NZQA Expiring unit standard
24760 version 2
Page 1 of 4
Title
Evaluate and authorise payment requests or financial transactions in
the financial services industry
Level
4
Credits
2
Purpose
People credited with this unit standard are able to, in the
financial services industry:
– verify validity and accuracy of payment requests or financial
transactions;
– prepare documentation for payments or financial
transactions; and
– authorise payments or financial transactions.
Classification
Financial Services > Financial Services - Administration
Available grade
Achieved
Explanatory notes
1
This unit standard has been based on the Australian unit of competency
FNSICACC401B, Evaluate and authorise payment requests available at
http://ntis.gov.au. This is supported and endorsed by the Australian standard setting
body Innovation and Business Services Australia and ETITO (ElectroTechnology
Industry Training Organisation).
2
Assessment against this unit standard may be on job, or off job in a simulated work
environment or a combination of these within the financial services industry context.
3
References
Consumer Guarantees Act 1993;
Credit Contracts and Consumer Finance Act 2003;
Fair Trading Act 1986;
Financial Reporting Act 1993;
Financial Transactions Reporting Act 1996;
Income Tax Act 2007;
Insurance Companies' Deposits Act 1953;
Insurance Intermediaries Act 1994;
Insurance Law Reform Act 1977;
Insurance Law Reform Act 1985;
KiwiSaver Act 2006;
Life Insurance Act 1908;
NZ IFRS (New Zealand equivalent to International Financial Reporting Standards)
available from http://www.nzica.com;
Privacy Act 1993;
Securities Act 1978;
Securities Markets Act 1988;
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24760 version 2
Page 2 of 4
Securities Markets Amendment Act 2006;
Trustee Act 1956;
Trustee Amendment Act 1988;
industry codes of practice;
and all subsequent amendments and replacements.
4
All activities must comply with any policies, procedures, and requirements of the
organisations involved; the standards of relevant professional bodies including codes
of ethics; and any relevant legislative and/or regulatory requirements.
Outcomes and evidence requirements
Outcome 1
Verify validity and accuracy of payment requests or financial transactions in the financial
services industry.
Evidence requirements
1.1
Payment requests or financial transactions are matched to order or other
supporting documentation, to ensure validity of payment or transaction and to
comply with organisational internal control requirements.
Range
1.2
may include but is not limited to – claims, commissions, return of
premium and reinsurance premium, management expenses,
periodic payments, sundry expenses.
Supporting documentation is analysed and evaluated to ensure it is correct and
complete.
Range
may include but is not limited to – invoice, cheque requisitions,
application forms, payment authorities, commission statements.
1.3
Authorisation of request or transaction is confirmed in accordance with
organisational policy and procedures.
1.4
Knowledge of process for resolving discrepancies without delay is
demonstrated in accordance with organisational policy and procedures.
1.5
Confirmation of goods and/or services supply is obtained where required to
validate request for payment in accordance with organisational policy and
procedures.
Outcome 2
Prepare documentation for payments or financial transactions in the financial services
industry.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24760 version 2
Page 3 of 4
Evidence requirements
2.1
All payments or financial transactions are coded and allocated to accounts
accurately.
may include but is not limited to – company or system chart of
accounts, cost centres, product or service allocation.
Range
2.2
All payments or financial transactions are matched against invoice or other
relevant documentation in accordance with organisational policy and
procedures.
2.3
All documentation is completed in accordance with organisational policy and
procedures.
Range
operations manuals, internal control guidelines, computer system
documentation.
Outcome 3
Authorise payments or financial transactions in the financial services industry.
Evidence requirements
3.1
All payments or financial transactions are authorised accurately and according
to organisational policy and procedures.
3.2
Funds are not released prior to authorisation of payment or financial
transactions in accordance with organisational procedures.
3.3
Authorisations are within relevant authority levels and follow relevant
organisational policy and procedures, and industry and legislative requirements.
This unit standard is expiring. Assessment against the standard must take place by
the last date for assessment set out below.
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
20 June 2008
31 December 2017
Review
2
18 June 2014
31 December 2017
Consent and Moderation Requirements (CMR) reference
0003
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24760 version 2
Page 4 of 4
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.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016