NZQA Expiring unit standard / 4702 version 8
Page 1 of 3
Title / Implement internal controls and conduct internal checks and audits in real estate firms
Level / 5 / Credits / 3
Purpose / 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
Prerequisites / 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.

Guidance Information

1References

Real Estate Agents Act 2008;

Real Estate Agents (Audit) Regulations 2009;

Financial Transactions Reporting Act 1996;

and all subsequent amendments and replacements.

2Definition

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 and codes of professional conduct and client care, and approved guides are available from

3Assessment

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.

Outcomes and performance criteria

Outcome 1

Implement internal financial controls and conduct checks to safeguard cash and other assets of a real estate firm.

Performance criteria

1.1Implementation of financial controls is consistent with industry requirements.

1.2Checks conducted are consistent with industry requirements in terms of safeguarding cash and other assets.

Rangemay include – monies receipted, cash accounts balanced daily, receipts issued by administration staff, daily banking, custody of cash, updating of accounts by different people.

Outcome 2

Confirm the validity and reliability of accounting data.

Performance criteria

2.1Verifications, 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.

Replacement information / This unit standard and unit standards 4696, 4698 and 4699 were replaced by unit standard 30494.

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 / 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 / 31 December 2020
Review / 7 / 26 October 2017 / 31 December 2020
Rollover / 8 / 1 November 2018 / 31 December 2020
Consent and Moderation Requirements (CMR) reference / 0003

This CMR can be accessed at

The Skills Organisation
SSB Code 100401 / New Zealand Qualifications Authority 2018 / / New Zealand Qualifications Aut