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

RIIFIA401E Mapping and Delivery Guide
Manage financial records

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency RIIFIA401E - Manage financial records
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to manage financial records in the resources and infrastructure industries.It applies to those working in supervisory roles. They are generally responsible for the output of others, contribute to the development of technical solutions to non-routine problems and apply management plans to the workplace.Licensing, legislative and certification requirements may apply to this unit and can vary between states, territories and industry sectors. Users must check requirements with relevant body before applying the unit.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Mandatory conditions for assessment of this unit are stipulated below. The assessment must:

include access to:

personal protective equipment

equipment related to managing financial records

relevant documentation

be conducted in a safe environment; and,

be assessed in the context of this sector's work environment; and,

be assessed in compliance with relevant legislation/regulation and using policies, procedures and processes directly related to the industry sector for which it is being assessed; and,

confirm consistent performance can be applied in a range of relevant workplace circumstances.

Where personal safety or environmental damage are limiting factors, assessment may occur in a simulated work environment* provided it is realistic and sufficiently rigorous to cover all aspects of this sector’s workplace performance, including environment, task skills, task management skills, contingency management skills and job role environment skills.

Assessor requirements

Assessors must be able to clearly demonstrate current and relevant industry knowledge and experience to satisfy the mandatory regulatory standards as set out in the Standards for Registered Training Organisations (RTOs) 2015/Australian Quality Training Framework mandatory requirements for assessors current at the time of assessment and any relevant licensing and certification requirements. This includes:

vocational competencies at least to the level being delivered and assessed

current industry skills directly relevant to the training and assessment being provided

current knowledge and skills in vocational training and learning that informs their training and assessment

formal relevant qualifications in training and assessment

having knowledge of and/or experience using the latest techniques and processes

possessing the required level of RII training product knowledge

having an understanding and knowledge of legislation and regulations relevant to the industry and to employment and workplaces

demonstrating the performance evidence, and knowledge evidence outlined in this unit of competency, and

the minimum years of current** work experience after competency has been obtained as specified below in an industry sector relevant to the outcomes of the unit.

It is also acceptable for the appropriately qualified assessor to work with an industry expert to conduct assessment together and for the industry expert to be involved in the assessment judgement. The industry expert must have current industry skills directly relevant to the training and assessment being provided. This means the industry subject matter expert must demonstrate skills and knowledge from the minimum years of current work experience after competency has been obtained as specified below, including time spent in roles related to the unit being assessed:

Industry sector

AQF indicator level***

Required assessor or industry subject matter expert experience

Drilling, Metalliferous Mining, Coal Mining, Extractive (Quarrying) and Civil Infrastructure

1

1 year

2

2 years

Drilling, Coal Mining, Extractive (Quarrying), Metalliferous Mining and Civil Infrastructure

3-6

3 years

Other sectors

Where this unit is being assessed outside of the resources and infrastructure sectors assessor and/or industry subject matter expert experience should be in-line with industry standards for the sector in which it is being assessed and where no industry standard is specified should comply with any relevant regulation.

*Guidance on simulated environments has been stipulated in the Companion Volume Implementation Guide located on VETNet.

**Assessors can demonstrate current work experience through employment within industry in a role relevant to the outcomes of the unit; or, for external assessors this can be demonstrated through exposure to industry by conducting a minimum number of site assessments as determined by the relevant industry sector, across various locations.

*** While a unit of competency does not have an AQF level, where a unit is being delivered outside of a qualification the first numeric character in the unit code should be considered as the AQF indicator level for assessment purposes.
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: Prepare/receive invoices
  • Obtain, interpret and confirm work requirements
  • Access, interpret and apply documentation required to manage financial records
  • Estimate all job components accurately
  • Present financial data and record quotations
  • Levy charges according to services, and render accounts to clients
  • Promptly and accurately prepare invoices to help ensure desired cash flow
  • Verify accounts received for accuracy and pay promptly
  • Maintain financial controls and accountability according to workplace procedures
  • Record all costs in writing promptly, legibly and accurately
       
Element: Prepare reports on variances from cost estimates
  • Analyse cost records to detect variances/reasons for variances according to workplace procedures
  • Compare final costing with original job tender
  • Prepare reports in accordance with workplace procedures
       
Element: Monitor financial performance
  • Determine and maintain strategies for managing budget against actual performance
  • Determine and calculate cost to enterprise requirements according to workplace procedures
  • Complete reporting and pricing records according to workplace procedures
  • Produce financial reports in a clear and timely manner for distribution to relevant stakeholders
       


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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

manage financial records on at least two occasions, including:

identifying and accessing financial data

organising financial data to highlight relevant features

presenting financial data and record quotations in comprehensive format

liaising with suppliers and end users of purchases

preparing and processing invoices

analysing and assessing expenditure

calculating data and to reconcile figures

interpreting and balancing a budget

maintaining financial records

estimating and calculating time/costs for repairing, replacing and servicing site equipment

preparing a written financial report.

During the above, the candidate must:

locate and apply relevant legislation, documentation, policies and procedures and confirm that the work activity is compliant

implement the requirements, procedures and techniques for managing financial records

work effectively with others to manage financial records in a way that meets all required outcomes

communicate clearly and concisely with others to receive and clarify work instructions.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

key legislation required to manage financial records

key policies, procedures and documentation required to manage financial records, including:

codes of ethics and conduct

service delivery, quotation and payment policies and procedures

standard contracting arrangements

employing purchasing and procurement principles for:

accountability

probity and transparency

risk management

value for money

principles and techniques for:

complying with federal government taxes and charges

maintaining record keeping systems

following budgeting procedures

principles and techniques for identifying relevant hazards and emergencies

techniques for coordinating and communicating job activities with others.

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.
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
Obtain, interpret and confirm work requirements 
Access, interpret and apply documentation required to manage financial records 
Estimate all job components accurately 
Present financial data and record quotations 
Levy charges according to services, and render accounts to clients 
Promptly and accurately prepare invoices to help ensure desired cash flow 
Verify accounts received for accuracy and pay promptly 
Maintain financial controls and accountability according to workplace procedures 
Record all costs in writing promptly, legibly and accurately 
Analyse cost records to detect variances/reasons for variances according to workplace procedures 
Compare final costing with original job tender 
Prepare reports in accordance with workplace procedures 
Determine and maintain strategies for managing budget against actual performance 
Determine and calculate cost to enterprise requirements according to workplace procedures 
Complete reporting and pricing records according to workplace procedures 
Produce financial reports in a clear and timely manner for distribution to relevant stakeholders 

Forms

Assessment Cover Sheet

RIIFIA401E - Manage financial records
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

RIIFIA401E - Manage financial records

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: