Assessor Resource

FNSICORG609B
Develop and manage financial systems

Assessment tool

Version 1.0
Issue Date: March 2024


This unit requires the application of investigating and analytical skills in determining the requirements of a financial system. Accounting and financial skills are applied to design the system that is then implemented and monitored. It may be applied to any sector in the financial services industry.

Where financial systems are being developed within the context of a project team, FNSICORG607B may apply.

This unit requires the application of investigating and analytical skills in determining the requirements of a financial system. Accounting and financial skills are applied to design the system that is then implemented and monitored. It may be applied to any sector in the financial services industry.

Where financial systems are being developed within the context of a project team, FNSICORG607B may apply.

This unit covers strategic management of finances in a small organisation or part of a large organisation. It includes systems design to accommodate accounting, budgeting, cash flow analysis and financial planning. It is not concerned with day-to-day bookkeeping or clerical administration of financial records. Performance outcomes in this area are directly linked to organisation performance as defined in the strategic plan.

This unit covers strategic management of finances in a small organisation or part of a large organisation. It includes systems design to accommodate accounting, budgeting, cash flow analysis and financial planning. It is not concerned with day-to-day bookkeeping or clerical administration of financial records. Performance outcomes in this area are directly linked to organisation performance as defined in the strategic plan.

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

Prerequisites

Not applicable.


Employability Skills

The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.

The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.




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.

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.


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 KNOWLEDGE&SKILLS

Knowledge requirements include:

auditing and reporting requirements

legislation and regulations relating to:

finance

taxation

trust accounts

trades practice

security requirements

ethical requirements

accounting and bookkeeping for financial control

financial systems design

administrative/office routines and practices

cost-benefit analysis

reporting and auditing requirements for small business

computer and manual systems, technology and software application of above

systems/technology/software to management of functions of an organisation

occupational health and safety (OH&S) requirements for the use of screen-based equipment

basic accounting and bookkeeping principles and practice

quality principles and practice

ethical concerns relating to the management of third party monies

Skills requirements include:

application of financial management techniques

application of accounting and bookkeeping principles

consulting with stakeholders

performing relevant mathematical calculations

budgeting and costing

research and analysis of current and relevant issues

preparing financial and other reports

problem solving

decision making

planning and organising work

training and mentoring others

operating relevant software packages

performing tasks in a range of relevant computer applications

communicating in a range of business environments with diverse people

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

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
Requirements for efficient financial administration are determined from consultation with relevant stakeholders and an analysis of existing financial plans 
Reporting and procedural requirements impacting on the organisation are identified and recorded for future reference 
Internal financial audit controls included in the system specification provide a satisfactory security mechanism 
Risks to financial viability are identified and contingency strategies to manage risk identified and costed 
Sources of competent assistance and advice are accessed and used to secure financial records and assets 
Financial management system design ensures accurate and timely provision of information about the organisation's transactions, working capital and cash flow 
Equipment and software needed for the operation of the system are identified, acquired and installed to support the organisation's transactions 
Financial reporting requirements are known and used by relevant personnel 
Established financial reports ensure accurate and timely provision of data required for financial decision making 
Agreed schedules of account recording and reconciliation systems are produced at regular intervals and support the organisation's service provision and business decisions 
Mechanisms for the review of terms of trade and fee structures are suited to the organisation's needs and meet industry standards 
Financial reports are prepared at regular intervals in the required format meet external audit requirements 
Financial plans are linked to reviews of the organisation's strategic business plan to enable timely financial adjustments to be made 
Planning and implementation of financial management activities enable probity to be maintained 
Financial plans provide a reasonable basis for budgeting and ongoing financial management of the organisation 
Financial reporting systems evaluated through an assessment of organisation performance against agreed performance indicators enable timely adjustments to be made to business investments 
Financial reports and systems are able to be used by authorised staff to manage the organisation's finances 

Forms

Assessment Cover Sheet

FNSICORG609B - Develop and manage financial 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

FNSICORG609B - Develop and manage financial 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: