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Elements and Performance Criteria

  1. Review trust account for compliance with trust account requirements
  2. Establish and manage trust accounts
  3. Manage and control trust accounts
  4. Monitor and review trust accounts
  5. Authorise and verify trust accounts

Range Statement

This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.

Electronic or manual trust accounting system must take into account, the following factors:

administrative systems

Australian Accounting Standards and codes of practice

bookkeeping

disclosure and reporting requirements

electronic funds management including transfer/deposit/verification

ethical requirements

electronic conveyancing – legislation, regulations and codes of practice

legislative and regulatory requirements

office routines

security requirements

trust account procedures.