Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSSUP405A Mapping and Delivery Guide
Implement fund review practices

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSUP405A - Implement fund review practices
Description This unit describes the performance outcomes, skills and knowledge required to conduct quality checks and fund reviews. It encompasses conducting data integrity checks, participating in fund review processes according to organisation guidelines and communicating review findings to a range of parties.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit can be applied to those job roles where quality assurance is an aspect of the job function.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Conduct data integrity checks
  • Data input is checked regularly for completeness and correctness
  • Systems and database programs are reviewed for efficiency and accuracy
  • Member statements and records are sampled for correctness
       
Element: Participate in fund review processes according to organisation guidelines
  • Data is collected and verified according to organisation guidelines
  • Fund records are reconciled according to organisation guidelines
  • Fund financial statements are prepared and audited according to organisation guidelines
  • Member records are reviewed, updated and benefits calculated according to organisation guidelines
  • Review findings are provided to members/trustees/ actuary/auditor/insurer as required according to organisation guidelines
       
Element: Communicate review findings
  • Reports are provided to trustee, insurers and to actuaries when required
  • Reports are provided for annual report
  • Member statements are prepared for distribution
       


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:

conduct data integrity checks

participate in fund review processes according to organisation guidelines and conduct annual fund review

identify and conduct quality assurance work practices

maintain up-to-date knowledge of fund review practices.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the 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 organisation financial records

access to organisation policies and procedures.

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

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace business simulations or scenarios.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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

communication skills to:

liaise with others, share information, confirm work requirements, using questioning and active listening as required

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to fund reviews

access and update account records electronically

use internet information

literacy skills to read and interpret documentation from a variety of sources and record and consolidate related information

data analysis and interpretation skills to:

assess validity and usefulness of information

conduct data integrity checks

interpersonal skills to relate effectively within a team environment

organisation skills, including the ability to plan and sequence work

high level analytical skills to review fund operations

learning skills to maintain knowledge of changes to products and relevant legislation

judgement skills for forming recommendations in operational situations

management skills for working effectively in a constantly changing environment

Required knowledge

organisation policies, objectives and guidelines

purpose, process and documentation requirements for annual review

definitions of categories listed in the chart of accounts

features and requirements of Australian Accounting Standard AAS 25

reporting alternatives for defined benefit funds and accumulation funds

capital gains taxation requirements

features and auditing requirements of the Superannuation Industry (Supervision) (SIS) Act

information requirements for financial statements from members, employers, trustees, fund administrators, trade unions, investors, taxpayers

methodology for determining asset value and unit pricing

Privacy Act obligations

fraud deterrence practices

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.

Organisation guidelines may include:

annual review procedures

best practice standards

codes of practice

documentation and filing procedures

internal communications

legislative requirements

regulatory requirements

system/computer procedures.

Reports provided to Trustees may include:

a reconciliation of contributions

audited accounts for the previous review period

members' movement details (new members/member withdrawals)

outstanding contributions

report on the operation of the fund

summary of member benefits, contributions and insurance details.

Reports provided to insurers may include:

any outstanding medical evidence

members' name, age, sex and salary details

summary of members' insured death and disablement benefits.

Reports provided to actuaries may include:

a copy of previous actuarial reports

copies of all relevant correspondence

copy of fund's financial statements

details of all investments

details of all members who belong to the fund

the trust deed and all amendments to the deed.

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
Data input is checked regularly for completeness and correctness 
Systems and database programs are reviewed for efficiency and accuracy 
Member statements and records are sampled for correctness 
Data is collected and verified according to organisation guidelines 
Fund records are reconciled according to organisation guidelines 
Fund financial statements are prepared and audited according to organisation guidelines 
Member records are reviewed, updated and benefits calculated according to organisation guidelines 
Review findings are provided to members/trustees/ actuary/auditor/insurer as required according to organisation guidelines 
Reports are provided to trustee, insurers and to actuaries when required 
Reports are provided for annual report 
Member statements are prepared for distribution 

Forms

Assessment Cover Sheet

FNSSUP405A - Implement fund review practices
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

FNSSUP405A - Implement fund review practices

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: