NZQA registered unit standard 4702 version 6 Page 1 of 3 Title Implement internal controls and conduct internal checks and audits in real estate firms Level 5 Purpose Credits 3 This unit standard is for people who intend to operate as branch managers or agents in the real estate industry. People credited with this unit standard are able to: – implement internal financial controls and conduct checks to safeguard cash and other assets of a real estate firm; and – confirm the validity and reliability of accounting data. Classification Real Estate > Real Estate Management Available grade Achieved Recommended skills and knowledge Unit 4699, Demonstrate knowledge of financial transactions and financial statements for real estate firms; and Unit 1853, Analyse and interpret financial statements; or demonstrate equivalent knowledge and skills. Explanatory notes 1 References Real Estate Agents Act 2008; Real Estate Agents (Audit) Regulations 2009; Financial Transactions Reporting Act 1996; and all subsequent amendments and replacements. 2 Definition Industry requirements mean all actions must comply with relevant professional body standards, legislation, codes of professional conduct and client care, and approved guides. Legislation is available from http://www.legislation.govt.nz and codes of professional conduct and client care, and approved guides are available from http://www.reaa.govt.nz. 3 Assessment This unit standard must be assessed on the basis of evidence of demonstrated performance in the workplace or in simulated work situations designed to draw upon similar performance to that required in the workplace. ElectroTechnology Industry Training Organisation SSB Code 100401 New Zealand Qualifications Authority 2016 NZQA registered unit standard 4702 version 6 Page 2 of 3 Outcomes and evidence requirements Outcome 1 Implement internal financial controls and conduct checks to safeguard cash and other assets of a real estate firm. Evidence requirements 1.1 Implementation of financial controls is consistent with industry requirements. 1.2 Checks conducted are consistent with industry requirements in terms of safeguarding cash and other assets. may include – monies receipted, cash accounts balanced daily, receipts issued by administration staff, daily banking, custody of cash, updating of accounts by different people. Range Outcome 2 Confirm the validity and reliability of accounting data. Evidence requirements 2.1 Verifications, cross checks, ratio analysis, percentage analysis and reconciliations are conducted on records involving cash, inventories, and other assets, and consistency with the Real Estate Agents (Audit) Regulations 2009 is confirmed in accordance with generally accepted accounting practices. Planned review date 31 December 2015 Status information and last date for assessment for superseded versions Process Version Date Last Date for Assessment Registration 1 27 July 1995 31 December 2013 Revision 2 13 November 1997 31 December 2013 Review 3 19 January 1999 31 December 2013 Review 4 18 December 2006 31 December 2013 Review 5 12 February 2010 31 December 2015 Rollover and Revision 6 16 August 2012 N/A Consent and Moderation Requirements (CMR) reference 0003 This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do. ElectroTechnology Industry Training Organisation SSB Code 100401 New Zealand Qualifications Authority 2016 NZQA registered unit standard 4702 version 6 Page 3 of 3 Please note Providers must be granted consent to assess against standards (accredited) by NZQA, before they can report credits from assessment against unit standards or deliver courses of study leading to that assessment. Industry Training Organisations must be granted consent to assess against standards by NZQA before they can register credits from assessment against unit standards. Providers and Industry Training Organisations, which have been granted consent and which are assessing against unit standards must engage with the moderation system that applies to those standards. Requirements for consent to assess and an outline of the moderation system that applies to this standard are outlined in the Consent and Moderation Requirements (CMR). The CMR also includes useful information about special requirements for organisations wishing to develop education and training programmes, such as minimum qualifications for tutors and assessors, and special resource requirements. Comments on this unit standard Please contact the ElectroTechnology Industry Training Organisation at reviewcomments@etito.co.nz if you wish to suggest changes to the content of this unit standard. ElectroTechnology Industry Training Organisation SSB Code 100401 New Zealand Qualifications Authority 2016