NTISthis.com

Evidence Guide: FNSORG602 - 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

 

FNSORG602 - 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. Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration
  2. Identify and record reporting and procedural requirements that affect the organisation for future reference
  3. Include satisfactory security mechanism for internal financial audit controls in system specifications
  4. Identify risks to financial viability and cost contingency strategies to manage risk
Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and record reporting and procedural requirements that affect the organisation for future reference

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Include satisfactory security mechanism for internal financial audit controls in system specifications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify risks to financial viability and cost contingency strategies to manage risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Design financial management systems

  1. Access sources of competent assistance and use advice to secure financial records and assets
  2. Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow
  3. Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions
  4. Ensure financial reporting requirements are known and used by relevant personnel
  5. Ensure established financial reports provide accurate and timely data required for financial decision making
  6. Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions
  7. Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards
  8. Prepare financial reports at regular intervals in required format to meet external audit requirements
Access sources of competent assistance and use advice to secure financial records and assets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure financial reporting requirements are known and used by relevant personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure established financial reports provide accurate and timely data required for financial decision making

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare financial reports at regular intervals in required format to meet external audit requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and review financial plans

  1. Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments
  2. Maintain probity in planning and implementation of financial management activities
  3. Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation
Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain probity in planning and implementation of financial management activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and review financial reporting systems

  1. Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments
  2. Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances
Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish financial system requirements

1.1 Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration

1.2 Identify and record reporting and procedural requirements that affect the organisation for future reference

1.3 Include satisfactory security mechanism for internal financial audit controls in system specifications

1.4 Identify risks to financial viability and cost contingency strategies to manage risk

2. Design financial management systems

2.1 Access sources of competent assistance and use advice to secure financial records and assets

2.2 Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow

2.3 Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions

2.4 Ensure financial reporting requirements are known and used by relevant personnel

2.5 Ensure established financial reports provide accurate and timely data required for financial decision making

2.6 Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions

2.7 Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards

2.8 Prepare financial reports at regular intervals in required format to meet external audit requirements

3. Prepare and review financial plans

3.1 Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments

3.2 Maintain probity in planning and implementation of financial management activities

3.3 Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation

4. Monitor and review financial reporting systems

4.1 Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments

4.2 Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish financial system requirements

1.1 Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration

1.2 Identify and record reporting and procedural requirements that affect the organisation for future reference

1.3 Include satisfactory security mechanism for internal financial audit controls in system specifications

1.4 Identify risks to financial viability and cost contingency strategies to manage risk

2. Design financial management systems

2.1 Access sources of competent assistance and use advice to secure financial records and assets

2.2 Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow

2.3 Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions

2.4 Ensure financial reporting requirements are known and used by relevant personnel

2.5 Ensure established financial reports provide accurate and timely data required for financial decision making

2.6 Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions

2.7 Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards

2.8 Prepare financial reports at regular intervals in required format to meet external audit requirements

3. Prepare and review financial plans

3.1 Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments

3.2 Maintain probity in planning and implementation of financial management activities

3.3 Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation

4. Monitor and review financial reporting systems

4.1 Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments

4.2 Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances