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Evidence Guide: FNSICORG609B - Develop and manage financial systems

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

 

FNSICORG609B - Develop and manage financial systems

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

Establish financial system requirements

  1. Requirements for efficient financial administration are determined from consultation with relevant stakeholders and an analysis of existing financial plans
  2. Reporting and procedural requirements impacting on the organisation are identified and recorded for future reference
  3. Internal financial audit controls included in the system specification provide a satisfactory security mechanism
  4. Risks to financial viability are identified and contingency strategies to manage risk identified and costed
Requirements for efficient financial administration are determined from consultation with relevant stakeholders and an analysis of existing financial plans

Completed
Date:

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Reporting and procedural requirements impacting on the organisation are identified and recorded for future reference

Completed
Date:

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Internal financial audit controls included in the system specification provide a satisfactory security mechanism

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Risks to financial viability are identified and contingency strategies to manage risk identified and costed

Completed
Date:

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Design financial management systems

  1. Sources of competent assistance and advice are accessed and used to secure financial records and assets
  2. Financial management system design ensures accurate and timely provision of information about the organisation's transactions, working capital and cash flow
  3. Equipment and software needed for the operation of the system are identified, acquired and installed to support the organisation's transactions
  4. Financial reporting requirements are known and used by relevant personnel
  5. Established financial reports ensure accurate and timely provision of data required for financial decision making
  6. Agreed schedules of account recording and reconciliation systems are produced at regular intervals and support the organisation's service provision and business decisions
  7. Mechanisms for the review of terms of trade and fee structures are suited to the organisation's needs and meet industry standards
  8. Financial reports are prepared at regular intervals in the required format meet external audit requirements
Sources of competent assistance and advice are accessed and used to secure financial records and assets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial management system design ensures accurate and timely provision of information about the organisation's transactions, working capital and cash flow

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Equipment and software needed for the operation of the system are identified, acquired and installed to support the organisation's transactions

Completed
Date:

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Financial reporting requirements are known and used by relevant personnel

Completed
Date:

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Established financial reports ensure accurate and timely provision of data required for financial decision making

Completed
Date:

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Agreed schedules of account recording and reconciliation systems are produced at regular intervals and support the organisation's service provision and business decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Mechanisms for the review of terms of trade and fee structures are suited to the organisation's needs and meet industry standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial reports are prepared at regular intervals in the required format meet external audit requirements

Completed
Date:

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Prepare and review financial plans

  1. Financial plans are linked to reviews of the organisation's strategic business plan to enable timely financial adjustments to be made
  2. Planning and implementation of financial management activities enable probity to be maintained
  3. Financial plans provide a reasonable basis for budgeting and ongoing financial management of the organisation
Financial plans are linked to reviews of the organisation's strategic business plan to enable timely financial adjustments to be made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Planning and implementation of financial management activities enable probity to be maintained

Completed
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Financial plans provide a reasonable basis for budgeting and ongoing financial management of the organisation

Completed
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Monitor and review financial reporting systems

  1. Financial reporting systems evaluated through an assessment of organisation performance against agreed performance indicators enable timely adjustments to be made to business investments
  2. Financial reports and systems are able to be used by authorised staff to manage the organisation's finances
Financial reporting systems evaluated through an assessment of organisation performance against agreed performance indicators enable timely adjustments to be made to business investments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial reports and systems are able to be used by authorised staff to manage the organisation's finances

Completed
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Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

financial management and planning

risk assessment, evaluation and management

financial reporting

compliance with relevant statutory, regulatory, professional and practice requirements

critical analysis, research and evaluation

costing and budgeting

accounting and bookkeeping principles and practices

communication and consultation skills

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity that combines the elements of competency for the unit, or a cluster of units of competency.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

This unit should be undertaken within the financial services industry context.

Aspects of competency, including attainment of relevant knowledge and skills, may be assessed in a simulated work environment or other appropriate means.

Resources required for assessment:

Assessment of this unit of competence requires access to computer equipment, facilities for workplace or simulated environment assessment may be required.

Required Skills and Knowledge

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

auditing and reporting requirements

legislation and regulations relating to:

finance

taxation

trust accounts

trades practice

security requirements

ethical requirements

accounting and bookkeeping for financial control

financial systems design

administrative/office routines and practices

cost-benefit analysis

reporting and auditing requirements for small business

computer and manual systems, technology and software application of above

systems/technology/software to management of functions of an organisation

occupational health and safety (OH&S) requirements for the use of screen-based equipment

basic accounting and bookkeeping principles and practice

quality principles and practice

ethical concerns relating to the management of third party monies

Skills requirements include:

application of financial management techniques

application of accounting and bookkeeping principles

consulting with stakeholders

performing relevant mathematical calculations

budgeting and costing

research and analysis of current and relevant issues

preparing financial and other reports

problem solving

decision making

planning and organising work

training and mentoring others

operating relevant software packages

performing tasks in a range of relevant computer applications

communicating in a range of business environments with diverse people

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Financial system may include:

manual (paper based/other) or computerised (multimedia)

must be capable of at least providing timely, accurate and easily understood information

software may be industry specific or proprietary in nature

Efficient financial administration must take into account the following factors:

administrative systems

ethical requirements

compliance with relevant statutory and regulatory requirements

bookkeeping

Australian Standards Association

codes of practice and Accounting Standards

office routines

security requirements

Reporting and procedural requirements may include:

consideration of legislation and codes of practice relating to financial record keeping, including trust accounting, taxation and auditing

Risk management may include:

need for insurance, including:

public liability

property

personal indemnity

personal accident

sickness assets