Required skills

analytical evaluative and deductive reasoning skills relevant to identifying all aspects legislation trust account records and financial reports

risk management skills for establishing administering and managing trust accounts

communication skills to

determine and confirm client requirements using questioning and active listening as required

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

decision making and problem solving skills to analyse and make decisions about practice trust accounts consistent with legislative and ethical requirements

financial analysis skills for accessing interpreting and managing complex financial information

IT skills for accessing and using appropriate software such as spreadsheets and databases computerised and manual trust account systemsand using internet information

literacy skills to read and interpret documentation from a variety of sources

numeracy skills to accurately analyse record and store data in accordance with organisational requirements

organisational skills including the ability to plan and sequence work and gather record and consolidate financial information

Required knowledge

accounting and bookkeeping techniques for financial control

auditing and reporting requirements relevant to trust account operations

costbenefit analysis of establishingmaintaining trust accounts

commonly used IT and management systems

policy and procedures of the practice

relevant financial privacy disclosure and business legislation and regulations

security ethical privacy procedures in relation to trust account operations

statutory standards on the operation reporting and auditing requirements of a trust account

trust accounting policy and procedures

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

comply with statutory and legislative requirements for the operation of trust accounts

apply financial management and accounting principles and knowledge to trust accounts

apply detailed knowledge of the policies and procedures of the practice

demonstrate commitment to client service and maintenance of client security privacy and confidentiality

undertake high level critical analysis monitoring and financial performance evaluation

demonstrate high standards of professional and ethical behaviour in all actions

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a workplace or a closely simulated work environment

access to and use of a range of common office equipment technology software and consumables

suitable assessment records showing the establishment and management of a practice trust account

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Trust account requirements include but are not limited to:

Electronic or manual trust accounting system performance must take into account, the following factors:

Trust transactions may include: