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.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify statutory requirements for reports | 1.1 Review information on statutory rules regularly and comprehensively to ensure all reporting requirements are planned for and met 1.2 Review sources of data regularly for changes 1.3 Use existing reports as guideline for content and format where available |
2. Plan for provision of reports | 2.1 Establish timelines to meet report deadlines and data requirements, and explicitly communicate them to internal users 2.2 Establish realistic lead times that ensure adequate time is available for contingencies |
3. Analyse and consolidate reports | 3.1 Review reports to ensure accuracy with internal accounting records and completeness of data, and review and cross-reference reports against detailed statutory requirements 3.2 Justify report results in required format where necessary 3.3 Prepare comprehensive, accurate reports to deadlines with detailed and clear audit trail to enable comprehensive financial monitoring |
4. Submit reports for authorisation | 4.1 Ensure all reports comply fully with auditor requirements 4.2 Obtain all required sign-offs, approvals and authorisations from responsible parties |
5. Distribute reports | 5.1 Distribute authorised reports to all parties in timely manner 5.2 Obtain confirmation of receipt of reports to complete organisational record of compliance |
Evidence of the ability to:
identify, interpret and comply with statutory requirements and information
accurately analyse data and information for reports
prepare and consolidate well-written reports in required format.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
outline key information required, common financial report formats and typical quality indicators
explain financial services industry codes of practice
describe key requirements of organisational policy and procedures relevant to financial reporting
identify and describe key requirements of relevant legislation and regulations relevant to financial reporting.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:
common office equipment, technology, software and consumables
an integrated financial software system and data
relevant statutory documentation.
Assessors must satisfy NVR/AQTF assessor requirements.