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Evidence Guide: FNSORG508A - Analyse and comment on management reports

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

 

FNSORG508A - Analyse and comment on management reports

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

Establish items that require analysis

  1. Content of reports is reviewed to identify abnormal or unusual items, exceptions and variations for comment
Content of reports is reviewed to identify abnormal or unusual items, exceptions and variations for comment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse components identified

  1. Actual results are compared to forecast or expected outcomes to identify items requiring further examination
  2. All information is obtained on identified items to allow a report to be prepared
Actual results are compared to forecast or expected outcomes to identify items requiring further examination

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

All information is obtained on identified items to allow a report to be prepared

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report on findings

  1. Outcomes, results and variances are fully explained to satisfy management questions
  2. Recommendations on action required are made and documented in accordance with company requirements
  3. Outstanding matters are recorded to enable follow-up action to be instituted
Outcomes, results and variances are fully explained to satisfy management questions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommendations on action required are made and documented in accordance with company requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outstanding matters are recorded to enable follow-up action to be instituted

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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:

establish business items that require analysis

analyse components within reports and evaluate for comment and correction where necessary.

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 organisational policies and procedures 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

Required Skills and Knowledge

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

well-developed 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, including procedure manuals

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 management reporting systems, best practice and procedures

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

organisation policy and procedures

relevant acts, regulations and compliance requirements

financial industry codes of practice

common business objectives and expected outcomes

legal systems and procedures impacting on the financial services industry

Range Statement

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.

Expected outcomes may include:

predicted outcomes

planned movements in results.