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

Skill

Performance

Criteria

Description

Learning

3.4

Actively updates and builds own knowledge and personal competence in order to provide training and mentoring to others

Reading

1.1, 1.3, 2.1, 4.1, 5.1

Reviews and analyses financial information and data from a range of sources to check accuracy and completeness and to identify key aspects relevant to requirements

Writing

1.1, 1.2, 2.2, 2.4, 2.5, 3.2, 3.5, 5.2, 5.3

Accurately records information and prepares documentation using clear and accurate language to convey and clarify explicit information and requirements

Oral Communication

2.5, 3.2, 5.2

Participates in verbal exchanges using active listening and questioning techniques to clarify information and confirm understandings with a range of personnel

Numeracy

1.1, 1.3, 2.4, 2.5, 3.1, 4.2, 4.3, 5.1, 5.3

Analyses and evaluates complex financial information and data against a range of criteria

Performs mathematical calculations to complete tasks and to check accuracy and completeness of financial information

Navigate the world of work

1.1-1.3, 2.1, 2.3, 2.4, 3.1-3.5, 4.1, 5.1, 5.4

Develops or modifies organisational policies and procedures that comply with legislative and practice requirements

Takes full responsibility for compliance with legislative and organisational requirements

Maintains knowledge of legislative and practice requirements relevant to current role

Interact with others

2.5, 3.2-3.4, 4.3, 5.2

Selects and uses appropriate conventions and protocols to gain and provide relevant information on the establishment and management of a trust account

Get the work done

1.1-1.3, 2.1-2.6, 3.1, 3.2, 3.3, 3.5, 4.2, 4.3, 5.1, 5.3, 5.4

Plans, organises and implements processes to complete required tasks efficiently and in compliance with legislative and practice requirements

Systematically gathers and analyses all relevant information and evaluates options in order to address problems and make decisions about practice trust account management

Uses the main features and functions of digital tools to complete work tasks and to access information.

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.