Required skills

welldeveloped communication skills to

determine and confirm client requirements using questioning and active listening as required

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

research skills such as

accessing and managing financial services information

accessing financial product and services information

interpreting documentation

welldeveloped literacy skills for analysing information on client needs and preparing clear written advice plans and reports

numeracy skills for financial calculations and analysis

IT skills for developing and using spreadsheets and databases and using internet information

learning skills to maintain knowledge of changes to compliance legislation and requirements

problem solving skills to identify any issues that have the potential to impact on client services or reporting and to develop options to resolve these issues when they arise

organisational skills including the ability to plan and sequence work

teamwork skills

Required knowledge

financial legislation such as

deductions

allowance in taxation legislation

forecasting techniques

government financial policies and secretarys financial management instructions

methods of presenting financial data

principles of cash flow and budgetary control

relevant corporations and consumer legislation

sources of information on financial products and markets such as

banks

financial advisers

State and Territory charges and taxes

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

interpret and apply State Territory and Commonwealth taxation and charges

comply with financial legislation and accounting standards practices and principles

access clients needs and analyse their financial data to prepare appropriate advice

assess taxation compliance and business viability issues faced by clients and risk management options and practices

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

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 or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulationsscenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Expectations and objectives may include:

Clients may include:

Financial options may include:

Plans may include:

Agreed criteria may include:

Shortfalls in customer service may include:

Appropriate authorities and sources may include:

Standard financial analysis techniques may include:

Significant taxation issues may include:

Methods of presentation and formats may include:

Risks and contingencies may include:

Risk management options may include:

Rights and obligations may include: