Unit of competency Outline
Date retreived
23/07/2026 6:26 PM AWST
23/07/2026 6:26 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Develop and manage financial systems
Develop and manage financial systems
Unit of competency
National Code
FNSORG602A
FNSORG602A
State Code
D4271
D4271
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080101 - Accounting
Original Release Date
31/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to strategically manage finances in a small organisation or a business unit of a large organisation directly linked to organisation performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Establish financial system requirements
- 1.1. Financial system requirements for efficient financial administration are determined from consultation with relevant stakeholders and an analysis of existing financial plans
- 1.2. Reporting and procedural requirements impacting on the organisation are identified and recorded for future reference
- 1.3. Internal financial audit controls included in the system specification provide a satisfactory security mechanism
- 1.4. Risks to financial viability and contingency strategies to manage risk are identified and costed
2. Design financial management systems
- 2.1. Sources of competent assistance and advice are accessed and used to secure financial records and assets
- 2.2. Financial management system design ensures accurate and timely provision of information about the organisation's transactions, working capital and cash flow
- 2.3. Equipment and software needed for the operation of the system are identified, acquired and installed to support the organisation's transactions
- 2.4. Financial reporting requirements are known and used by relevant personnel
- 2.5. Established financial reports ensure accurate and timely provision of data required for financial decision making
- 2.6. Agreed schedules of account recording and reconciliation systems are produced at regular intervals and support the organisation's service provision and business decisions
- 2.7. Mechanisms for the review of terms of trade and fee structures are suited to the organisation's needs and meet industry standards
- 2.8. Financial reports are prepared at regular intervals in the required format meet external audit requirements
3. Prepare and review financial plans
- 3.1. Financial plans are linked to reviews of the organisation's strategic business plan to enable timely financial adjustments to be made
- 3.2. Planning and implementation of financial management activities enable probity to be maintained
- 3.3. Financial plans provide a reasonable basis for budgeting and ongoing financial management of the organisation
4. Monitor and review financial reporting systems
- 4.1. Financial reporting systems evaluated through an assessment of organisation performance against agreed performance indicators enable timely adjustments to be made to business investments
- 4.2. Financial reports and systems are able to be used by authorised staff to manage the organisation's finances
RANGE STATEMENT
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.
Financial system may include:
manual or computerised
software which is industry specific or proprietary
those capable of at least providing timely, accurate and easily understood information.
Efficient financial administration must take into account the following factors:
Accounting Standards
Australian Standards
bookkeeping
codes of practice
compliance with relevant statutory and regulatory requirements
ethical principles and practices
office routines
security requirements.
Reporting and procedural requirements may include:
consideration of legislation and codes of practice relating to:
financial record keeping
trust accounting
taxation
auditing.
Risk management may include:
need for insurance, including:
public liability
property
personal indemnity
personal accident
sickness assets.
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.
Financial system may include:
manual or computerised
software which is industry specific or proprietary
those capable of at least providing timely, accurate and easily understood information.
Efficient financial administration must take into account the following factors:
Accounting Standards
Australian Standards
bookkeeping
codes of practice
compliance with relevant statutory and regulatory requirements
ethical principles and practices
office routines
security requirements.
Reporting and procedural requirements may include:
consideration of legislation and codes of practice relating to:
financial record keeping
trust accounting
taxation
auditing.
Risk management may include:
need for insurance, including:
public liability
property
personal indemnity
personal accident
sickness assets.
EVIDENCE GUIDE
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:
undertake risk assessment, evaluation and management of financial reporting
interpret and comply with relevant statutory, regulatory, professional and practice requirements
apply costing and budgeting techniques and tools.
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 an integrated financial software system 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
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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:
undertake risk assessment, evaluation and management of financial reporting
interpret and comply with relevant statutory, regulatory, professional and practice requirements
apply costing and budgeting techniques and tools.
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 an integrated financial software system 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
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9787 | FNSICORG609B | Develop and manage financial systems | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS52 | FNSORG602 | Develop and manage financial systems | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S735 | FNS60210 | Advanced Diploma of Accounting | Qualification |
| S739 | FNS60610 | Advanced Diploma of Banking Services Management | Qualification |
| D726 | FNS60311 | Advanced Diploma of Conveyancing | Qualification |
| D728 | FNS60811 | Advanced Diploma of Integrated Risk Management | Qualification |
| D721 | FNS50811 | Diploma of Integrated Risk Management | Qualification |
| J604 | FNS60513 | Advanced Diploma of Superannuation | Qualification |