^

 
 

Unit of competency details

FNSORG602 - Develop and manage financial systems (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSORG602A - Develop and manage financial systemsUpdated to meet Standards for Training Packages 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnRelease
FNS60515 - Advanced Diploma of SuperannuationAdvanced Diploma of Superannuation1-4 
FNS60217 - Advanced Diploma of AccountingAdvanced Diploma of Accounting1-2 
FNS60620 - Advanced Diploma of Banking Services ManagementAdvanced Diploma of Banking Services Management
BSB61115 - Advanced Diploma of ConveyancingAdvanced Diploma of Conveyancing1-3 
FNS60215 - Advanced Diploma of AccountingAdvanced Diploma of Accounting1-2 
FNS50815 - Diploma of Integrated Risk ManagementDiploma of Integrated Risk Management1-3 
FNS60615 - Advanced Diploma of Banking Services ManagementAdvanced Diploma of Banking Services Management1-4 
FNS60820 - Advanced Diploma of Integrated Risk ManagementAdvanced Diploma of Integrated Risk Management
FNS60815 - Advanced Diploma of Integrated Risk ManagementAdvanced Diploma of Integrated Risk Management1-3 
BSB60220 - Advanced Diploma of ConveyancingAdvanced Diploma of Conveyancing
Items per page 10 | 20 | 50 | 100
Displaying items 1 - 10 of 12

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  30/Jul/2015 
The content being displayed has been produced by a third party, while all attempts have been made to make this content as accessible as possible it cannot be guaranteed. If you are encountering issues following the content on this page please consider downloading the content in its original form

Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to strategically manage finances directly linked to organisational performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.

It applies to individuals in positions of responsibility who use a range of specialist and managerial techniques to assess requirements, and prepare, plan and review their work and that of others.

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

Unit Sector

Organisational skills

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. Establish financial system requirements

1.1 Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration

1.2 Identify and record reporting and procedural requirements that affect the organisation for future reference

1.3 Include satisfactory security mechanism for internal financial audit controls in system specifications

1.4 Identify risks to financial viability and cost contingency strategies to manage risk

2. Design financial management systems

2.1 Access sources of competent assistance and use advice to secure financial records and assets

2.2 Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow

2.3 Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions

2.4 Ensure financial reporting requirements are known and used by relevant personnel

2.5 Ensure established financial reports provide accurate and timely data required for financial decision making

2.6 Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions

2.7 Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards

2.8 Prepare financial reports at regular intervals in required format to meet external audit requirements

3. Prepare and review financial plans

3.1 Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments

3.2 Maintain probity in planning and implementation of financial management activities

3.3 Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation

4. Monitor and review financial reporting systems

4.1 Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments

4.2 Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.5, 2.7, 4.1, 4.2

  • Analyses and reviews complex textual and numerical information for relevance, accuracy and compliance with organisational and regulatory requirements

Writing

1.1-1.4, 2.4, 2.8

  • Uses a range of text types and styles to document stakeholder consultation, identify relevant information from complex texts, determine risk factors and compile reports in required formats

Oral Communication

1.1, 1.2, 2.4, 3.2

  • Engages in detailed oral exchanges using active listening and questioning techniques to establish facts and information
  • Initiates points of clarification using language appropriate to the purpose and audience
  • Uses clear and direct language to confirm understanding and agreement

Numeracy

1.1-1.4, 2.2, 2.7, 2.8, 3.1, 3.3

  • Applies highly developed knowledge of accounting, budgets and financial planning to analyse and establish effective systems that meet organisational and regulatory requirements
  • Establishes, evaluates and reviews complex mathematical information

Navigate the world of work

1.2, 1.3, 2.7-2.8, 3.1-3.3, 4.1, 4.2

  • Takes a lead role in the development and implementation of systems to meet organisational goals and regulatory requirements
  • Seeks to improve policies and procedures to better meet organisational goals

Interact with others

1.1, 2.1, 2.4

  • Selects and uses appropriate conventions and protocols to gain and provide information relevant to financial management

Get the work done

1.1-1.4, 2.2, 2.3, 2.5-2.8, 3.1-3.3, 4.1

  • Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they contribute to broader strategy and goals
  • Sequences, schedules and monitors activities to meet timelines and other organisational requirements
  • Anticipates potential problems and formulates contingency strategies
  • Takes responsibility for high impact decisions in complex situations involving many variables and constraints
  • Uses digital technologies to manage financial operations and actively investigates new technologies for strategic and operational purposes

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSORG602 Develop and manage financial systems

FNSORG602A Develop and manage financial systems

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in 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 1.0.

Performance Evidence

Evidence of the ability to:

  • determine organisational requirements and design parameters for a financial system
  • undertake risk assessment, evaluation and management of financial reporting
  • comply with relevant statutory, regulatory, professional and practice requirements
  • apply costing and budgeting techniques and tools.

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

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • explain the key requirements of legislation and regulations relevant to managing financial systems including:
  • finance
  • taxation
  • trust accounts
  • trade practices
  • security requirements
  • ethical requirements
  • explain accounting and bookkeeping practices required for financial control
  • outline the key features to be considered in financial system design
  • explain the key features of organisational administrative systems and practices
  • explain cost-benefit analysis
  • outline reporting and auditing requirements for business
  • explain the types and characteristics of systems, technology and software required to manage the functions of an organisation.

Assessment Conditions

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

  • common office equipment, technology, software and consumables
  • an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe