NOS for Accountancy and Finance Amended V2

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National Occupational Standards for Accountancy and FinanceJanuary/February 2012 These National Occupational Standards (NOS) aim to define the competencies required to carry out the functions used in Accounting and Finance. Please note that they do not describe individual job roles, which may embody a number of functions nor do they define qualifications. They are intended as a high-level strategic overview of the competencies required to fulfil tasks effectively within industry.

This document currently contains updated NOS units covering Accounting and Payroll Administration. It is intended that NOS units covering other areas within Accountancy and Finance will be added in due course, as and when they are updated, thereby consolidating all of the NOS units in this area into a single point of reference. NOS units for Credit Management and Internal Audit are currently under review and will be added here shortly. Other units are expected to follow subsequently.

Copyright 2009 Financial Services Skills Council. All rights reserved.

ContentsContents ............................................................................................................................................................................................................................................. 1 Accountancy and Finance Units ............................................................................................................................................................................................................. 3National Occupational Standards for Accountancy and Finance Page 1

Imported Units .................................................................................................................................................................................................................................. 47 Signposted Units ................................................................................................................................................................................................................................ 48

National Occupational Standards for Accountancy and Finance

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Accountancy and Finance UnitsThe following pages present the core units that form the Accountancy and Finance NOS. Additional supporting units, drawn from other NOS suites and detailing more general skills that are not specific to Accountancy and Finance, are signposted at the end of this document. For convenience, the core units have been grouped into the following categories.

Professional Standards PS-1 Work Effectively In Accountancy and Finance ........................... 4 PS-2 Professional Ethics in Accountancy and Finance ........................ 6 Treasury Management* TM-1 Administer Cash Balances ..................................................... 32 TM-2 Grant and Control Credit ...................................................... 33 Financial Accounting FA-1 Process Income...................................................................... 8 FA-2 Process Expenditure ............................................................. 11 FA-3 Account for Income and Expenditure ..................................... 14 FA-4 Prepare Accounts ................................................................. 16 FA-5 Draft Financial Statements .................................................... 18 Audit* A-1 Implement External Audit Procedures ....................................... 35 Financial Systems FS-1 Review Accounting Systems ................................................... 34

Management Accounting MA-1 Provide Cost And Revenue Information ................................. 19 MA-2 Provide Management Information ......................................... 21 MA-3 Draft Budgets...................................................................... 23 MA-4 Monitor Financial Performance .............................................. 25

Payroll P-1 Create and Maintain Employee Records .................................... 37 P-2 Calculate Pay.......................................................................... 39 P-3 Determine Entitlements and Deductions .................................... 41 P-4 Control Payroll ........................................................................ 43 P-5 Complete End-of-Period Procedures .......................................... 45

Tax T-1 Calculate Personal Tax ........................................................... 27 T-2 Calculate Business Tax ........................................................... 29 T-3 Report VAT............................................................................ 31

P-6 Process Expenses and Benefits in Kind ...................................... 46

*Please note: there are separate suites of NOS for Credit Management and Internal Audit, which are currently under review.

National Occupational Standards for Accountancy and Finance

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PS-1 Work Effectively In Accountancy and FinanceOverviewThis unit is about the core competence that everyone working in accounting needs, regardless of their role or function. It involves: Understanding the purpose of accountancy and the environment in which it operates; Organising your time and workload; Working with colleagues; Communicating with others; Using computers, electronic, vitual and automated systems as appropriate; Displaying commercial awareness and acumen; Keeping documents safe. 7. You will need to be familiar with software tools in the following categories: Spreadsheets; Word processing; Software specific to your role or function (e.g. accounts packages or payroll systems). 9. 8. 6.

PerformanceYou must be able to: 1. 2. 3. Manage your workload effectively; Produce work to the required standard within the required timescales; Communicate with others in a way that is clear, diplomatic, objective and sensitive to their needs and feelings; Interact with clients on a face-to-face basis where appropriate to understands their needs; Understand the needs of your customers and work with them to promote their trust and deliver effective solutions; Find workable solutions for any conflicts or dissatisfaction which reduce personal or team effectiveness; Follow organisational procedures if there are difficulties in working relationships that are beyond your authority or ability to resolve, and promptly refer them to the appropriate person; Identify your own development needs and objectives by taking into consideration your current work activities and your career goals; Monitor developments relating to your job role;

Knowledge and UnderstandingYou must know and understand: The Business Environment 1. 2. 3. 4. Basic numeracy and literacy; The role of accountancy and other financial functions within business; The impact of your work on others; The contribution of those in accounting and other financial roles to maintaining the smooth running, solvency and legal compliance of an organisation; Relevant security and legal regulations relating to data protection, retention of documents and compliance and to business practice; How to plan your work to meet deadlines; Who needs to be informed if you anticipate any difficulties in carrying out your work; How to encourage, receive and give frank and constructive feedback, whether negative or positive; How to verbally communicate problems, issues, ideas or requirements to others;

4. 5.

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6. 7. 8. 9.

10. Ways of presenting written, numerical or diagrammatic information; 11. The importance of continuing professional development and lifelong learning; 12. Ways of identifying and satisfying your own learning and development needs; 13. Safe and healthy use of computer equipment, including seating, posture and screen-breaks.

10. Maintain and develop your own specialist knowledge relevant to your own working environment; 11. Act in compliance with relevant legislation, including equalities legislation; 12. Regularly review your own performance and progress in relation to your learning and development; 13. Present information in appropriate formats, using thePage 4

HOWEVER, YOU ALSO NEED TO BE AWARE THAT: BEING ABLE TO USE ACCOUNTING SOFTWARE IS NOT A SUBSTITUTE

National Occupational Standards for Accountancy and Finance

FOR UNDERSTANDING THE BASIC UNDERLYING PRINCIPLES OF ACCOUNTANCY.

relevant house style and template and in the manner that is most environmentally sustainable ; 14. Use spreadsheets or other accounting systems or software;

Unit continues on next page

PS-1 Work Effectively In Accountancy and Finance continuedOverview Performance15. Ensure your work area, including desk, chair and computer, is set up in a way that is comfortable, safe and healthy to use, and resolve or report any problems; 16. Maintain security and confidentiality of data at all times, applying passwords where required, keeping passwords safe and changing them at appropriate times;National Occupational Standards for Accountancy and Finance Page 5

Knowledge and UnderstandingThe Organisation 14. Who is your supervisor, line manager or other authority to whom you are answerable; 15. Any organisational policies and procedures that affect your work or within which you must operate; 16. Different company structures and the impact they can have on tax and accounting practice; 17. The house style and templates for business reports and

17. Make backup copies of your work at appropriate intervals; 18. Safely and securely store documents and back-up copies using appropriate naming and filing conventions. 19. Implement and maintain a system for monitoring data accuracy. 20. Ability to question accuracy of data.

other communications, and why these are important; 18. The naming conventions and filing proced