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 make decisions, particularly those 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 the scope of own 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 of financial services work |
1.1 Identify key features of Australian legal systems and processes relating to own role 1.2 Identify functions of courts and other regulatory bodies relating to own role 1.3 Analyse implications of related legislation, regulations and legal precedents for operational decisions, and apply findings in decision-making process 1.4 Seek advice and guidance to evaluate and moderate decision-making processes |
2. Identify compliance requirements of financial services work |
2.1 Interpret compliance requirements of own financial services work, and confirm interpretation with authoritative source relating to own role 2.2 Review legislative and regulatory sources of information to identify changes to compliance requirements 2.3 Analyse impact of changes to compliance requirements on business operations, policies and procedures |
3. Develop compliance procedures |
3.1 Develop procedures in consultation with others to address compliance requirements 3.2 Establish timeframes to meet compliance requirements to align with statutory deadlines |
Foundation Skills
This section describes those language, literacy and numeracy and employment skills that are essential to performance.
Skill |
Description |
Reading |
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Writing |
|
Oral communication |
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Navigate the world of work |
|
Interact with others |
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Get the work done |
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Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSACC413 Make decisions in a legal context (Release 1) |
FNSACC403 Make decisions in a legal context (Release 1) |
Edits to performance criteria to clarify their intent. Added performance criterion to Element 2. Expanded knowledge evidence. |
Equivalent unit. |
Links
Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe