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.
Financial system may include:
manual (paper based/other) or computerised (multimedia)
must be capable of at least providing timely, accurate and easily understood information
software may be industry specific or proprietary in nature
Efficient financial administration must take into account the following factors:
administrative systems
ethical requirements
compliance with relevant statutory and regulatory requirements
bookkeeping
Australian Standards Association
codes of practice and Accounting Standards
office routines
security requirements
Reporting and procedural requirements may include:
consideration of legislation and codes of practice relating to financial record keeping, including trust accounting, taxation and auditing
Risk management may include:
need for insurance, including:
public liability
property
personal indemnity
personal accident
sickness assets

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:
financial management and planning
risk assessment, evaluation and management
financial reporting
compliance with relevant statutory, regulatory, professional and practice requirements
critical analysis, research and evaluation
costing and budgeting
accounting and bookkeeping principles and practices
communication and consultation skills
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 that 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:
This unit should be undertaken within the financial services industry context.
Aspects of competency, including attainment of relevant knowledge and skills, may be assessed in a simulated work environment or other appropriate means.
Resources required for assessment:
Assessment of this unit of competence requires access to computer equipment, facilities for workplace or simulated environment assessment may be required.