The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!
From the Wiki University
What evidence can you provide to prove your understanding of each of the following citeria?
Review trust account for compliance with trust account requirements
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Practice trust account requirements are clearly identified, accurately recorded and continuously updated in line with relevant legislation and regulations Completed |
Evidence:
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Policies and procedures for accurate trust account keeping are developed which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements Completed |
Evidence:
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Criteria for evaluating electronic and manual trust accounting systems are identified and applied to ensure compliance with all trust account requirements Completed |
Evidence:
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Establish and manage trust accounts
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Source documents for trust transactions are identified and accessed in line with legislative requirements Completed |
Evidence:
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Documentation of trust records and transactions are produced to give an accurate record of practice transactions on behalf of clients Completed |
Evidence:
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Transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements Completed |
Evidence:
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Entries and transactions are promptly and accurately recorded in line with relevant trust account requirements, and can be provided on demand Completed |
Evidence:
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Discrepancies in entries or documentation are promptly followed up to ensure clarification or resolution and are reported to relevant authorities where necessary Completed |
Evidence:
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Audit and security arrangements are checked to ensure they provide adequate protection for client confidentiality and client funds held in trust Completed |
Evidence:
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Manage and control trust accounts
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Disbursements to and from trust accounts are authorised and managed within agreed practice protocols and legislative requirements Completed |
Evidence:
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Appropriate arrangements are made with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements Completed |
Evidence:
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Practice trust administration policies and procedures are disseminated or made readily available to relevant staff in line with practice and legislative requirements Completed |
Evidence:
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Ongoing training of relevant practice staff is provided to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements Completed |
Evidence:
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Procedures for monitoring records and ensuring the security of trust account records are developed and implemented Completed |
Evidence:
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Monitor and review trust accounts
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Documentation and other reporting requirements are regularly reviewed for compliance with legislative requirements Completed |
Evidence:
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Trust account entries and transactions are regularly checked and monitored to ensure compliance with practice and legislative requirements Completed |
Evidence:
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Trust account transactions are monitored to ensure appropriate authorisation is obtained prior to any disbursements Completed |
Evidence:
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Authorise and verify trust accounts
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Periodic reconciliation is verified in compliance with legislative requirements Completed |
Evidence:
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Periodic financial reports are prepared and discussed with clients to ensure their continued accuracy Completed |
Evidence:
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Records are maintained to enable them to be conveniently and properly audited Completed |
Evidence:
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Legislative audit requirements are met Completed |
Evidence:
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