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Unit of competency details

FNSACC408 - Work effectively in the accounting and bookkeeping industry (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes FNSBKG401 - Develop and implement policies and procedures relevant to bookkeeping activities 12/Feb/2018

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 13/Feb/2018

Companion volumes:

Accredited courses that have this unit in the completion mapping

Training packages that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  14/Feb/2018 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to work autonomously and in teams to complete work activities relating to the provision of accounting and bookkeeping services.

It applies to individuals who occupy roles with some responsibility and use a range of research and organisational techniques to establish and carry out their work requirements in the accounting industry.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit Sector

Accounting

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Develop professional working relationships

1.1 Clarify business needs and expectations of work to be done through clear communication with key stakeholders

1.2 Determine roles and responsibilities of various members of the accounting and tax profession according to business needs

1.3 Identify activities that fall outside own role and responsibilities, and identify networks of individuals able to carry out those activities

1.4 Refer business owner to networks for advice and services where applicable

1.5 Request feedback on range, type and quality of service to be provided and act on feedback, where applicable

1.6 Identify and use ethical principles and practices in own role and responsibilities

2. Identify compliance requirements and support materials

2.1 Obtain access to publications and software tools designed to assist in carrying out own work activities

2.2 Research legislative, statutory, regulatory and industry requirements for carrying out own work activities

3. Set up and maintain systems to meet compliance requirements

3.1 Develop systems to support user needs

3.2 Develop instructions and guidelines for carrying out daily activities according to compliance requirements

3.3 Review and adapt systems as necessary on a regular basis

4. Work autonomously or in a team to complete work activities

4.1 Determine tasks to be done and identify required conditions to work autonomously or in team environment

4.2 Plan work to manage resources, time and priorities

4.3 Provide feedback to team members to encourage, value and reward individual and team efforts, and contributions

4.4 Support team to identify and resolve problems that impede its performance

4.5 Adapt to changes in technology and work organisation in a timely manner

5. Develop and maintain own competency

5.1 Identify and review own professional development needs and goals on regular basis

5.2 Clarify and comply with competency, authorisation and licensing requirements

5.3 Seek professional development opportunities that reflect own needs and goals in agreed timeframe

Foundation Skills

This section describes those language, literacy and numeracy and employment skills that are essential to performance.

Skill 

Description 

Learning

  • Initiates strategies to maintain and enhance own knowledge and skills

Reading

  • Integrates prior knowledge with new information from a range of relatively complex sources to establish and review required information and extend understanding

Writing

  • Compiles logically sequenced texts using appropriate text type and support materials to convey detailed information and clear instructions that are amended or improved as required

Oral communication

  • Participates effectively in interactions, clearly articulating information and using questioning and active listening to clarify understanding and elicit feedback

Navigate the world of work

  • Identifies and implements legislative, statutory, regulatory and industry requirements of own role
  • Maintains knowledge required to meet expectations of own role

Interact with others

  • Builds rapport to establish effective working relationships
  • Adapts own communication style to show respect for the values, beliefs, and cultural expectations of others

Get the work done

  • Organises work according to defined requirements, using some analytical processes and taking responsibility for decisions
  • Develops systems and support documentation to achieve required outcomes
  • Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC408 Work effectively in the accounting and bookkeeping industry

FNSBKG401 Develop and implement policies and procedures relevant to bookkeeping activities

Updates to Elements 1 and 2. Added Elements 4 and 5. Updates to performance evidence and assessment conditions.

Not equivalent unit.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

Performance Evidence

Evidence of the ability to:

  • establish and maintain effective relationships with clients and colleagues
  • research and identify organisational policies and procedures relevant to own role
  • develop systems and guidelines for work procedures that comply with legislative requirements
  • analyse, evaluate and organise information required for own role
  • effectively plan work and contribute to team environment, taking into account constraints and available resources
  • identify and evaluate opportunities for own professional development.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Avenues for identifying other professionals in the accounting and bookkeeping industry
  • Requirements of accounting and bookkeeping industry codes of practice
  • Policies and procedures required for own role in the accounting and bookkeeping industry
  • Statutory, legislative and regulatory requirements for documenting accounting procedures

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting and bookkeeping field of work and include access to:

  • organisational policies, procedures, legislation, regulations and codes of practice required for own role
  • office equipment, technology, software and consumables required for own role, including an integrated financial software system and data.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe