Unit of competency Outline

Date retreived
23/07/2026 4:59 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Oversee asset management in an Aboriginal and Torres Strait Islander organisation

Oversee asset management in an Aboriginal and Torres Strait Islander organisation

Unit of competency
National Code
BSBFNG407
State Code
ODR62
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
25/01/2022
View on TGA
State Implementation and Classification
Approved Date
27/04/2022
Field of Education
080301 - Business Management
Original Release Date
27/04/2022
Nominal Hours
35
Description
This unit describes the skills and knowledge required to account for and manage an Aboriginal and Torres Strait Islander organisation’s assets.The unit applies to individuals responsible for monitoring and guiding the activities of an Aboriginal and Torres Strait Islander organisation and for ensuring that the organisation’s assets are effectively managed.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Review required policies and procedures to manage Aboriginal and Torres Strait Islander organisation’s assets
  • 1.1 Identify organisation’s assets and their classification
  • 1.2 Review and analyse existing suitable policies and procedures relating to the purchase, use, storage, maintenance and disposal of those assets
  • 1.3 Confirm that policies and procedures comply with legal and contractual requirements and are being implemented in line with those requirements
  • 1.4 Communicate to board members any requirements in relation to creating or amending organisation’s asset management policies and procedures
2. Confirm that requirements for managing assets are implemented
  • 2.1 Confirm responsibility for establishing an asset register of organisation’s movable assets, and recording and storage of asset documents is delegated by the board to a relevant stakeholder
  • 2.2 Check that asset register has been established and required asset documents are stored securely and in line with policies and procedures
3. Confirm assets and records are maintained according to required procedures
  • 3.1 Receive and review reports on assets and confirm reports are up-to-date and complete
  • 3.2 Confirm appropriate procedures are in place and followed for asset repairs
  • 3.3 Confirm appropriate procedures are in place and followed to report and document asset damage, loss and theft
  • 3.4 Develop and implement an action plan to follow up asset management issues that arise
  • 3.5 Confirm asset records comply with funding providers’ requirements
4. Confirm insurance cover is in place
  • 4.1 Confirm required procedures are in place and followed to arrange and maintain insurance following asset acquisition
  • 4.2 Identify authorised signatories for claims for damage, loss and theft
  • 4.3 Confirm that process for submitting insurance claims is timely and includes required evidence of loss
5. Oversee annual internal audit of assets
  • 5.1 Confirm items recorded in asset register are checked annually
  • 5.2 Confirm asset register is updated with current information following the internal audit
  • 5.3 Investigate discrepancies found in the asset register
  • 5.4 Propose changes to policies and procedures where required
6. Oversee acquisition and disposal of assets
  • 6.1 Approve acquisitions and disposal of assets in line with existing plans and budgets and according to organisational policies and procedures
  • 6.2 Confirm that funding body requirements regarding asset acquisition and disposal are met
No information
No information
Replaces
State Code National Code Title Type
AUL44 BSBATSIM505 Control organisational finances Unit of competency
AUK68 BSBATSIW416 Obtain and manage consultancy services Unit of competency
AUH89 BSBATSIM420 Oversee asset management Unit of competency
AUJ57 BSBATSIM514 Recruit and induct staff Unit of competency
AUG93 BSBATSIW515 Secure funding Unit of competency
AUH24 BSBATSIW417 Select and use technology Unit of competency