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 make decisions, particularly relating to compliance issues, in a legal context. It is intended to satisfy the requirement for a course of study in commercial law at an introductory or foundation level, covering Australian legal systems and processes.
It applies to individuals who within their area of responsibility use specialised knowledge to make decisions that require consideration of the legal context.
No licensing, legislative or certification requirements apply to this unit at the time of publication
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. Examine legal context for financial services work |
1.1 Identify Australian legal systems and processes 1.2 Identify functions of courts and other regulatory bodies 1.3 Identify implications of relevant legislation, regulation and legal precedent, and apply in making operational decisions 1.4 Seek advice and guidance to evaluate and moderate decision processes |
2. Identify compliance requirements |
2.1 Accurately interpret compliance requirements 2.2 Review legislative and regulatory sources of information regularly to identify changes to compliance requirements |
3. Develop procedures to ensure compliance |
3.1 Develop procedures in consultation with others to address compliance requirements 3.2 Establish timetables to meet compliance requirements to align with statutory deadlines |
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 |
1.1-1.3, 2.1, 2.2 |
|
Writing |
1.4, 3.1 |
|
Oral Communication |
1.4, 3.1 |
|
Navigate the world of work |
1.3, 2.1, 2.2, 3.1 |
|
Interact with others |
1.4, 3.1 |
|
Get the work done |
1.3, 3.1, 3.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSACC403 Make decisions in a legal context |
FNSACC403B Make decisions in a legal context |
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