Unit of competency Outline

Date retreived
23/07/2026 12:29 AM AWST

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Establish and maintain accounting information systems

Establish and maintain accounting information systems

Unit of competency
National Code
FNSACC505A
State Code
D4043
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
15/10/2014
Field of Education
020303 - Database Management
Original Release Date
15/10/2014
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to identify and record system requirements, evaluate alternative systems, acceptance test systems, prepare system documentation, implement reporting systems and records, monitor systems and review reporting procedures.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Identify and record and system requirements
  • 1.1. Comprehensive specifications are prepared based on requirements of potential users with any conflicting requirements and solutions are negotiated prior to and during the development process
  • 1.2. Objectives are defined and specifications documented to establish the expected inputs, outputs and means of delivery
  • 1.3. System and records requirements are prioritised according to importance and urgency of user needs
  • 1.4. Security requirements to maintain system integrity are identified and incorporated into the system design
  • 1.5. Features of any existing system and records are reviewed to establish their suitability and usability
  • 1.6. Recording processes are established according to accepted practice and in accordance with legislation and codes of practice
2. Evaluate alternative systems
  • 2.1. Features of various systems are compared and measured against user requirements to enable identification of alternative systems and solutions
  • 2.2. Cost-benefit analysis of alternative systems and solutions is carried out and recommendations documented
3. Acceptance test system
  • 3.1. System is tested in an operational environment to ensure compliance with user requirements, company policy and guidelines, system specifications and relevant legislation or industry codes of practice
  • 3.2. Formal confirmation from all users is obtained on acceptability of new system/system changes against all criteria and system specifications
4. Prepare system documentation
  • 4.1. System documentation is prepared thoroughly and accurately using easily understood language and in a clear format to support system implementation and training
  • 4.2. Users are consulted to ensure clarity, accuracy, thoroughness and usability of system documentation
  • 4.3. System documentation is made easily accessible and is constantly reviewed and updated to ensure currency and accuracy
5. Implement reporting systems and records
  • 5.1. Implementation is carried out in accordance with specified guidelines and timelines and contingency plans established to deal with any potential delays or problems
  • 5.2. Effective training schedules and programs are established to support implementation
  • 5.3. All data are transferred from existing to the new or modified system and records without error or loss
  • 5.4. Systems and records are updated regularly to identify ongoing benefits and threats to the organisation
  • 5.5. Files are maintained within organisational and statutory requirements and discrepancies identified and remedied
  • 5.6. Integrity of systems and records complies with organisational and statutory requirements
  • 5.7. transactions are monitored to identify taxation and other liabilities
6. Monitor reporting systems
  • 6.1. Transactions are analysed and accounted for completely and are correctly related to the accounting period
  • 6.2. Processes for recording and classifying transactions are communicated and promoted to support internal verification of records
  • 6.3. Sources of input data and documentation are standardised in structured formats to minimise errors
  • 6.4. Back-ups are maintained in an accessible location to safeguard data in accordance with organisational and audit requirements
7. Review reporting procedures
  • 7.1. Sources of input data and documentation records are systematically checked for accuracy and reliability
  • 7.2. Reporting requirements are established and analysed regularly to identify variations and compliance with established processes for recording and classifying transactions
  • 7.3. Written reports, explanatory notes and financial results are maintained to support source documentation
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.
Systems and records may include:
management information systems
proformas and other documents
software packages
user manuals.
Records may include:
asset management accounts
cash and trading accounts
client histories
credit balances
electronic formats such as:
forms
spreadsheets
expense accounts
loan accounts
master files.
System testing may include:
ensuring operational capability matches system specifications and user requirements
running current system in parallel with new or modified system for defined periods of time.
Company policy and guidelines may include:
accounts and records
auditing practices and procedures
clerical and administrative systems
client service
corporate governance
information technology.
Legislation and industry codes of practice may include:
Australian Accounting Standards
Australian Auditing Standards
Australian Institute of Company Directors policies
consumer affairs law
contract law
corporate governance
corporations law
Privacy Act
relevant industry codes of practice
taxation law
trade practices law
trust law.
System specifications may include:
applicable to large, medium or small organisations
company policies and guidelines
compliance and reporting requirements
cost
integration with existing or other systems, data and records
technical, functional and operational features.
Organisational and statutory requirements may include:
electronic forms
exception reports
financial analysis assessments including growth prospects against prior and current periods
overdue accounts and debt recovery procedures
reporting requirements and financial reporting cycles.
Discrepancies may include:
absence of audit trails
expenditure report mismatches
inappropriate authorisations
incorrect payments
incorrect report formats
unreconciled cash flows and operating statements
variances from budget and phasings.
Transactions may include:
financial adjustments such as:
write-offs
revaluations
journal entries
payments
purchases
receipting.
Taxation and other liabilities may include:
Capital Gains Tax (CGT)
Corporate Tax
Fringe Benefits Tax (FBT)
Goods and Services Tax (GST)
State Government charges (e.g. payroll taxes)
superannuation requirements.
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:
interpret and comply with and statutory requirements, organisational policies and procedures
assess the impact of taxation and other liabilities, relevant legislation and industry codes of practice
identify record and systems requirements
evaluate alternative systems and acceptance test systems
prepare systems documentation and implement reporting systems and records
monitor and review reporting systems.

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 integrated financial systems software 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 which may include formal examinations
setting and reviewing workplace projects and business simulations
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment
Replaces
State Code National Code Title Type
C9605 FNSACCT505B Establish and maintain accounting information systems Unit of competency
Replaced By
State Code National Code Title Type
AUQ17 FNSACC505 Establish and maintain accounting information systems Unit of competency