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.
Organisation policies and procedures may include:
operations manuals
internal control guidelines
computer system documentation
Appropriate personnel may include:
accounting personnel
business unit or departmental managers
Related systems may include:
suspense accounts
cost centre accounts
investments register
Back-up schedules may be:
daily, weekly or monthly
usually prescribed in organisation's procedures/system operational procedures
Management requirements and regulations may include:
authority levels, classification systems, cost centre definitions, new expenditure accounts, reinsurance returns, audit trails
Feedback may be obtained from:
other accounting personnel
managers and organisational staff using financial systems
Relevant parties may include:
management
other accounting personnel and organisational staff
Relevant legislation may include:
Consumer
Consumer Credit Code
Privacy Act
Secrecy Laws
codes of practice

Competition
Australian Competition and Consumer Commission (ACCC)

Prudential
Financial Institutions (FI) Code of Conduct
Credit Reference Association of Australia (CRAA)
Electronic Funds Transfer (EFT) Code of Conduct
Financial Transaction reports Act
Cheques and Payment Orders act
Corporate Law
Commercial Tenancies Act
Land Tax Assessment Act
Prescribed Payments Act
Payroll Tax Assessment Act
Stamp Duties Act
Taxation Assessment Act
Bills of Exchange Act

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:
thorough checking of reconciliation items with related system entries
detailed knowledge of relevant legislation
comprehensive knowledge of accounting procedures and practices
sound communication skills in liaising with departmental managers and creditors/ suppliers
thorough understanding of bank account reconciliation process
ability to back-up and update financial systems
ability to use relevant data entry and office equipment
Critical aspects of evidence
Evidence required for demonstration of consistent performance:
Assessment of performance requirements in the unit should be undertaken in an industry context. Competency is demonstrated by performance of all stated criteria according to the Range Statement applicable to the workplace.
Delivery/assessment relationship to other units:
This unit should be assessed after competency has been demonstrated in units:
FNSRETA309B Balance cash holdings
FNSRETA310B Maintain main bank account
FNSICORG301B Administer fixed asset register
FNSICACC301B Administer accounts payable.
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:
This unit may be assessed in the workplace or in a simulated environment.
Resources required for assessment:
Assessment of this unit of competence requires access to company policies and practices, relevant IT systems and the databases of the financial services company.