Course Title: Establish and manage a trust account

Part A: Course Overview

Program: C6141 Advanced Diploma of Legal Practice

Course Title: Establish and manage a trust account

Portfolio: BUS Portfolio Office

Nominal Hours: 60

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.


Course Code




Learning Mode

Teaching Period(s)


City Campus


650T Vocational Business Education

Face-to-Face or Internet

Term1 2017,
Term2 2017,
Term1 2018,
Term2 2018,
Term1 2019

Course Contact: Robert Sheen

Course Contact Phone: +61 3 9925 5759

Course Contact Email:

Course Description

This unit describes the performance outcomes, skills and knowledge required to establish, manage and administer a trust or controlled money account in a conveyancing practice.

It encompasses reviewing for compliance with trust accounts requirements, establishing and managing trust accounts, maintaining records of trust transactions, and monitoring and reviewing of trust accounts.

This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

Pre-requisite Courses and Assumed Knowledge and Capabilities


National Competency Codes and Titles

National Element Code & Title:

FNSCNV506A Establish and manage a trust account


1. Review trust account for compliance with trust account requirements

2. Establish and manage trust accounts

3. Manage and control trust accounts

4. Monitor and review trust accounts

5. Authorise and verify trust accounts

Learning Outcomes


Overview of Assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

In order to demonstrate competency in this unit, you must provide evidence of the ability to:

* comply with statutory and legislative requirements for the operation of trust accounts
* apply financial management and accounting principles and knowledge to trust accounts
* apply detailed knowledge of the policies and procedures of the practice
* demonstrate commitment to client service and maintenance of client security, privacy and confidentiality
* undertake high level critical analysis, monitoring and financial performance evaluation
* demonstrate high standards of professional and ethical behaviour in all actions.

Context for assessment

Assessment must ensure:

• competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a workplace or a closely simulated work environment
• access to and use of a range of common office equipment, technology, software and consumables
• suitable assessment records showing the establishment and management of a practice trust account. 

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.


Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed.

You should take note of all feedback received and use this information to improve your learning effectiveness and final performance in the course.

Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.