Application
This unit describes the skills and knowledge required to analyse and report on a broad range of financial and business performance information and encompasses assessing clients’ needs, analysing data and preparing advice.
It applies to individuals who, within their level of authority, apply specialised knowledge, systematic approaches and analytical techniques to research and prepare customised information for clients.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
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. Assess client needs | 1.1 Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals 1.2 Identify client’s specific legal and financial requirements when establishing, structuring and financing a business 1.3 Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals 1.4 Regularly review progress of plans against agreed criteria and clearly communicate results to client 1.5 Monitor client objectives to identify changes in client needs 1.6 Regularly obtain, analyse and incorporate feedback on client services 1.7 Investigate shortfalls in customer service and formulate and implement proposals for overcoming them |
2. Analyse data | 2.1 Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures 2.2 Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles 2.3 Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives 2.4 Analyse all data and reports in accordance with standard financial analysis techniques 2.5 Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability 2.6 Ensure analysis is consistent with client’s business and personal objectives 2.7 Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations |
3. Prepare advice | 3.1 Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options 3.2 Use suitable methods of presentation and formats, language and forms of documentation to convey information to client 3.3 Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations 3.4 Advise client on new or alternative sources and features of short-term and long-term finance |
Evidence of Performance
Evidence of the ability to:
access clients’ needs and analyse their financial data
prepare and document appropriate advice for clients that:
complies with financial legislation and accounting standards, practices and principles
assesses taxation, compliance and business viability issues faced by clients
assesses risk management options and practices.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
explain the key requirements of taxation legislation relating to deductions, allowances and charges
list the key areas that can cause significant taxation issues
compare and contrast forecasting techniques
identify and explain the key features of government financial policy and secretary’s financial management instructions
explain the key requirements of relevant corporations and consumer legislation
describe a range of methods for presenting and formatting financial data
identify and explain the key principles of cash flow and budgetary control
identify and categorise sources of information on financial products and markets
outline a range of risks and contingencies and risk management options relating to financial and business performance
outline client rights and responsibilities.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:
a range of common office equipment, technology, software and consumables.
Assessors must satisfy NVR/AQTF assessor requirements.
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, 1.6, 2.2-2.4 | Researches and analyses financial information and data from a range of sources to identify key aspects relevant to requirements |
Writing | 1.1, 1.3, 2.1, 3.1-3.4 | Prepares correspondence, plans and reports using logical structure and organisational formats appropriate for the purpose Uses clear language and concepts appropriate for the audience to convey and clarify explicit information and requirements |
Oral Communication | 1.1, 1.3, 1.4, 2.1, 3.1-3.4 | Participates in verbal exchanges using active listening and questioning techniques to elicit the views and opinions of others and to confirm understandings Uses appropriate formats, language, tone and pace when providing advice and conveying information to clients |
Numeracy | 1.1-1.3, 2.1-2.7, 3.1, 3.3, 3.4 | Performs mathematical calculations and uses mathematical problem-solving strategies to analyse trends and compare and benchmark financial information |
Navigate the world of work | 2.1-2.4, 3.1, 3.3 | Recognises and follows relevant legislative and regulatory requirements, and explicit and implicit protocols, policies and procedures, and meets expectations of clients and those associated with own role |
Interact with others | 1.1-1.6, 3.2-3.4 | Selects and uses appropriate conventions and protocols when communicating with clients, colleagues and others to seek or provide information |
Get the work done | 1.6, 1.7, 2.1-2.7, 3.1 | Plans, organises and implements tasks according to organisational and legislative requirements, taking responsibility for process, compliance and reporting needs Makes critical and non-critical decisions in relatively complex situations, taking relevant client and organisational requirements into consideration Recognises and responds to problems and improvement opportunities by systematically analysing relevant information, generating and evaluating options, and selecting the most appropriate option Uses digital technologies to access, extract and share relevant information to achieve required outcomes |
Sectors
Accounting