of relevant legislation and industry codes of practice
ability to identify record and systems requirements
ability to evaluate alternative systems
ability to acceptance test systems
ability to prepare systems documentation
ability to implement reporting systems and records
ability to monitor reporting systems
ability to review reporting procedures
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.