1. Review agency trust accounts for compliance with trust account requirements.
   • Agency trust account requirements are clearly identified, accurately recorded and continuously updated in line with relevant legislation and regulations.
   • Policies and procedures for accurate trust account keeping are developed which comply with trust account requirements, key principles of accounting and financial management, agency practice and legislative requirements.
   • Criteria for evaluatingelectronic and manual trust accounting systems are identified and applied to ensure compliance with all trust account requirements.
2. Establish and maintain trust accounts.
   • Source documents for trust transactions are identified and accessed in line with legislative requirements.
   • Documentation of trust records and transactions are produced to give an accurate record of agency transactions on behalf of clients.
   • Transactions are supported by appropriate authorisation and documentation and are in line with agency practice and legislative requirements.
   • Entries and transactions are promptly and accurately recorded in line with relevant trust account requirements and agency requirements, and can be provided on demand.
   • Discrepancies in entries or documentation are promptly followed up to ensure clarification or resolution and are reported to relevant authorities where necessary.
   • Audit and security arrangements are checked to ensure they provide adequate protection for client confidentiality and client funds held in trust.
3. Manage and control trust accounts.
   • Disbursements to and from trust accounts are authorised and managed within agreed agency protocols and legislative requirements.
   • Appropriate arrangements are made with third parties and other professionals to ensure that agency trust accounts comply with legislative requirements.
   • Agency trust administration policies and procedures are disseminated or made readily available to relevant staff in line with agency practice and legislative requirements.
   • Ongoing training of relevant agency staff is provided to ensure efficient operation of trust accounts and financial and IT systems, and compliance with agency practice and legislative requirements.
   • Procedures for monitoring records and ensuring the security of trust account records are developed and implemented.
4. Monitor and review trust accounts.
   • Documentation and other reporting requirements are regularly reviewed for compliance with legislative requirements.
   • Trust account entries and transactions are regularly checked and monitored to ensure compliance with agency practice and legislative requirements.
   • Trust account transactions are monitored to ensure appropriate authorisation is obtained prior to any disbursements.
5. Authorise and verify trust accounts.
   • Periodic reconciliation is verified by licensee in charge, in compliance with legislative requirements.
   • Periodic financial reports are prepared and discussed with clients to ensure their continued accuracy.
   • Records are maintained to enable them to be conveniently and properly audited.
   • Legislative audit requirements are met.

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

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 in the performance criteria is detailed below. Add any 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.