Unit of competency Outline

Date retreived
23/07/2026 12:11 AM 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.

Prepare financial reports to meet statutory requirements

Prepare financial reports to meet statutory requirements

Unit of competency
National Code
FNSORG505A
State Code
D4266
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
081101 - Banking And Finance
Original Release Date
31/07/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to identifying statutory reporting requirements, planning, developing and submitting reports for authorisation before distribution.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Identify statutory requirements for reports
  • 1.1. Information on statutory rules are regularly and comprehensively reviewed to ensure all requirements for reporting are planned for and met in the required manner
  • 1.2. Sources of data are constantly reviewed to remain aware of changes and amendments
  • 1.3. Existing reports are used as a guideline for content and format where available
2. Plan for provision of reports
  • 2.1. Timelines are established in order to meet report deadlines and data requirements communicated to internal users unambiguously
  • 2.2. Lead times are set that ensure adequate time is available and allowance made for contingencies
3. Analyse and consolidate reports
  • 3.1. Reports are reviewed to ensure accuracy with internal accounting records and completeness of data and reviewed and cross-referenced against detailed statutory requirements
  • 3.2. Explanation of report results is justified where necessary in the required format
  • 3.3. Reports are prepared in an accurate, timely and thorough manner and with a detailed and clear audit trail to ensure comprehensive financial monitoring can be carried out
4. Submit reports for authorisation
  • 4.1. All reports comply fully with auditor requirements
  • 4.2. All required sign-offs, approvals and authorisations are obtained from responsible parties
5. Distribute reports
  • 5.1. Authorised reports are distributed to all parties in a timely manner
  • 5.2. Confirmation of receipt of reports is obtained in order to complete organisation record of compliance
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.
Information on statutory requirements may include:
actuaries
Australian Securities and Investments Commission (ASIC)
external auditors
financial consultants
industry associations
media
organisation legal counsel
organisation secretariat
professional journals.
Sources of data input include:
claims data
directors fees
general ledger balances
lease details
related party transactions
shareholders names.
Contingencies may include plans for:
computer error
data late or not available in required format from source
non-compliance with timetable
omissions and errors.
Approvals and authorisations may be provided by:
actuaries
auditors
chief accountant
organisation directors.
Distribution may be to both internal and external parties such as:
ASIC
auditors
Australian Bureau of Statistics (ABS)
Australian Securities Exchange (ASX)
banks
brokers
organisation staff and directors
shareholders
Stamp Duties Office
Australian Taxation Office
WorkCover or similar authorities.
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:
identify, interpret and comply with statutory requirements and information
accurately analyse and consolidate well written reports in required format.

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 relevant statutory 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
Replaces
State Code National Code Title Type
C9775 FNSICORG516B Prepare financial reports to meet statutory requirements Unit of competency
Replaced By
State Code National Code Title Type
AUS46 FNSORG505 Prepare financial reports to meet statutory requirements Unit of competency