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

ELEMENT

PERFORMANCE CRITERIA

1. Identify statutory requirements for reports

1.1. Information on statutory rules are regularly and comprehensively reviewed to ensure all requirements for reporting are planned for and met in the required manner

1.2. Sources of data are constantly reviewed to remain aware of changes and amendments

1.3. Existing reports are used as a guideline for content and format where available

2. Plan for provision of reports

2.1. Timelines are established in order to meet report deadlines and data requirements communicated to internal users unambiguously

2.2. Lead times are set that ensure adequate time is available and allowance made for contingencies

3. Analyse and consolidate reports

3.1. Reports are reviewed to ensure accuracy with internal accounting records and completeness of data and reviewed and cross-referenced against detailed statutory requirements

3.2. Explanation of report results is justified where necessary in the required format

3.3. 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

4. Submit reports for authorisation

4.1. All reports comply fully with auditor requirements

4.2. All required sign-offs, approvals and authorisations are obtained from responsible parties

5. Distribute reports

5.1. Authorised reports are distributed to all parties in a timely manner

5.2. Confirmation of receipt of reports is obtained in order to complete organisation record of compliance

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 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

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.

Unit sector

Organisational skills

This unit contains employability skills.