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.
1 Prepare/receive invoices | 1.1 Access, interpret and apply financial record documentation and ensure the work activity is compliant 1.2 Estimate all job components accurately 1.3 Present financial data and record quotations 1.4 Levy charges according to services, and render accounts to clients 1.5 Promptly and accurately prepare invoices to help ensure desired cash flow 1.6 Verify accounts received for accuracy and pay promptly |
2 Maintain cost records | 2.1 Maintain financial controls and accountability 2.2 Record all costs in writing promptly, legibly and accurately |
3 Prepare reports on variances from cost estimates | 3.1 Analyse cost records to detect variances/reasons for variances 3.2 Compare final costing with original job tender 3.3 Prepare reports in accordance with organisation format |
4 Monitor financial performance | 4.1 Determine and maintain strategies for managing budget against actual performance 4.2 Determine and calculate cost to enterprise requirements 4.3 Complete reporting and pricing records 4.4 Produce financial reports in a clear and timely manner for distribution to relevant stakeholders |
Evidence is required to be collected that demonstrates a candidate’s competency in this unit. Evidence must be relevant to the roles within this sector’s work operations and satisfy all of the requirements of the performance criteria of this unit and include evidence that the candidate:
locates and applies relevant legislation, documentation, policies and procedures
demonstrates completion of managing financial records that safely, effectively and efficiently meets all of the required outcomes on more than one (1) occasion including:
identifying and accessing financial data
organising financial data to highlight relevant features
presenting financial data and record quotations in comprehensive format
liaising with suppliers and end users of purchases
preparing and processing invoices
analysing and assessing expenditure
calculating data and to reconcile figures
interpreting and balancing a budget
maintaining financial records
estimating and calculating time/costs for repairing, replacing and servicing site equipment
preparing a written financial report
The candidate must demonstrate knowledge managing financial records through:
complying with codes of ethics and conduct
understanding of provisions of relevant legislation affecting business operations, codes of practice and national standards
complying with organisation policy and procedures relating to:
service delivery, quotation and payment policies and procedures
standard contracting arrangements
employing purchasing and procurement principles for:
accountability
probity and transparency
risk management
value for money
complying with federal government taxes and charges
maintaining record keeping systems
following budgeting procedures
An assessor of this unit must satisfy the requirements of the NVR/AQTF or their successors; and Industry regulations for certification and licensing; and,
this unit is best assessed in the context of this sector’s work environment;
where personal safety or environmental damage are limiting factors, assessment may occur in a simulated environment provided it is realistic and sufficiently rigorous to cover all aspects of this sector’s workplace performance, including environment, task skills, task management skills, contingency management skills and job role environment skills; and,
this unit must be assessed in compliance with relevant legislation/regulation and using policies, procedures, processes and operational manuals directly related to the industry sector for which it is being assessed; and,
assessment may be conducted in conjunction with the assessment of other Units of Competency; and,
assessment must confirm consistent performance can be applied in a range of relevant workplace circumstances; and,
assessors must demonstrate the performance evidence, and knowledge evidence as outlined in this Unit of Competency, and through the minimum years of current* work experience specified below in an Industry sector relevant to the outcomes of the unit; or,
where the assessor does not meet experience requirements a co-assessment or partnership arrangement must exist between the qualified assessor and an Industry subject matter expert. The Industry subject matter expert should hold the unit being assessed (or an equivalent unit) and/or demonstrate equivalence of skills and knowledge at the unit level. An Industry technical expert must also demonstrate skills and knowledge from the minimum years of current work experience specified below in the Industry sector, including time spent in roles related to the unit being assessed; and,
assessor and Industry subject matter expert requirements differ depending on the Australian Qualifications Framework Level (AQF) of the qualification being assessed and/or Industry Sector as follows:
Industry sector | AQF** Level | Required assessor or Industry subject matter expert experience |
Drilling, Metalliferous Mining, Coal Mining, Extractive (Quarrying) and Civil Construction | 1 | 1 Year |
2 | 2 Years |
Drilling, Coal Mining and Extractive (Quarrying) | 3-6 | 3 Years |
Metalliferous Mining and Civil Construction | 3-6 | 5 Years |
Other sectors | Where this Unit is being assessed outside of the Resources and Infrastructure Sectors assessor and/or Industry subject matter expert experience should be in-line with industry standards for the sector in which it is being assessed and where no Industry standard is specified should comply with any relevant regulation. |
*Assessors can demonstrate current work experience through employment within Industry in a role relevant to the outcomes of the Unit; or, for external assessors this can be demonstrated through exposure to Industry by conducting frequent site assessments across various locations.
**Where a unit is being delivered outside of a Qualification the first numeric character in the Unit code should be considered to indicate the AQF level