Unit of competency Outline
Date retreived
22/07/2026 2:54 PM AWST
22/07/2026 2:54 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Implement fund review practices
Implement fund review practices
Unit of competency
National Code
FNSSUP405A
FNSSUP405A
State Code
D4340
D4340
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
23/02/2012
Field of Education
081105 - Investment And Securities
Original Release Date
23/02/2012
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to conduct quality checks and fund reviews. It encompasses conducting data integrity checks, participating in fund review processes according to organisation guidelines and communicating review findings to a range of parties.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and 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
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.
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.
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.
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:
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 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
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT34 | FNSSUP408 | Participate in fund review practices | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D709 | FNS40911 | Certificate IV in Superannuation | Qualification |