This unit can be applied to those job roles where quality assurance is an aspect of the job function.

ELEMENT

PERFORMANCE CRITERIA

1. Conduct data integrity checks

1.1. Data input is checked regularly for completeness and correctness

1.2. Systems and database programs are reviewed for efficiency and accuracy

1.3. Member statements and records are sampled for correctness

2. Participate in fund review processes according to organisation guidelines

2.1. Data is collected and verified according to organisation guidelines

2.2. Fund records are reconciled according to organisation guidelines

2.3. Fund financial statements are prepared and audited according to organisation guidelines

2.4. Member records are reviewed, updated and benefits calculated according to organisation guidelines

2.5. Review findings are provided to members/trustees/ actuary/auditor/insurer as required according to organisation guidelines

3. Communicate review findings

3.1. Reports are provided to trustee, insurers and to actuaries when required

3.2. Reports are provided for annual report

3.3. Member statements are prepared for distribution

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 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

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.

Unit sector

Superannuation

This unit contains employability skills.