Elements and Performance Criteria

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.
Supporting documentation may include information that supports the transaction such as:
suspense reports
reconciliations
Accurate and complete may mean:
meaningful notation
effective date specified
correct allocation
balanced transaction
Company policy and procedures may include:
operations manuals
internal control guidelines
computer system documentation
Input standards may include:
speed requirements
Industry and legislative requirements may cover:
Australian Accounting Standards
relevant Insurance Act
Consumer Credit legislation
Privacy Act
Taxation Act
industry codes of practice
Australian Securities and Investments Commission (ASIC) Code
Trade Practices Act
Stamp Duties Act
occupational health and safety (OH&S) acts and guidelines

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:
knowledge of organisational policies and procedures for processing journal entries
knowledge of industry and legislative requirements for processing journal entries
ability to check and verify supporting documentation
ability to prepare journals
ability to authorise journals
ability to enter data into organisational accounting systems
ability to check journal processing reports
ability to file documentation
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/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 which 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 must 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:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.
Resources required for assessment:
Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment.