Assessor Resource

FNSACC501A
Provide financial and business performance information

Assessment tool

Version 1.0
Issue Date: May 2024


The unit can apply to a variety of financial services industry sectors and has application to job roles such as accountant and financial planner.

This unit describes the performance outcomes, skills and knowledge required to analyse and report on a broad range of financial and business performance information and encompasses assessing clients' needs, analysing data and preparing advice.

This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

interpret and apply State, Territory and Commonwealth taxation and charges

comply with financial legislation and accounting standards, practices and principles

access clients' needs and analyse their financial data to prepare appropriate advice

assess taxation, compliance and business viability issues faced by clients and risk management options and practices.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations/scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

well-developed communication skills to:

determine and confirm client requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research skills such as:

accessing and managing financial services information

accessing financial product and services information

interpreting documentation

well-developed literacy skills for analysing information on client needs and preparing clear written advice, plans and reports

numeracy skills for financial calculations and analysis

IT skills for developing and using spreadsheets and databases and using internet information

learning skills to maintain knowledge of changes to compliance legislation and requirements

problem solving skills to identify any issues that have the potential to impact on client services or reporting and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

teamwork skills

Required knowledge

financial legislation such as:

deductions

allowance in taxation legislation

forecasting techniques

government financial policies and secretary's financial management instructions

methods of presenting financial data

principles of cash flow and budgetary control

relevant corporations and consumer legislation

sources of information on financial products and markets such as:

banks

financial advisers

State and Territory charges and taxes

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included.

Expectations and objectives may include:

administrative efficiency

asset development

financial consolidation

higher levels of investment return

improved cash flows

improved quality of life

reduction in tax liabilities

wealth accumulation.

Clients may include:

businesses

small

medium

large

company officers and board of management

financial institutions

government departments

in-line management

partnerships, trusts

incorporated

unincorporated organisations

private individuals

shareholders

sole traders

statutory authorities.

Financial options may include:

adjustment of borrowings

asset liquidation

cost of capital

cost recoveries

debt and equity

dividends

funding alternatives

long-term investments

purchases

sources of finance.

Plans may include:

accounts receivable management

adequate funding structure

alternate forms of finance

business plans

business registration

cash flow development

insurance needs

long-term and short-term financial requirements

personal financial needs and position

personal investments

regulations, permits and licences

review of financial systems

suitable business structure

tax issues

working capital needs.

Agreed criteria may include:

asset management

budgeting

business turnover

capital budgeting

costing, pricing and budgeting

decision making authorities

forecast returns

net present values

periodic reports

profitability and financial stability

strategic priorities

working capital management.

Shortfalls in customer service may include:

accuracy of advice

consideration of relevant factors

maintenance of records

presentation of advice

response time.

Appropriate authorities and sources may include:

chief executive or financial officers

company officers and board of management

government Ministers

organisational procedures and policies

program managers

statutory returns and guidelines.

Standard financial analysis techniques may include:

benchmarking

cash flow analysis

cost-benefit analysis

financial statement analysis including ratios.

Significant taxation issues may include:

Business Activity Statement (BAS) reporting requirements

compliance advice

Pay As You Go (PAYG) obligations

reporting and lodgement dates

State or Territory tax obligations.

Methods of presentation and formats may include:

detail of calculations

estimates and projections

explanatory notes

graphics

tables.

Risks and contingencies may include:

business forecasts

debtor default

funding costs

hedging arrangements

insurable risks

operating costs

opportunity costs.

Risk management options may include:

insurance products

internal control procedures.

Rights and obligations may include:

contract law

corporations law

employment law

legislative protection for consumers

Privacy Act

taxation legislation.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Expectations and objectives of the client are clarified and confirmed to ensure mutual understanding of client goals 
The client's specific legal and financial requirements are identified when establishing, structuring and financing a business 
Financial options and processes are discussed with the client to develop suitable plans for the provision of information and the achievement of client goals 
Progress of plans is reviewed regularly against agreed criteria and results clearly communicated to the client 
Client objectives are monitored to identify changes in client needs 
Feedback on service is regularly obtained, analysed and incorporated into services to client 
Shortfalls in customer service are investigated and proposals for overcoming them are formulated and implemented 
Advice on reliability and accuracy of data is sought from appropriate authorities and sources in accordance with organisational procedures 
Data are compiled and reconciled to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles 
Revenues and costs are analysed in accordance to standard accounting techniques and consistent with the organisation's objectives 
All data and reports are analysed in accordance with standard financial analysis techniques 
Information is evaluated in relation to the financial performance of a business, specifically profitability, efficiency and financial stability 
Analysis is undertaken to ensure consistency of analysis with client's business and personal objectives 
Evaluation is undertaken to assess the financial potential of the business, its future funding requirements and statutory obligations 
Advice provides the client with a realistic view of the business financial performance and compliance, including significant taxation issues and comparisons of options 
Suitable methods of presentation and formats, language and forms of documentation are used to convey information to client 
Advice identifies how risks and contingencies and future cash flows may be identified and quantified and the client is advised of risk management options and rights and obligations 
Client is advised on new or alternative sources and features of short-term and long-term finance 

Forms

Assessment Cover Sheet

FNSACC501A - Provide financial and business performance information
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC501A - Provide financial and business performance information

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: