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Elements and Performance Criteria

1. Gather and record operating and cost data
   • Data is extracted from established systems
   • Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures
2. Produce cost reports
   • Costs are assigned to specified products and services
   • Data is reconciled to ensure calculations are accurate and comply with organisational procedures
   • Cost information advice is sought from all sections of the organisation when formulating budgets
   • Structure and format of budgets and reports are clear and conform to management information requirements
   • Variances against budget are identified
   • Reports are error free, comprehensive and comply with management requirements and organisational practices

Required Skills

Required skills

communication skills to

use questioning and active listening to gather and check information

liaise and share information with others

communicate appropriately with people from diverse backgrounds

numeracy skills to

interpret numeric data and relevant statistics and from this perform calculations related to achieving required outcomes

IT skills to

use computer applications word processing spreadsheet database specific purpose computer systems

access and update records electronically

reading skills to

read and understand relevant procedures

read and interpret applications and supporting documentation

writing skills to

accurately record information

prepare reports

organisational skills to efficiently plan and sequence work

problem solving skills to address inaccuracies and omissions in data

analytical skills to effectively analyse information and data

Required knowledge

principles of costing

organisational operating procedures

common routines for recording and storing data

principles of internal control including statutory reporting

methods of data protection including back ups and security

principles and practices of budgetary control eg double entry bookkeeping and accrual accounting

financial legislation eg taxable transactions reporting requirements

ethical considerations for the handling of financial reconstruction eg conflict of interests confidentiality disclosure requirements

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 ability to demonstrate knowledge of organisational operating procedures demonstrate knowledge of relevant legislation demonstrate knowledge of standard accounting principles and practices gather and record operating and costs data produce cost reports
Context of and specific resources for assessment	Assessment must ensure competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment technology software and consumables access to financial services product information access to information about a workplace policy and procedures
Method of assessment	A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency observing processes and procedures in workplaces verbal or written questioning on underpinning knowledge and skills evaluating samples of work accessing and validating third party reports setting and reviewing workplace projects and business simulations or scenarios
Guidance information for assessment

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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.

Data may include:	inventory, materials and finished product records consumables records records of purchases and associated costs labour utilisation records materials used payroll records manufacturing and general overhead costs service charge out rates
Costs assignments may include:	direct and indirect costs labour, materials and overheads manufacturing costs service costs
Budgets may include:	materials usage labour usage manufacturing overhead costing budgets
Reports may include:	variance analysis reports job and service profitability reports performance reports
Report formats may include:	job cost records service cost analysis

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