Assessor Resource

FNSORG505A
Prepare financial reports to meet statutory requirements

Assessment tool

Version 1.0
Issue Date: May 2024


This unit may apply to financial reporting job roles across the financial services sector.

This unit describes the performance outcomes, skills and knowledge required to identifying statutory reporting requirements, planning, developing and submitting reports for authorisation before distribution.

This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

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

Employability Skills

This unit contains employability skills.



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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

identify, interpret and comply with statutory requirements and information

accurately analyse and consolidate well written reports in required format.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to an integrated financial software system and data

access to relevant statutory documentation.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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 skills

well-developed communication skills to:

determine and confirm reporting requirements, using questioning and active listening as required

negotiate timelines and responsibilities

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for accessing, analysing and managing financial services information and analysing data

well-developed literacy skills for preparing clear written reports for organisations and business units in required formats

numeracy skills for financial calculations and analysis, estimating and forecasting

IT skills for using integrated financial systems and using spreadsheets and databases and internet information

learning skills to maintain knowledge of statutory reporting requirements and procedures

well-developed problem solving skills to identify any reporting issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work and correctly schedule reporting

Required knowledge

financial report formats and quality indicators

industry codes of practice

organisation policy and procedures

relevant acts and regulations

relevant legal systems and procedures impacting on the financial services industry

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included.

Information on statutory requirements may include:

actuaries

Australian Securities and Investments Commission (ASIC)

external auditors

financial consultants

industry associations

media

organisation legal counsel

organisation secretariat

professional journals.

Sources of data input include:

claims data

directors fees

general ledger balances

lease details

related party transactions

shareholders names.

Contingencies may include plans for:

computer error

data late or not available in required format from source

non-compliance with timetable

omissions and errors.

Approvals and authorisations may be provided by:

actuaries

auditors

chief accountant

organisation directors.

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

ASIC

auditors

Australian Bureau of Statistics (ABS)

Australian Securities Exchange (ASX)

banks

brokers

organisation staff and directors

shareholders

Stamp Duties Office

Australian Taxation Office

WorkCover or similar 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 and data requirements communicated to internal users unambiguously 
Lead times are set that ensure adequate time is available and allowance made for contingencies 
Reports are reviewed to ensure accuracy with internal accounting records and completeness of data and reviewed and cross-referenced against detailed statutory requirements 
Explanation of report results is justified where necessary in the required format 
Reports are prepared in an accurate, timely and thorough manner and with a detailed and clear audit trail to ensure comprehensive financial monitoring can be carried out 
All reports comply fully with auditor requirements 
All required sign-offs, approvals and authorisations are obtained from responsible parties 
Authorised reports are distributed to all parties in a timely manner 
Confirmation of receipt of reports is obtained in order to complete organisation record of compliance 

Forms

Assessment Cover Sheet

FNSORG505A - 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

FNSORG505A - 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: