NTISthis.com

Evidence Guide: FNSORG505 - 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

 

FNSORG505 - 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. Review information on statutory rules regularly and comprehensively to ensure all reporting requirements are planned for and met
  2. Review sources of data regularly for changes
  3. Use existing reports as guideline for content and format where available
Review information on statutory rules regularly and comprehensively to ensure all reporting requirements are planned for and met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review sources of data regularly for changes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use existing reports as guideline for content and format where available

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Plan for provision of reports

  1. Establish timelines to meet report deadlines and data requirements, and explicitly communicate them to internal users
  2. Establish realistic lead times that ensure adequate time is available for contingencies
Establish timelines to meet report deadlines and data requirements, and explicitly communicate them to internal users

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish realistic lead times that ensure adequate time is available for contingencies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse and consolidate reports

  1. Review reports to ensure accuracy with internal accounting records and completeness of data, and review and cross-reference reports against detailed statutory requirements
  2. Justify report results in required format where necessary
  3. Prepare comprehensive, accurate reports to deadlines with detailed and clear audit trail to enable comprehensive financial monitoring
Review reports to ensure accuracy with internal accounting records and completeness of data, and review and cross-reference reports against detailed statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Justify report results in required format where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare comprehensive, accurate reports to deadlines with detailed and clear audit trail to enable comprehensive financial monitoring

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Submit reports for authorisation

  1. Ensure all reports comply fully with auditor requirements
  2. Obtain all required sign-offs, approvals and authorisations from responsible parties
Ensure all reports comply fully with auditor requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain all required sign-offs, approvals and authorisations from responsible parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Distribute reports

  1. Distribute authorised reports to all parties in timely manner
  2. Obtain confirmation of receipt of reports to complete organisational record of compliance
Distribute authorised reports to all parties in timely manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain confirmation of receipt of reports to complete organisational record of compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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 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.

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.