Unit of competency

Modification History

Application

This unit describes a participant’s skills and knowledge required to manage financial records in the Resources and Infrastructure Industries.

This unit is appropriate to those working in technical specialists or supervisory roles.

No licensing or certification requirements apply to this unit at the time of publication.

Elements and Performance Criteria

Foundation Skills

Foundation skills essential to performance are explicit in the performance criteria of this unit. Further information is available in the Resources and Infrastructure Industry Training Package Companion Volume.

Unit Mapping Information

RIIFIA401A Manage financial records

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=88a61002-9a21-4386-aaf8-69c76e675272

Assessment requirements

Modification History

Performance Evidence

Evidence is required to be collected that demonstrates a candidate’s competency in this unit. Evidence must be relevant to the roles within this sector’s work operations and satisfy all of the requirements of the performance criteria of this unit and include evidence that the candidate:

• locates and applies relevant legislation, documentation, policies and procedures
• demonstrates completion of managing financial records that safely, effectively and efficiently meets all of the required outcomes on more than one (1) occasion including:

• identifying and accessing financial data
• organising financial data to highlight relevant features
• presenting financial data and record quotations in comprehensive format
• liaising with suppliers and end users of purchases
• preparing and processing invoices
• analysing and assessing expenditure
• calculating data and to reconcile figures
• interpreting and balancing a budget
• maintaining financial records
• estimating and calculating time/costs for repairing, replacing and servicing site equipment
• preparing a written financial report

Knowledge Evidence

The candidate must demonstrate knowledge managing financial records through:

• complying with codes of ethics and conduct
• understanding of provisions of relevant legislation affecting business operations, codes of practice and national standards
• complying with organisation policy and procedures relating to:

• service delivery, quotation and payment policies and procedures
• standard contracting arrangements

• employing purchasing and procurement principles for:

• accountability
• probity and transparency
• risk management
• value for money

• complying with federal government taxes and charges
• maintaining record keeping systems
• following budgeting procedures

Assessment Conditions

• An assessor of this unit must satisfy the requirements of the NVR/AQTF or their successors; and Industry regulations for certification and licensing; and,
• this unit is best assessed in the context of this sector’s work environment;
• where personal safety or environmental damage are limiting factors, assessment may occur in a simulated environment provided it is realistic and sufficiently rigorous to cover all aspects of this sector’s workplace performance, including environment, task skills, task management skills, contingency management skills and job role environment skills; and,
• this unit must be assessed in compliance with relevant legislation/regulation and using policies, procedures, processes and operational manuals directly related to the industry sector for which it is being assessed; and,
• assessment may be conducted in conjunction with the assessment of other Units of Competency; and,
• assessment must confirm consistent performance can be applied in a range of relevant workplace circumstances; and,
• assessors must demonstrate the performance evidence, and knowledge evidence as outlined in this Unit of Competency, and through the minimum years of current* work experience specified below in an Industry sector relevant to the outcomes of the unit; or,
• where the assessor does not meet experience requirements a co-assessment or partnership arrangement must exist between the qualified assessor and an Industry subject matter expert. The Industry subject matter expert should hold the unit being assessed (or an equivalent unit) and/or demonstrate equivalence of skills and knowledge at the unit level. An Industry technical expert must also demonstrate skills and knowledge from the minimum years of current work experience specified below in the Industry sector, including time spent in roles related to the unit being assessed; and,
• assessor and Industry subject matter expert requirements differ depending on the Australian Qualifications Framework Level (AQF) of the qualification being assessed and/or Industry Sector as follows:

Industry sector	AQF** Level	Required assessor or Industry subject matter expert experience
Drilling, Metalliferous Mining, Coal Mining, Extractive (Quarrying) and Civil Construction	1	1 Year
	2	2 Years
Drilling, Coal Mining and Extractive (Quarrying)	3-6	3 Years
Metalliferous Mining and Civil Construction	3-6	5 Years
Other sectors	Where this Unit is being assessed outside of the Resources and Infrastructure Sectors assessor and/or Industry subject matter expert experience should be in-line with industry standards for the sector in which it is being assessed and where no Industry standard is specified should comply with any relevant regulation.

*Assessors can demonstrate current work experience through employment within Industry in a role relevant to the outcomes of the Unit; or, for external assessors this can be demonstrated through exposure to Industry by conducting frequent site assessments across various locations.

**Where a unit is being delivered outside of a Qualification the first numeric character in the Unit code should be considered to indicate the AQF level

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=88a61002-9a21-4386-aaf8-69c76e675272