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.
Expectations and objectives may include:
reduction in tax liabilities
financial consolidation
higher levels of investment returns
asset development
wealth accumulation
administrative efficiency
improved cash flows
improved quality of life
Clients may include:
shareholders
in line management
company officers and board of management
businesses (small and large)
private individuals
financial institutions
statutory authorities
government departments
partnerships, trusts (incorporated and unincorporated organisations)
sole traders
Financial options may include:
sources of finance
cost of capital
funding alternatives
debt and equity
cost recoveries
dividends
purchases
adjustment of borrowings
asset liquidation
long term investments
Plans may include:
review of financial systems
long term and short term financial requirements
personal investments
cash flow development
working capital needs
personal financial needs/position
suitable business structure
business registration
alternate forms of finance
accounts receivable management
insurance needs
business plans
tax issues
regulations, permits and licences
adequate funding structure
Agreed criteria may include:
net present values
capital budgeting
working capital management
budgeting
periodic reports
decision making authorities

strategic priorities
forecasted returns
business turnover
profitability and financial stability
costing, pricing and budgeting
asset management
Shortfalls in customer service may include:
response time
accuracy of advice
consideration of relevant factors
presentation of advice
maintenance of records
Appropriate authorities and sources may include:
ministers
company officers and board of management
program managers
organisational procedures and policies
statutory returns and guidelines
chief executive officer
Standard financial analysis techniques may include:
cost-benefit analysis
financial statement analysis including ratios
cash flow analysis
benchmarking
Significant taxation issues may include:
reporting and lodgement dates
compliance advice
Pay As You Go (PAYG) obligations
Business Activity Statement (BAS) reporting requirements
State tax obligations
Methods of presentation and formats may include:
tables
graphics
estimates and projections
calculations
explanatory notes
Risks and contingencies may include:
insurable risks
debtor default
operating costs
business forecasts
funding costs
hedging arrangements
opportunity costs
Risk management options may include:
insurance products
internal control procedures
Rights and obligations may include:
legislative protection for consumers
corporation law
contract law
employment law
privacy law
taxation legislation

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 state/territory and federal taxation and charges
knowledge of financial legislation
knowledge of accounting practices and principles
ability to access clients needs
ability to analyse financial data
ability to prepare advice
knowledge of taxation issues faced by clients
knowledge of risk management options and practices
knowledge of clients rights and obligations
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.