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 corporate governance requirements

knowledge of organisational financial delegations and accountabilities

ability to review corporate governance requirements

ability to implement operating procedures

ability to monitor policy

knowledge of relevant financial legislation

knowledge of organisational policies and procedures

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.

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

financial legislation (eg taxable transactions, reporting requirements)

methods of work practices and routines

principles of internal control and auditing

organisational guidelines and procedures

ethical considerations for management and handling of files and records (eg confidentiality)

Skills requirements include:

writing skills for preparation of reports and documenting procedures

setting up and maintaining records and files

research skills for assessing application of corporate governance requirements

consulting staff on internal control procedures

administrative procedures for timetabling and scheduling

interpretation of legislation

information technology skills for set up and use of spreadsheets

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.

Corporate governance requirements may include:

reporting periods

taxation payment timings

delegated authorities

legislation (eg corporation's and tax law)

common law

Authoritative and recognised sources may include:

Australian Securities and Investments Commission (ASIC)

Australian Tax Office (ATO)

professional associations

financial information systems

personnel information systems

asset registers

laws and regulations

pronouncements

ethical considerations

Internal control procedures may include:

identification, measurement and recording of income, assets, expenditure, liabilities and equity

safeguarding and insurance of assets

decision making authorities

accuracy in valuations

adequate disclosure in financial reporting

risk management strategies

electronic commerce security

Financial delegations and accountabilities may include:

loan and lending approvals

expenditure and investment approvals

sign off authorities

employment delegations

corporate governance requirements

Required reports may include:

balance sheets

operating statements

cash flow statements

capital statements

internal management reports

transaction and auditable trails

Stakeholders may include:

employees

clients

managers and company officers (eg company directors and board of management)

financial institutions

suppliers

Performance indicators may include:

reporting deadlines (monthly, quarterly, half yearly, annual)

accuracy in costings

profits and losses

auditable trails

use of formats

recurrence of errors

solvency