Assessor Resource

FNSICORG516B
Prepare financial reports to meet statutory requirements

Assessment tool

Version 1.0
Issue Date: April 2024


This unit requires the application of skills and knowledge required to prepare financial reports to meet statutory requirements. This unit encompasses identifying statutory requirements for the report, planning for provisions for the report, submitting the report for authorisation and distributing the report.

This unit has application across the financial services sector and can be applied to any work position that has the responsibility of preparing reports to meet statutory reporting requirements.

This unit requires the application of skills and knowledge required to prepare financial reports to meet statutory requirements. This unit encompasses identifying statutory requirements for the report, planning for provisions for the report, submitting the report for authorisation and distributing the report.

This unit has application across the financial services sector and can be applied to any work position that has the responsibility of preparing reports to meet statutory reporting requirements.

This unit describes the functions involved in preparing financial reports to meet statutory requirements.

This unit describes the functions involved in preparing financial reports to meet statutory requirements.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Prerequisites

Not applicable.

Employability Skills

The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.

The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of statutory requirements and information

ability to identify statutory requirements for reports

ability to plan for provisions of reports

ability to analyse and consolidate reports

ability to submit reports for authorisation

ability to distribute reports

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

company policy and procedures

knowledge or awareness of relevant acts and regulations

legal systems and procedures

industry codes of practice

computer systems

procedure writing

Skills requirements include:

computerised spreadsheet and database

data analysis and interpretation

evaluative and general analytical

negotiation and interpersonal skills

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Information on statutory requirements may include:

financial consultants

company secretariat

Australian Securities and Investments Commission (ASIC)

professional journals

company legal counsel

external auditors

industry associations

media

actuaries

Sources of data input include:

general ledger balances

lease details

related party transactions

directors fees

shareholders names

claims data

Contingencies may include plans for:

non-compliance with timetable

omissions and errors

computer error

data late or not available in required format from source

Internal accounting records include:

detailed working papers

Approvals/authorisations may be provided by:

auditors

actuaries

company directors

chief accountant

Distribution may be to both internal and external parties such as:

ASIC

auditors

banks

stock exchange

taxation department

Australian Bureau of Statistics (ABS)

Stamp Duties Office

shareholders

company staff and directors

brokers

WorkCover authorities

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Information on statutory rules are regularly and comprehensively reviewed to ensure all requirements for reporting are planned for and met in the required manner 
Sources of data are constantly reviewed to remain aware of changes and amendments 
Existing reports are used as a guideline for content and format where available 
Timelines are established in order to meet report deadlines 
Communication of data requirements to internal users is unambiguous and timely 
Lead times are set that ensure adequate time is available and allowance is made for contingencies 
Reports are reviewed to ensure accuracy with internal accounting records and completeness of data 
Reports are reviewed and cross-referenced against detailed statutory requirements 
Explanation of report results is justified where necessary in required format 
Reports are prepared in an accurate, timely and thorough manner 
Reports are prepared with a detailed and clear audit trail to ensure comprehensive financial monitoring may be carried out 
All reports comply fully with auditor requirements 
All required sign-offs/approvals and authorisations are obtained from responsible parties 
Reports are distributed to all parties in a timely manner 
Confirmation of receipt of reports is obtained in order to complete company record of compliance 

Forms

Assessment Cover Sheet

FNSICORG516B - Prepare financial reports to meet statutory requirements
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSICORG516B - Prepare financial reports to meet statutory requirements

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: