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.
System specificationsmay include:
logical data models (eg data base design)
software (upgrades and legacies)
changing needs
client compatibilities
financial analysis functions
processing capacities (eg system size, speed)
networking capacities
Security requirementsmay include:
limited personnel access
passwords
encrypted data
read only files requirements
virus scanning
data storage requirements
Risk management strategies may include:
quantification of risks
periodic reporting
decision making authorities
policy statements
forecasting
comparative analysis
Internal control systems and proceduresmay include:
identification, measurement and recording of income, assets, expenditure, liabilities and equity
safeguarding and insurance of assets
decision making authorities
accuracy in valuations
transparency in financial reporting
risk management strategies
compliance testing
Strengths and weakness of organisational processesmay include:
computer literacy (eg skills profiles)
compliance with internal procedures
documented procedures

recording systems
work practices
attitudes to change
decision making authorities
Implementationmay include:
testing
feedback
consultation
staged introduction
evaluation
documentation and guidelines
budgeting
Professional accounting standards may include:
Australian Accounting Standards Board (AASB)
Australian Accounting Standards
Australian Auditing Standards
Auditing Guidance Statements
ethical requirements
Superannuation Industry (Supervision) (SIS) Act 1993
Short and long term objectives may include:
budgetary targets (eg quarterly, half yearly, annual)
sales and revenues targets
monthly cash flows
investment realisations
client development
profit growth
Sources of input data and documentation may include:
invoices
purchase orders
requisitions
receipts
system reports

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 internal control systems
knowledge of organisational policies and procedures
knowledge of professional accounting standards
ability to identify strengths and weakness within organisational policies and procedures
ability to evaluate information systems
ability to develop implementation plans
ability to review resources
ability to monitor plans
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:
Prerequisite units:
FNSACCT506B Implement and maintain internal control procedures.
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:
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:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.