Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

BSBCNV506 Mapping and Delivery Guide
Establish and manage a trust account

Version 1.0
Issue Date: March 2024


Qualification -
Unit of Competency BSBCNV506 - Establish and manage a trust account
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to establish, manage and administer a trust or controlled money account in a conveyancing practice. It encompasses reviewing for compliance with trust account requirements, establishing and managing trust accounts, maintaining trust transaction records, and monitoring and reviewing trust accounts.It applies to individuals who use specialised knowledge and systematic approaches to analyse and manage financial information against specified criteria and compliance requirements.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the BSB Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities
Slides
PPT
Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Review trust account for compliance with trust account requirements
  • Clearly identify, accurately record and continuously update practice trust account requirements in line with relevant legislation and regulations
  • Develop policies and procedures for accurate trust account-keeping which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements
  • Identify and apply criteria for evaluating electronic and manual trust accounting systems to ensure compliance with all trust account requirements
       
Element: Establish and manage trust accounts
  • Identify and access source documents for trust transactions in line with legislative requirements
  • Produce documentation of trust records and transactions to give an accurate record of practice transactions on behalf of clients
  • Ensure transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements
  • Promptly and accurately record entries and transactions in line with relevant trust account requirements, and provide on demand as required
  • Promptly follow up discrepancies in entries or documentation to ensure clarification or resolution and report to relevant authorities where necessary
  • Check audit and security arrangements to ensure they provide adequate protection for client confidentiality and client funds held in trust
       
Element: Manage and control trust accounts
  • Authorise and manage disbursements between trust and office accounts within agreed practice protocols and legislative requirements
  • Make appropriate arrangements with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements
  • Disseminate or make readily available practice trust administration policies and procedures to relevant staff in line with practice and legislative requirements
  • Provide ongoing training for relevant practice staff to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements
  • Develop and implement procedures for monitoring records and ensuring the security of trust account records
       
Element: Monitor and review trust accounts
  • Regularly review documentation and other reporting requirements for compliance with legislative requirements
  • Regularly check and monitor trust account entries and transactions to ensure compliance with practice and legislative requirements
  • Monitor trust account transactions to ensure appropriate authorisation is obtained prior to any disbursements
       
Element: Authorise and verify trust accounts
  • Verify periodic reconciliation in compliance with legislative requirements
  • Prepare and discuss periodic financial reports with clients to ensure continued accuracy
  • Maintain records for convenience and proper auditing
  • Meet legislative audit requirements
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Review trust account for compliance with trust account requirements

1.1 Clearly identify, accurately record and continuously update practice trust account requirements in line with relevant legislation and regulations

1.2 Develop policies and procedures for accurate trust account-keeping which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements

1.3 Identify and apply criteria for evaluating electronic and manual trust accounting systems to ensure compliance with all trust account requirements

2 Establish and manage trust accounts

2.1 Identify and access source documents for trust transactions in line with legislative requirements

2.2 Produce documentation of trust records and transactions to give an accurate record of practice transactions on behalf of clients

2.3 Ensure transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements

2.4 Promptly and accurately record entries and transactions in line with relevant trust account requirements, and provide on demand as required

2.5 Promptly follow up discrepancies in entries or documentation to ensure clarification or resolution and report to relevant authorities where necessary

2.6 Check audit and security arrangements to ensure they provide adequate protection for client confidentiality and client funds held in trust

3 Manage and control trust accounts

3.1 Authorise and manage disbursements between trust and office accounts within agreed practice protocols and legislative requirements

3.2 Make appropriate arrangements with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements

3.3 Disseminate or make readily available practice trust administration policies and procedures to relevant staff in line with practice and legislative requirements

3.4 Provide ongoing training for relevant practice staff to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements

3.5 Develop and implement procedures for monitoring records and ensuring the security of trust account records

4 Monitor and review trust accounts

4.1 Regularly review documentation and other reporting requirements for compliance with legislative requirements

4.2 Regularly check and monitor trust account entries and transactions to ensure compliance with practice and legislative requirements

