NZQA registered unit standard 4702 version 6 Page 1 of 3

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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
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