4953 version 4
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Develop and use internal financial controls and accounting checks for
telecommunications operations
Level
7
Credits
6
Purpose
This unit standard is for people who currently work, or intend to work, in jobs
at manager level developing and applying internal financial controls and
accounting checks.
People assessed as competent in this unit standard are able to devise and
implement financial and accounting systems and controls, including audits
and inspections, controlling debtors and/or creditors, cash flow monitoring,
payments and receipts, and reconciliations.
Subfield
Telecommunications
Domain
Telecommunications - Management and Operational
Support
Status
Registered
Status date
28 July 1995
Date version published
25 January 2008
Planned review date
31 December 2012
Entry information
ACA or equivalent; or demonstrate equivalent
knowledge and skills.
Accreditation
Evaluation of documentation and visit by NZQA, industry
and teaching professional in the same field from another
provider.
Standard setting body (SSB)
ElectroTechnology Industry Training Organisation
Accreditation and Moderation Action Plan (AMAP) reference
0003
This AMAP can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
 New Zealand Qualifications Authority 2016
4953 version 4
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Special notes
General Range
Financial and accounting systems: general and subsidiary ledgers, journals, billing
systems, stock control systems, security; electronic, paper-based;
External requirements and statutes: New Zealand Society of Accountants, Financial
Reporting Standards, New Zealand Generally Accepted Accounting Practice (plus General
Accepted Accounting Practice of countries holding ownership interest), Statement of
Standard Accounting Practice, Public Finance Act 1989, Financial Reporting Act 1993,
Companies Act 1993, Fair Trading Act 1986, Income Tax Act 2004;
Financial controls: audits, inspections, debtor and or creditor controls, cash flow
monitoring, payments and receipts, reconciliations;
audits and inspections: physical stock takes, inventory of assets, bank cash tally,
customer-debtor confirmation, billing system;
Reconciliations: creditors, debtors, bank, trial balance, fixed asset, payroll, petty cash,
foreign currency conversions, invoice and or credit notes, subsidiary and general ledgers.
Elements and performance criteria
Element 1
Develop internal financial controls and accounting checks.
Performance criteria
1.1
Financial controls and accounting checks are developed within agreed
timeframes and are accurate, complete, and comply with company policy and
procedures and external requirements and statutes.
1.2
Comprehensive, reliable audit and inspection procedures and controls are
developed and provide optimum protection to the company in areas of
preventable risk.
Range
1.3
areas of preventable risk – inherent risk (cash, transferable stocks,
bonds, portable components, raw materials, equipment), control
risk, detection risk;
controls – physical security, identification of authorised personnel,
stock records, petty cash and cash transaction management.
Areas of control risk are identified and procedures to audit authorisation controls
are agreed and implemented.
Range
control risk – authorisations, approvals, delegations,
documentation control;
authorisation controls – eg segregation of duties, sign-off
procedures.
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1.4
Areas of detection risk are identified and procedures to audit accounting
controls are agreed and implemented.
Range
detection risk – financial reports, ledgers, reconciliations,
accounting systems;
accounting controls – audit trail, financial reporting standards.
1.5
Training programmes to promote compliance with financial and accounting
controls are developed, and allocated responsibilities and costs of
implementation are agreed with budget managers.
1.6
Content of manuals which define financial controls and accounting checks is
valid, reliable, and current and is presented in a format accessible to users.
Range
1.7
layout, style, definitions, instructions, checklists, charts, diagrams.
Documentation of development of internal financial controls and accounting
checks is accurate and complete, and is filed in the correct place by the agreed
time.
Element 2
Use financial controls and accounting checks.
Performance criteria
2.1
System of financial controls and accounting checks meets requirements of
company audit and inspection procedures.
2.2
Monthly checklists of accounting records and subsidiary ledgers are monitored,
and reports on variances above agreed levels are received promptly by
accountable managers.
Range
2.3
Audits and inspections of all budget control points are completed at agreed
intervals and comply with agreed procedures.
Range
2.4
senior managers responsible for budget control points.
six-monthly, annually, random.
Reports on variances and discrepancies identified in audits and inspections are
received promptly by accountable managers.
Range
discrepancies – calculations, coding, data entry, tallies, signoffs,
confirmations.
2.5
Training programmes to promote compliance with financial controls and
accounting checks are provided and evaluated in agreed timeframes, and
improvements are incorporated in future modules.
2.6
Use of financial controls and accounting checks is reviewed at regular intervals,
and opportunities to enhance systems are identified and initiated promptly.
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4953 version 4
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Please note
Providers must be accredited by NZQA, or an inter-institutional body with delegated
authority for quality assurance, before they can report credits from assessment against
unit standards or deliver courses of study leading to that assessment.
Industry Training Organisations must be accredited by NZQA before they can register
credits from assessment against unit standards.
Accredited providers and Industry Training Organisations assessing against unit standards
must engage with the moderation system that applies to those standards.
Accreditation requirements and an outline of the moderation system that applies to this
standard are outlined in the Accreditation and Moderation Action Plan (AMAP). The
AMAP 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
reviewcomments@etito.co.nz if you wish to suggest changes to the content of this unit
standard.
 New Zealand Qualifications Authority 2016