Assessor Resource

FNSACC505A
Establish and maintain accounting information systems

Assessment tool

Version 1.0
Issue Date: May 2024


The unit can be applied across the financial services sector and applies to job roles that are responsible for the selection of accounting information systems.

This unit describes the performance outcomes, skills and knowledge required to identify and record system requirements, evaluate alternative systems, acceptance test systems, prepare system documentation, implement reporting systems and records, monitor systems and review reporting procedures.

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 comply with and statutory requirements, organisational policies and procedures

assess the impact of taxation and other liabilities, relevant legislation and industry codes of practice

identify record and systems requirements

evaluate alternative systems and acceptance test systems

prepare systems documentation and implement reporting systems and records

monitor and review reporting systems.

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

access to integrated financial systems software and data.

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

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations

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

communication skills to:

determine and confirm system requirements with users

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for accessing, analysing and managing financial services systems and data

well-developed literacy skills for preparing clear written systems specifications and guidance manuals for organisations and business units

numeracy skills for financial calculations and analysis

highly developed IT skills for developing and integrated financial systems and using spreadsheets, databases and internet information

learning skills to maintain knowledge of financial system features, requirements and procedures

problem solving skills to identify any system issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work and correctly schedule activities of others

Required knowledge

ethical considerations for the handling of financial reconstruction such as:

conflict of interests

confidentiality

disclosure requirements

financial legislation such as:

taxable transactions

reporting requirements

methods of data protection including:

back-ups

security

principles and practices of budgetary control such as:

double-entry bookkeeping

accrual accounting

principles of internal control including statutory reporting

procures and procedures for recording and storing financial data

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.

Systems and records may include:

management information systems

proformas and other documents

software packages

user manuals.

Records may include:

asset management accounts

cash and trading accounts

client histories

credit balances

electronic formats such as:

forms

spreadsheets

expense accounts

loan accounts

master files.

System testing may include:

ensuring operational capability matches system specifications and user requirements

running current system in parallel with new or modified system for defined periods of time.

Company policy and guidelines may include:

accounts and records

auditing practices and procedures

clerical and administrative systems

client service

corporate governance

information technology.

Legislation and industry codes of practice may include:

Australian Accounting Standards

Australian Auditing Standards

Australian Institute of Company Directors policies

consumer affairs law

contract law

corporate governance

corporations law

Privacy Act

relevant industry codes of practice

taxation law

trade practices law

trust law.

System specifications may include:

applicable to large, medium or small organisations

company policies and guidelines

compliance and reporting requirements

cost

integration with existing or other systems, data and records

technical, functional and operational features.

Organisational and statutory requirements may include:

electronic forms

exception reports

financial analysis assessments including growth prospects against prior and current periods

overdue accounts and debt recovery procedures

reporting requirements and financial reporting cycles.

Discrepancies may include:

absence of audit trails

expenditure report mismatches

inappropriate authorisations

incorrect payments

incorrect report formats

unreconciled cash flows and operating statements

variances from budget and phasings.

Transactions may include:

financial adjustments such as:

write-offs

revaluations

journal entries

payments

purchases

receipting.

Taxation and other liabilities may include:

Capital Gains Tax (CGT)

Corporate Tax

Fringe Benefits Tax (FBT)

Goods and Services Tax (GST)

State Government charges (e.g. payroll taxes)

superannuation requirements.

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
Comprehensive specifications are prepared based on requirements of potential users with any conflicting requirements and solutions are negotiated prior to and during the development process 
Objectives are defined and specifications documented to establish the expected inputs, outputs and means of delivery 
System and records requirements are prioritised according to importance and urgency of user needs 
Security requirements to maintain system integrity are identified and incorporated into the system design 
Features of any existing system and records are reviewed to establish their suitability and usability 
Recording processes are established according to accepted practice and in accordance with legislation and codes of practice 
Features of various systems are compared and measured against user requirements to enable identification of alternative systems and solutions 
Cost-benefit analysis of alternative systems and solutions is carried out and recommendations documented 
System is tested in an operational environment to ensure compliance with user requirements, company policy and guidelines, system specifications and relevant legislation or industry codes of practice 
Formal confirmation from all users is obtained on acceptability of new system/system changes against all criteria and system specifications 
System documentation is prepared thoroughly and accurately using easily understood language and in a clear format to support system implementation and training 
Users are consulted to ensure clarity, accuracy, thoroughness and usability of system documentation 
System documentation is made easily accessible and is constantly reviewed and updated to ensure currency and accuracy 
Implementation is carried out in accordance with specified guidelines and timelines and contingency plans established to deal with any potential delays or problems 
Effective training schedules and programs are established to support implementation 
All data are transferred from existing to the new or modified system and records without error or loss 
Systems and records are updated regularly to identify ongoing benefits and threats to the organisation 
Files are maintained within organisational and statutory requirements and discrepancies identified and remedied 
Integrity of systems and records complies with organisational and statutory requirements 
transactions are monitored to identify taxation and other liabilities 
Transactions are analysed and accounted for completely and are correctly related to the accounting period 
Processes for recording and classifying transactions are communicated and promoted to support internal verification of records 
Sources of input data and documentation are standardised in structured formats to minimise errors 
Back-ups are maintained in an accessible location to safeguard data in accordance with organisational and audit requirements 
Sources of input data and documentation records are systematically checked for accuracy and reliability 
Reporting requirements are established and analysed regularly to identify variations and compliance with established processes for recording and classifying transactions 
Written reports, explanatory notes and financial results are maintained to support source documentation 

Forms

Assessment Cover Sheet

FNSACC505A - Establish and maintain accounting information systems
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

FNSACC505A - Establish and maintain accounting information systems

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: