Assessor Resource

RIIFIA401D
Manage financial records

Assessment tool

Version 1.0
Issue Date: March 2024


This unit describes a participant’s skills and knowledge required to manage financial records in the Resources and Infrastructure Industries.

This unit is appropriate to those working in technical specialists or supervisory roles.

No licensing or certification requirements apply to this unit at the time of publication.

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



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.

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


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.

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

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
Access, interpret and apply financial record documentation and ensure the work activity is compliant 
Estimate all job components accurately 
Present financial data and record quotations 
Levy charges according to services, and render accounts to clients 
Promptly and accurately prepare invoices to help ensure desired cash flow 
Verify accounts received for accuracy and pay promptly 
Maintain financial controls and accountability 
Record all costs in writing promptly, legibly and accurately 
Analyse cost records to detect variances/reasons for variances 
Compare final costing with original job tender 
Prepare reports in accordance with organisation format 
Determine and maintain strategies for managing budget against actual performance 
Determine and calculate cost to enterprise requirements 
Complete reporting and pricing records 
Produce financial reports in a clear and timely manner for distribution to relevant stakeholders 

Forms

Assessment Cover Sheet

RIIFIA401D - Manage financial records
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

RIIFIA401D - Manage financial records

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: