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Unit of competency details

FNSACC418 - Work effectively in the accounting and bookkeeping industry (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC408 - Work effectively in the accounting and bookkeeping industrySupersedes and is equivalent to FNSACC408 Work effectively in the accounting and bookkeeping industry. 14/Jun/2022

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 15/Jun/2022


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  15/Jun/2022 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSACC408 Work effectively in the accounting and bookkeeping industry.

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.

The unit applies to individuals who occupy accounting and bookkeeping roles with some responsibility, communicate professionally with stakeholders, and use a range of research and organisational techniques to establish and carry out their work requirements in the accounting and bookkeeping industry.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those 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 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 alternative service providers 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, scope and quality of service to be provided and act on feedback, where applicable

1.6 Identify and apply 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 required to carry out own work

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 that support user needs

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

3.3 Design processes and procedures for regularly reviewing and adapting systems according to compliance requirements

4. Complete work activities autonomously and in a team

4.1 Identify tasks to be done and required conditions for working autonomously and in team environment

4.2 Document required resources, timelines, and priorities for work activities in work plan

4.3 Communicate priorities from work plan with team members, as required

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

4.5 Support team to identify and resolve problems, as required

4.6 Adapt work plan according to changes in technology and work organisation

5. Develop and maintain own competency

5.1 Identify and document own professional development needs and goals in professional development plan

5.2 Confirm compliance with competency, authorisation and licensing requirements relevant to own role

5.3 Research and document professional development opportunities that reflect own needs and goals in professional development plan

5.4 Confirm professional development plan includes timeline and actions to meet documented needs and goals

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL 

DESCRIPTION 

Oral communication

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

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

Planning and organising

  • Organises work according to defined requirements, using some analytical processes and taking responsibility for decisions

Technology

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

Unit Mapping Information

Supersedes and is equivalent to FNSACC408 Work effectively in the accounting and bookkeeping industry.

Links

Companion Volume Implementation Guide is found on 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 the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSACC408 Work effectively in the accounting and bookkeeping industry.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • identify key roles and responsibilities of organisation’s accounting team and alternative service providers
  • research and identify compliance requirements and ethical practices relevant to own role
  • develop at least one system and guidelines for work procedures that comply with legislative requirements
  • plan, communicate and support the team to complete at least three work activities that contribute to the team environment
  • identify and undertake at least two professional development opportunities to increase skills for own work role.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • roles, responsibilities and limitations of bookkeepers and accountants
  • methods to develop effective working relationships
  • methods to establish and maintain clear communication channels
  • requirements of accounting and bookkeeping industry codes of conduct
  • components of accounting and bookkeeping work activities
  • functions and features of resources, timelines and activities in work plans relating to performance evidence
  • policies and procedures relevant to own role in accounting and bookkeeping industry
  • functions and features of professional development plans
  • methods to update professional development plans
  • statutory, legislative and regulatory requirements relevant to licensing in the accounting and bookkeeping industry and own role
  • organisational operational protocols relating to performance evidence.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • organisational policies, procedures, legislation, regulations and codes of conduct required for own role
  • office equipment, technology, software and consumables required for own role.

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

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe