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.
Corporate governance requirements may include:
reporting periods
taxation payment timings
delegated authorities
legislation (eg corporation's and tax law)
common law
Authoritative and recognised sources may include:
Australian Securities and Investments Commission (ASIC)
Australian Tax Office (ATO)
professional associations
financial information systems

personnel information systems
asset registers
laws and regulations
pronouncements
ethical considerations
Internal control procedures may include:
identification, measurement and recording of income, assets, expenditure, liabilities and equity
safeguarding and insurance of assets
decision making authorities
accuracy in valuations
adequate disclosure in financial reporting
risk management strategies
electronic commerce security
Financial delegations and accountabilities may include:
loan and lending approvals
expenditure and investment approvals
sign off authorities
employment delegations
corporate governance requirements
Required reports may include:
balance sheets
operating statements
cash flow statements
capital statements
internal management reports
transaction and auditable trails
Stakeholders may include:
employees
clients
managers and company officers (eg company directors and board of management)
financial institutions
suppliers
Performance indicators may include:
reporting deadlines (monthly, quarterly, half yearly, annual)
accuracy in costings
profits and losses
auditable trails
use of formats
recurrence of errors
solvency

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 corporate governance requirements
knowledge of organisational financial delegations and accountabilities
ability to review corporate governance requirements
ability to implement operating procedures
ability to monitor policy
knowledge of relevant financial legislation
knowledge of organisational policies and procedures
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:
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 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.