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Evidence Guide: BSBCNV614 - Apply principles of trust accounting

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBCNV614 - Apply principles of trust accounting

What evidence can you provide to prove your understanding of each of the following citeria?

Evaluate trust account compliance

  1. Identify, record and continuously update practice trust account requirements in line with relevant legislation and regulations
  2. Develop policies and procedures for trust account-keeping according to trust account requirements, key principles of accounting and financial management, and legislative requirements
  3. Identify and apply criteria for evaluating electronic or manual trust accounting systems and confirm compliance with trust account requirements
Identify, record and continuously update practice trust account requirements in line with relevant legislation and regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop policies and procedures for trust account-keeping according to trust account requirements, key principles of accounting and financial management, and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and apply criteria for evaluating electronic or manual trust accounting systems and confirm compliance with trust account requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and manage trust accounts

  1. Identify and access source documents for trust transactions according to legislative requirements and practice policies and procedures
  2. Produce documentation of trust records and transactions and confirm documentation is an accurate record of practice transactions on behalf of clients
  3. Confirm transactions are supported by required authorisation and documentation and according to legislative requirements and practice policies and procedures
  4. Record entries and transactions according to relevant trust account requirements, and provide to relevant stakeholder, where required
  5. Identify discrepancies in entries or documentation and confirm clarification or resolution
  6. Report discrepancies to relevant authorities, where required
  7. Check audit and security arrangements and confirm they provide adequate protection for client confidentiality and client funds held in trust
Identify and access source documents for trust transactions according to legislative requirements and practice policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Produce documentation of trust records and transactions and confirm documentation is an accurate record of practice transactions on behalf of clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm transactions are supported by required authorisation and documentation and according to legislative requirements and practice policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record entries and transactions according to relevant trust account requirements, and provide to relevant stakeholder, where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify discrepancies in entries or documentation and confirm clarification or resolution

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report discrepancies to relevant authorities, where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage and control trust accounts

  1. Authorise and manage disbursements between trust and office accounts according to legislative requirements and practice policies and procedures
  2. Make required arrangements with third parties and other professionals and confirm that practice trust accounts comply with legislative requirements
  3. Distribute practice trust administration policies and procedures to relevant staff according to practice and legislative requirements
  4. Facilitate continuous training for relevant practice staff according to legislative requirements and practice policies and procedures
  5. Develop and implement procedures for monitoring records and ensuring the security of trust account records
Authorise and manage disbursements between trust and office accounts according to legislative requirements and practice policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make required arrangements with third parties and other professionals and confirm that practice trust accounts comply with legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Distribute practice trust administration policies and procedures to relevant staff according to practice and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Facilitate continuous training for relevant practice staff according to legislative requirements and practice policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and review trust accounts

  1. Review documentation and other reporting requirements for compliance with legislative requirements
  2. Check and monitor trust account entries and transactions and confirm compliance with legislative requirements and practice policies and procedures
  3. Monitor trust account transactions and confirm authorisation is obtained prior to any disbursements
Review documentation and other reporting requirements for compliance with legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check and monitor trust account entries and transactions and confirm compliance with legislative requirements and practice policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor trust account transactions and confirm authorisation is obtained prior to any disbursements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Authorise and verify trust accounts

  1. Verify periodic reconciliation in compliance with legislative requirements
  2. Prepare and discuss periodic financial reports with clients and identify issues, where required
  3. Maintain records for convenience and auditing
  4. Meet legislative audit requirements
Verify periodic reconciliation in compliance with legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and discuss periodic financial reports with clients and identify issues, where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain records for convenience and auditing

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Meet legislative audit requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

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:

establish, administer and manage a trust in a practice on at least two occasions.

In the course of the above, the candidate must:

comply with statutory and legislative requirements for the operation of trust accounts

use standard accounting principles and financial management practices

follow practice policies and procedures.

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:

accounting and bookkeeping techniques for financial control

auditing and reporting requirements relevant to trust account operations

professional and ethical behaviour relevant to managing trust accounts

legislative and professional requirements relating to client security, privacy and confidentiality

features of commonly used IT and management systems, including trust account management software

trust account operations

practice policies and procedures relating to trust and office accounts

financial, privacy, disclosure and business legislation and regulations relating to trust accounts

security and ethical privacy procedures in relation to trust account operations

statutory standards on the operation, reporting and auditing requirements of a trust account

key processes required to monitor financial performance evaluation.