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Elements and Performance Criteria

  1. Compile financial information and data
  2. Prepare statutory requirement reports
  3. Provide financial business recommendations

Required Skills

Required skills

literacy skills to identify financial information and the organisations accounting procedures and to create financial reports

problemsolving skills to deal with a defined range of predictable problems

decision making skills to make routine decisions

numeracy skills to calculate data and to reconcile figures

Required knowledge

key provisions of relevant legislation from all levels of government that may affect aspects of business operations such as

antidiscrimination legislation

ethical principles

codes of practice

privacy laws

financial legislation

occupational health and safety OHS

principles of double entry bookkeeping and accrual accounting

techniques for forecasting and analysis

Federal government taxes and charges

options methods and practices for deductions benefits and depreciations

Evidence Required

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential

organising financial data to highlight relevant features

presenting financial data in comprehensive format

completing Business Activity Statements

knowledge of relevant legislation

Context of and specific resources for assessment

Assessment must ensure

access to an actual workplace or simulated environment

access to office equipment and resources

examples of financial data reports and documents

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples are appropriate for this unit

direct questioning combined with review of portfolios of evidence and third party workplace reports of onthejob performance by the candidate

review of income and expenditure records

analysis of responses to case studies and scenarios

demonstration of techniques

review of tax liabilities calculations

oral or written questioning to assess knowledge of principles of double entry bookkeeping and accrual accounting

assessment of recommendations provided proposing constructive actions to enhance the effectiveness and efficacy of functions and services

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector workplace and job role is recommended for example

general administration units

other financial administration units


Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included.

Financial data may include:

Australian Bureau of Statistics (ABS) economic data

budget variances

budgets and forecasts

cash flow/profit reports

financial markets monitoring services (e.g. Reuters)

financial/operational statements and reports (e.g. expenditures and receipts, profit and loss statements)

market valuations

Organisational requirements may include:

financial analysis assessments

financial management manuals

legal and organisational policies, guidelines and requirements

OHS policies, procedures and programs

price and exchange parameters

quality assurance and/or procedures manuals

recording and filing systems

reporting requirements

standard financial analysis techniques

Conversion and consolidation procedures may include:

moving averages

spreadsheets

standardised variables

trend analysis

unit costs

Discrepancies may include:

absence of auditable trail

expenditure report mismatches

inappropriate authorisations

incorrect payments

incorrect report formats

unreconciled cash flows and operating statements

variances from budget and phasings

Statutory requirements may include:

delegated authorities

internal control procedures

reporting periods

taxation payment timings

Revenue gathering practices may include:

billing schedules

fees and charges

investments

leasing

lending and financing

sales

Revenue documentation may include:

bills

cash received

debit notes

declarations

invoices

sales proceeds

Available benefits and allowances may include:

depreciation

donations

interest payments

sales tax deductions

Stated deadlines may include:

annual reports

lodgement dates

monthly returns

payment schedules

Recommendations may include:

cash flow

consolidation

expenses

loss

profit

write-offs

Evidence may include:

budgetary analysis

forecasts and estimates

order and supplier documentation

returns on investments

taxation and statutory returns

Significant issues may include:

cost structures

internal controls

losses and returns

profitability

statutory obligations

suppliers

Format of reports may include:

balance sheets

cash flow statements

electronic forms

financial year reports

operating statements

spreadsheets

statutory forms