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Evidence Guide: FNSICORG516B - Prepare financial reports to meet statutory requirements

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSICORG516B - Prepare financial reports to meet statutory requirements

What evidence can you provide to prove your understanding of each of the following citeria?

Identify statutory requirements for reports

  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
  2. Sources of data are constantly reviewed to remain aware of changes and amendments
  3. Existing reports are used as a guideline for content and format where available
Information on statutory rules are regularly and comprehensively reviewed to ensure all requirements for reporting are planned for and met in the required manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Plan for provision of reports

  1. Timelines are established in order to meet report deadlines
  2. Communication of data requirements to internal users is unambiguous and timely
  3. Lead times are set that ensure adequate time is available and allowance is made for contingencies
Timelines are established in order to meet report deadlines

Completed
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Communication of data requirements to internal users is unambiguous and timely

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse and consolidate reports

  1. Reports are reviewed to ensure accuracy with internal accounting records and completeness of data
  2. Reports are reviewed and cross-referenced against detailed statutory requirements
  3. Explanation of report results is justified where necessary in required format
  4. Reports are prepared in an accurate, timely and thorough manner
  5. Reports are prepared with a detailed and clear audit trail to ensure comprehensive financial monitoring may be carried out
Reports are reviewed to ensure accuracy with internal accounting records and completeness of data

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reports are reviewed and cross-referenced against detailed statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explanation of report results is justified where necessary in required format

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reports are prepared in an accurate, timely and thorough manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reports are prepared with a detailed and clear audit trail to ensure comprehensive financial monitoring may be carried out

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Submit reports for authorisation

  1. All reports comply fully with auditor requirements
  2. All required sign-offs/approvals and authorisations are obtained from responsible parties
All reports comply fully with auditor requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

All required sign-offs/approvals and authorisations are obtained from responsible parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Distribute reports

  1. Reports are distributed to all parties in a timely manner
  2. Confirmation of receipt of reports is obtained in order to complete company record of compliance
Reports are distributed to all parties in a timely manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirmation of receipt of reports is obtained in order to complete company record of compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of statutory requirements and information

ability to identify statutory requirements for reports

ability to plan for provisions of reports

ability to analyse and consolidate reports

ability to submit reports for authorisation

ability to distribute reports

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment

Required Skills and Knowledge

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

company policy and procedures

knowledge or awareness of relevant acts and regulations

legal systems and procedures

industry codes of practice

computer systems

procedure writing

Skills requirements include:

computerised spreadsheet and database

data analysis and interpretation

evaluative and general analytical

negotiation and interpersonal skills

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Information on statutory requirements may include:

financial consultants

company secretariat

Australian Securities and Investments Commission (ASIC)

professional journals

company legal counsel

external auditors

industry associations

media

actuaries

Sources of data input include:

general ledger balances

lease details

related party transactions

directors fees

shareholders names

claims data

Contingencies may include plans for:

non-compliance with timetable

omissions and errors

computer error

data late or not available in required format from source

Internal accounting records include:

detailed working papers

Approvals/authorisations may be provided by:

auditors

actuaries

company directors

chief accountant

Distribution may be to both internal and external parties such as:

ASIC

auditors

banks

stock exchange

taxation department

Australian Bureau of Statistics (ABS)

Stamp Duties Office

shareholders

company staff and directors

brokers

WorkCover authorities