The unit can be applied across the financial services sector and applies to job roles that are responsible for the selection of accounting information systems.

ELEMENT

PERFORMANCE CRITERIA

1. Identify and record and system requirements

1.1. Comprehensive specifications are prepared based on requirements of potential users with any conflicting requirements and solutions are negotiated prior to and during the development process

1.2. Objectives are defined and specifications documented to establish the expected inputs, outputs and means of delivery

1.3. System and records requirements are prioritised according to importance and urgency of user needs

1.4. Security requirements to maintain system integrity are identified and incorporated into the system design

1.5. Features of any existing system and records are reviewed to establish their suitability and usability

1.6. Recording processes are established according to accepted practice and in accordance with legislation and codes of practice

2. Evaluate alternative systems

2.1. Features of various systems are compared and measured against user requirements to enable identification of alternative systems and solutions

2.2. Cost-benefit analysis of alternative systems and solutions is carried out and recommendations documented

3. Acceptance test system

3.1. System is tested in an operational environment to ensure compliance with user requirements, company policy and guidelines, system specifications and relevant legislation or industry codes of practice

3.2. Formal confirmation from all users is obtained on acceptability of new system/system changes against all criteria and system specifications

4. Prepare system documentation

4.1. System documentation is prepared thoroughly and accurately using easily understood language and in a clear format to support system implementation and training

4.2. Users are consulted to ensure clarity, accuracy, thoroughness and usability of system documentation

4.3. System documentation is made easily accessible and is constantly reviewed and updated to ensure currency and accuracy

5. Implement reporting systems and records

5.1. Implementation is carried out in accordance with specified guidelines and timelines and contingency plans established to deal with any potential delays or problems

5.2. Effective training schedules and programs are established to support implementation

5.3. All data are transferred from existing to the new or modified system and records without error or loss

5.4. Systems and records are updated regularly to identify ongoing benefits and threats to the organisation

5.5. Files are maintained within organisational and statutory requirements and discrepancies identified and remedied

5.6. Integrity of systems and records complies with organisational and statutory requirements

5.7. transactions are monitored to identify taxation and other liabilities

6. Monitor reporting systems

6.1. Transactions are analysed and accounted for completely and are correctly related to the accounting period

6.2. Processes for recording and classifying transactions are communicated and promoted to support internal verification of records

6.3. Sources of input data and documentation are standardised in structured formats to minimise errors

6.4. Back-ups are maintained in an accessible location to safeguard data in accordance with organisational and audit requirements

7. Review reporting procedures

7.1. Sources of input data and documentation records are systematically checked for accuracy and reliability

7.2. Reporting requirements are established and analysed regularly to identify variations and compliance with established processes for recording and classifying transactions

7.3. Written reports, explanatory notes and financial results are maintained to support source documentation

Required skills

communication skills to:

determine and confirm system requirements with users

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for accessing, analysing and managing financial services systems and data

well-developed literacy skills for preparing clear written systems specifications and guidance manuals for organisations and business units

numeracy skills for financial calculations and analysis

highly developed IT skills for developing and integrated financial systems and using spreadsheets, databases and internet information

learning skills to maintain knowledge of financial system features, requirements and procedures

problem solving skills to identify any system issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work and correctly schedule activities of others

Required knowledge

ethical considerations for the handling of financial reconstruction such as:

conflict of interests

confidentiality

disclosure requirements

financial legislation such as:

taxable transactions

reporting requirements

methods of data protection including:

back-ups

security

principles and practices of budgetary control such as:

double-entry bookkeeping

accrual accounting

principles of internal control including statutory reporting

procures and procedures for recording and storing financial data

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 comply with and statutory requirements, organisational policies and procedures

assess the impact of taxation and other liabilities, relevant legislation and industry codes of practice

identify record and systems requirements

evaluate alternative systems and acceptance test systems

prepare systems documentation and implement reporting systems and records

monitor and review reporting systems.

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 integrated financial systems software and data.

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

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Systems and records may include:

management information systems

proformas and other documents

software packages

user manuals.

Records may include:

asset management accounts

cash and trading accounts

client histories

credit balances

electronic formats such as:

forms

spreadsheets

expense accounts

loan accounts

master files.

System testing may include:

ensuring operational capability matches system specifications and user requirements

running current system in parallel with new or modified system for defined periods of time.

Company policy and guidelines may include:

accounts and records

auditing practices and procedures

clerical and administrative systems

client service

corporate governance

information technology.

Legislation and industry codes of practice may include:

Australian Accounting Standards

Australian Auditing Standards

Australian Institute of Company Directors policies

consumer affairs law

contract law

corporate governance

corporations law

Privacy Act

relevant industry codes of practice

taxation law

trade practices law

trust law.

System specifications may include:

applicable to large, medium or small organisations

company policies and guidelines

compliance and reporting requirements

cost

integration with existing or other systems, data and records

technical, functional and operational features.

Organisational and statutory requirements may include:

electronic forms

exception reports

financial analysis assessments including growth prospects against prior and current periods

overdue accounts and debt recovery procedures

reporting requirements and financial reporting cycles.

Discrepancies may include:

absence of audit trails

expenditure report mismatches

inappropriate authorisations

incorrect payments

incorrect report formats

unreconciled cash flows and operating statements

variances from budget and phasings.

Transactions may include:

financial adjustments such as:

write-offs

revaluations

journal entries

payments

purchases

receipting.

Taxation and other liabilities may include:

Capital Gains Tax (CGT)

Corporate Tax

Fringe Benefits Tax (FBT)

Goods and Services Tax (GST)

State Government charges (e.g. payroll taxes)

superannuation requirements.

Unit sector

Accounting

This unit contains employability skills.