BSBFNG407 — Oversee asset management in an Aboriginal and Torres Strait Islander organisation

1 Review required policies and procedures to manage Aboriginal and Torres Strait Islander organisation’s assets

• 1.1Identify organisation’s assets and their classification
• 1.2Review and analyse existing suitable policies and procedures relating to the purchase, use, storage, maintenance and disposal of those assets
• 1.3Confirm that policies and procedures comply with legal and contractual requirements and are being implemented in line with those requirements
• 1.4Communicate to board members any requirements in relation to creating or amending organisation’s asset management policies and procedures

2 Confirm that requirements for managing assets are implemented

• 2.1Confirm responsibility for establishing an asset register of organisation’s movable assets, and recording and storage of asset documents is delegated by the board to a relevant stakeholder
• 2.2Check that asset register has been established and required asset documents are stored securely and in line with policies and procedures

3 Confirm assets and records are maintained according to required procedures

• 3.1Receive and review reports on assets and confirm reports are up-to-date and complete
• 3.2Confirm appropriate procedures are in place and followed for asset repairs
• 3.3Confirm appropriate procedures are in place and followed to report and document asset damage, loss and theft
• 3.4Develop and implement an action plan to follow up asset management issues that arise
• 3.5Confirm asset records comply with funding providers’ requirements

4 Confirm insurance cover is in place

• 4.1Confirm required procedures are in place and followed to arrange and maintain insurance following asset acquisition
• 4.2Identify authorised signatories for claims for damage, loss and theft
• 4.3Confirm that process for submitting insurance claims is timely and includes required evidence of loss

5 Oversee annual internal audit of assets

• 5.1Confirm items recorded in asset register are checked annually
• 5.2Confirm asset register is updated with current information following the internal audit
• 5.3Investigate discrepancies found in the asset register
• 5.4Propose changes to policies and procedures where required

6 Oversee acquisition and disposal of assets

• 6.1Approve acquisitions and disposal of assets in line with existing plans and budgets and according to organisational policies and procedures
• 6.2Confirm that funding body requirements regarding asset acquisition and disposal are met

What does an assessment tool for BSBFNG407 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for BSBFNG407 needs to address all 39 unit components: 6 elements with 20 performance criteria, 4 performance evidence requirements, 8 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for BSBFNG407?

Auditori pulls the current release of BSBFNG407 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for BSBFNG407 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing BSBFNG407 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of BSBFNG407, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.