Application
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.
Elements and Performance Criteria
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 Performance
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.
Evidence of Knowledge
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 Conditions
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.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1-1.3, 3.1, 4.1 | Accesses texts of relative complexity from a range of sources to determine content relevant to organisational requirements Reviews and checks data for accuracy and compliance |
Writing | 1.1, 2.1, 3.1, 3.2, 3.3, 4.1, 4.2, 5.2 | Uses appropriate specialised vocabulary and logical organisational structures to produce clear and detailed, accurate and compliant financial reports and justifications in required formats Prepares clear and concise texts to convey operational information and instructions to others |
Oral Communication | 1.1, 2.1 | Obtains information or elicits the opinion of others using listening and questioning techniques Uses clear and direct language to convey requirements and confirm actions |
Numeracy | 1.2, 1.3, 2.1, 2.2, 3.1-3.3, 4.1 | Analyses and interprets numerical data to prepare accurate financial documents Performs calculations necessary to check documents for accuracy and prepare accurate timelines |
Navigate the world of work | 1.1, 1.2, 3.1, 4.1 | Takes full responsibility for following policies, procedures and statutory reporting requirements Maintains knowledge required to carry out work role |
Interact with others | 1.1, 2.1, 4.2 | Selects and uses appropriate conventions and protocols to gain and provide information relevant to statutory requirement reporting |
Get the work done | 1.1-1.3, 2.1, 2.2, 3.1, 3.3, 4.1, 4.2, 5.1, 5.2 | Accepts responsibility for planning and sequencing complex tasks and workload Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks, store data and access information |
Sectors
Organisational skills