Application
This unit describes the skills and knowledge required to conduct quality checks and reviews of superannuation funds. It involves conducting data integrity checks, participating in fund review processes according to organisational policies and procedures, and communicating review findings to a range of parties.
The unit applies to those who use specialised knowledge and systematic approaches to ensure integrity of data and information and meet organisational quality assurance requirements.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Elements and Performance Criteria
1. Conduct data integrity checks | 1.1 Identify data requirements, data input systems and database 1.2 Collect and verify data according to relevant regulations and organisational policies and procedures 1.3 Check data input for completeness and correctness 1.4 Sample member statements and records for correctness 1.5 Review systems and database programs for efficiency and accuracy |
2. Undertake fund review activities | 2.1 Reconcile fund records according to organisational policies and procedures 2.2 Prepare fund financial statements according to organisational policies and procedures 2.3 Review and update member records and calculate benefits according to organisational policies and procedures |
3. Finalise fund review | 3.1 Prepare review information and provide to required personnel according to organisational policies and procedures 3.2 Discuss review findings with relevant stakeholders according to organisational procedures 3.3 Integrate feedback from discussions and distribute review information or report to required stakeholders according to organisational policies and procedures |
Evidence of Performance
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
participate in the review of at least one superannuation fund, and:
conduct required data integrity checks
prepare information or report for key stakeholders in that review.
Evidence of Knowledge
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
legislative requirements relating to superannuation funds, including:
auditing requirements of superannuation legislation
laws relating to data protection
key obligations set out in privacy legislation in relation to this work
organisational policies, procedures, objectives and guidelines relating to fund review practices and quality checks
purpose, process and documentation requirements for annual review of fund records and other data
details of fund records, including:
financial statements, including categories listed in chart of accounts
member records
reporting alternatives for defined benefit funds and accumulation funds
capital gains taxation requirements
information requirements for financial statements from members, employers, trustees, fund administrators, trade unions, investors and taxpayers.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
organisational equipment, technology, software and consumables
fund and member records required to conduct superannuation fund reviews
organisational policies and procedures.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Foundation Skills
Numeracy | Performs calculations and uses a range of mathematical problem-solving techniques to complete task requirements |
Oral communication | Uses active listening and questioning techniques to explain and convey complex information to a range of people |
Reading | Uses high level analytical skills to evaluate and thoroughly check system information and data for accuracy, completeness and authenticity against specified criteria and requirements |
Writing | Prepares documentation using language, concepts and terminology appropriate to audience and purpose |
Planning and organising | Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficient and effective outcomes Applies systematic and analytical decision-making processes for complex and non-routine situations |
Problem solving | Accepts responsibility for addressing less predictable problems and initiates standard procedures in response, applying problem-solving processes in determining a solution |
Self-management | Identifies and acts on issues that contravene relevant policies, procedures and legal requirements |
Teamwork | Selects and uses appropriate conventions and protocols when communicating with clients and colleagues in a range of contexts |
Technology | Uses digitally based technologies to enter, access, check or update information to achieve required outcomes |
Sectors
Superannuation