4.3 Monitor trust account transactions to ensure appropriate authorisation is obtained prior to any disbursements

5 Authorise and verify trust accounts

5.1 Verify periodic reconciliation in compliance with legislative requirements

5.2 Prepare and discuss periodic financial reports with clients to ensure continued accuracy

5.3 Maintain records for convenience and proper auditing

5.4 Meet legislative audit requirements


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Review trust account for compliance with trust account requirements

1.1 Clearly identify, accurately record and continuously update practice trust account requirements in line with relevant legislation and regulations

1.2 Develop policies and procedures for accurate trust account-keeping which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements

1.3 Identify and apply criteria for evaluating electronic and manual trust accounting systems to ensure compliance with all trust account requirements

2 Establish and manage trust accounts

2.1 Identify and access source documents for trust transactions in line with legislative requirements

2.2 Produce documentation of trust records and transactions to give an accurate record of practice transactions on behalf of clients

2.3 Ensure transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements

2.4 Promptly and accurately record entries and transactions in line with relevant trust account requirements, and provide on demand as required

2.5 Promptly follow up discrepancies in entries or documentation to ensure clarification or resolution and report to relevant authorities where necessary

2.6 Check audit and security arrangements to ensure they provide adequate protection for client confidentiality and client funds held in trust

3 Manage and control trust accounts

3.1 Authorise and manage disbursements between trust and office accounts within agreed practice protocols and legislative requirements

3.2 Make appropriate arrangements with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements

3.3 Disseminate or make readily available practice trust administration policies and procedures to relevant staff in line with practice and legislative requirements

3.4 Provide ongoing training for relevant practice staff to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements

3.5 Develop and implement procedures for monitoring records and ensuring the security of trust account records

4 Monitor and review trust accounts

4.1 Regularly review documentation and other reporting requirements for compliance with legislative requirements

4.2 Regularly check and monitor trust account entries and transactions to ensure compliance with practice and legislative requirements

4.3 Monitor trust account transactions to ensure appropriate authorisation is obtained prior to any disbursements

5 Authorise and verify trust accounts

5.1 Verify periodic reconciliation in compliance with legislative requirements

5.2 Prepare and discuss periodic financial reports with clients to ensure continued accuracy

5.3 Maintain records for convenience and proper auditing

5.4 Meet legislative audit requirements

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.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Clearly identify, accurately record and continuously update practice trust account requirements in line with relevant legislation and regulations 
Develop policies and procedures for accurate trust account-keeping which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements 
Identify and apply criteria for evaluating electronic and manual trust accounting systems to ensure compliance with all trust account requirements 
Identify and access source documents for trust transactions in line with legislative requirements 
Produce documentation of trust records and transactions to give an accurate record of practice transactions on behalf of clients 
Ensure transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements 
Promptly and accurately record entries and transactions in line with relevant trust account requirements, and provide on demand as required 
Promptly follow up discrepancies in entries or documentation to ensure clarification or resolution and report to relevant authorities where necessary 
Check audit and security arrangements to ensure they provide adequate protection for client confidentiality and client funds held in trust 
Authorise and manage disbursements between trust and office accounts within agreed practice protocols and legislative requirements 
Make appropriate arrangements with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements 
Disseminate or make readily available practice trust administration policies and procedures to relevant staff in line with practice and legislative requirements 
Provide ongoing training for relevant practice staff to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements 
Develop and implement procedures for monitoring records and ensuring the security of trust account records 
Regularly review documentation and other reporting requirements for compliance with legislative requirements 
Regularly check and monitor trust account entries and transactions to ensure compliance with practice and legislative requirements 
Monitor trust account transactions to ensure appropriate authorisation is obtained prior to any disbursements 
Verify periodic reconciliation in compliance with legislative requirements 
Prepare and discuss periodic financial reports with clients to ensure continued accuracy 
Maintain records for convenience and proper auditing 
Meet legislative audit requirements 

Forms

Assessment Cover Sheet

BSBCNV506 - Establish and manage a trust account
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

BSBCNV506 - Establish and manage a trust account

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: