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Evidence Guide: RIIFIA401E - Manage financial records

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

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

 

RIIFIA401E - Manage financial records

What evidence can you provide to prove your understanding of each of the following citeria?

Prepare/receive invoices

  1. Obtain, interpret and confirm work requirements
  2. Access, interpret and apply documentation required to manage financial records
  3. Estimate all job components accurately
  4. Present financial data and record quotations
  5. Levy charges according to services, and render accounts to clients
  6. Promptly and accurately prepare invoices to help ensure desired cash flow
  7. Verify accounts received for accuracy and pay promptly
  8. Maintain financial controls and accountability according to workplace procedures
  9. Record all costs in writing promptly, legibly and accurately
Obtain, interpret and confirm work requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access, interpret and apply documentation required to manage financial records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Estimate all job components accurately

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present financial data and record quotations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Levy charges according to services, and render accounts to clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promptly and accurately prepare invoices to help ensure desired cash flow

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Verify accounts received for accuracy and pay promptly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain financial controls and accountability according to workplace procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record all costs in writing promptly, legibly and accurately

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports on variances from cost estimates

  1. Analyse cost records to detect variances/reasons for variances according to workplace procedures
  2. Compare final costing with original job tender
  3. Prepare reports in accordance with workplace procedures
Analyse cost records to detect variances/reasons for variances according to workplace procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare final costing with original job tender

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports in accordance with workplace procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor financial performance

  1. Determine and maintain strategies for managing budget against actual performance
  2. Determine and calculate cost to enterprise requirements according to workplace procedures
  3. Complete reporting and pricing records according to workplace procedures
  4. Produce financial reports in a clear and timely manner for distribution to relevant stakeholders
Determine and maintain strategies for managing budget against actual performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine and calculate cost to enterprise requirements according to workplace procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete reporting and pricing records according to workplace procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Produce financial reports in a clear and timely manner for distribution to relevant stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

manage financial records on at least two occasions, including:

identifying and accessing financial data

organising financial data to highlight relevant features

presenting financial data and record quotations in comprehensive format

liaising with suppliers and end users of purchases

preparing and processing invoices

analysing and assessing expenditure

calculating data and to reconcile figures

interpreting and balancing a budget

maintaining financial records

estimating and calculating time/costs for repairing, replacing and servicing site equipment

preparing a written financial report.

During the above, the candidate must:

locate and apply relevant legislation, documentation, policies and procedures and confirm that the work activity is compliant

implement the requirements, procedures and techniques for managing financial records

work effectively with others to manage financial records in a way that meets all required outcomes

communicate clearly and concisely with others to receive and clarify work instructions.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

key legislation required to manage financial records

key policies, procedures and documentation required to manage financial records, including:

codes of ethics and conduct

service delivery, quotation and payment policies and procedures

standard contracting arrangements

employing purchasing and procurement principles for:

accountability

probity and transparency

risk management

value for money

principles and techniques for:

complying with federal government taxes and charges

maintaining record keeping systems

following budgeting procedures

principles and techniques for identifying relevant hazards and emergencies

techniques for coordinating and communicating job activities with others.