Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Evaluate trust account compliance

1.1 Identify, record and continuously update practice trust account requirements in line with relevant legislation and regulations

1.2 Develop policies and procedures for trust account-keeping according to trust account requirements, key principles of accounting and financial management, and legislative requirements

1.3 Identify and apply criteria for evaluating electronic or manual trust accounting systems and confirm compliance with trust account requirements

2. Establish and manage trust accounts

2.1 Identify and access source documents for trust transactions according to legislative requirements and practice policies and procedures

2.2 Produce documentation of trust records and transactions and confirm documentation is an accurate record of practice transactions on behalf of clients

2.3 Confirm transactions are supported by required authorisation and documentation and according to legislative requirements and practice policies and procedures

2.4 Record entries and transactions according to relevant trust account requirements, and provide to relevant stakeholder, where required

2.5 Identify discrepancies in entries or documentation and confirm clarification or resolution

2.6 Report discrepancies to relevant authorities, where required

2.7 Check audit and security arrangements and confirm they provide adequate protection for client confidentiality and client funds held in trust

3. Manage and control trust accounts

3.1 Authorise and manage disbursements between trust and office accounts according to legislative requirements and practice policies and procedures

3.2 Make required arrangements with third parties and other professionals and confirm that practice trust accounts comply with legislative requirements

3.3 Distribute practice trust administration policies and procedures to relevant staff according to practice and legislative requirements

3.4 Facilitate continuous training for relevant practice staff according to legislative requirements and practice policies and procedures

3.5 Develop and implement procedures for monitoring records and ensuring the security of trust account records

4. Monitor and review trust accounts

4.1 Review documentation and other reporting requirements for compliance with legislative requirements

4.2 Check and monitor trust account entries and transactions and confirm compliance with legislative requirements and practice policies and procedures

4.3 Monitor trust account transactions and confirm authorisation is obtained prior to any disbursements

5. Authorise and verify trust accounts

5.1 Verify periodic reconciliation in compliance with legislative requirements

5.2 Prepare and discuss periodic financial reports with clients and identify issues, where required

5.3 Maintain records for convenience and auditing

5.4 Meet legislative audit requirements

Skill 

Description 

Learning

• Updates and builds own knowledge and personal competence in order to provide training and mentoring to others

Reading

• Reviews and analyses financial information and data from a range of sources to check accuracy and completeness and to identify key aspects relevant to requirements

Writing

• Records information and prepares documentation using clear and accurate language to convey and clarify explicit information and requirements

Oral Communication

• Participates in verbal exchanges using active listening and questioning techniques to clarify information and confirm understandings with a range of personnel

Numeracy

• Analyses and evaluates complex financial information and data against a range of criteria
• Performs mathematical calculations to complete tasks and to check accuracy and completeness of financial information

Self-management

• Takes full responsibility for compliance with legislative and organisational requirements
• Maintains knowledge of legislative and practice requirements relevant to current role

Planning and organising

• Plans, organises and implements processes to complete required tasks efficiently and in compliance with legislative and practice requirements

Technology

• Uses the main features and functions of digital tools to complete work tasks and to access information

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.