Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
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. |
Application of the Unit
Application of the unit |
The unit can be applied across the financial services sector and applies to job roles that are responsible for the selection of accounting information systems. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
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 |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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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. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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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:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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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. |
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Systems and records may include: |
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Records may include: |
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System testing may include: |
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Company policy and guidelines may include: |
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Legislation and industry codes of practice may include: |
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System specifications may include: |
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Organisational and statutory requirements may include: |
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Discrepancies may include: |
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Transactions may include: |
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Taxation and other liabilities may include: |
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Unit Sector(s)
Unit sector |
Accounting |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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