Assessor Resource

FNSORG505
Prepare financial reports to meet statutory requirements

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to identify statutory reporting requirements, and plan, develop and submit reports for authorisation before distribution.

It applies to individuals who use a range of organisational techniques to manage their work and that of others.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

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



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.

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.


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.

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.

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
Review information on statutory rules regularly and comprehensively to ensure all reporting requirements are planned for and met 
Review sources of data regularly for changes 
Use existing reports as guideline for content and format where available 
Establish timelines to meet report deadlines and data requirements, and explicitly communicate them to internal users 
Establish realistic lead times that ensure adequate time is available for contingencies 
Review reports to ensure accuracy with internal accounting records and completeness of data, and review and cross-reference reports against detailed statutory requirements 
Justify report results in required format where necessary 
Prepare comprehensive, accurate reports to deadlines with detailed and clear audit trail to enable comprehensive financial monitoring 
Ensure all reports comply fully with auditor requirements 
Obtain all required sign-offs, approvals and authorisations from responsible parties 
Distribute authorised reports to all parties in timely manner 
Obtain confirmation of receipt of reports to complete organisational record of compliance 

Forms

Assessment Cover Sheet

FNSORG505 - 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

FNSORG505 - 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: