Unit of competency Outline
Date retreived
22/07/2026 12:14 PM AWST
22/07/2026 12:14 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.
Review compliance with regulatory and contractual requirements
Review compliance with regulatory and contractual requirements
Unit of competency
National Code
FNSSUP507A
FNSSUP507A
State Code
D4349
D4349
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
080101 - Accounting
Original Release Date
29/07/2014
Nominal Hours
80
Description
This unit describes the performance outcomes, skills and knowledge required to identify performance requirements, develop and implement systems and procedures to meet these requirements, monitor compliance with required performance and reporting and advise on required changes in compliance with regulatory and contractual requirements.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. Identify performance requirements
- 1.1. Performance requirements are identified in accordance with operating guidelines and relevant legislative requirements
- 1.2. Performance requirements are documented
- 1.3. Performance criteria for meeting requirements are established
2. Develop and implement systems and procedures to meet requirements
- 2.1. Action plans to meet requirements are prepared
- 2.2. Appropriate operation guidelines, policies and procedures are established and implemented
- 2.3. Contingency plans are developed and documented to ensure requirements are met in extraordinary situations
3. Monitor compliance with required performance
- 3.1. Performance requirements are reviewed against each fund or plan regularly to ensure compliance
- 3.2. Procedures, guidelines and policies are altered in response to changed circumstances and performance variation
4. Report and advise on required changes
- 4.1. All fund performance reviews are fully documented
- 4.2. Anomalies and variations are identified and reported promptly
- 4.3. Advice and recommendations for change are supported by effective action plans
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.
Requirements may be documented in:
policy manuals
agreements
system specifications
contracts
operations guides.
Performance may be determined by:
relevant legislation
trustee requirements
company policy
audit requirements.
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.
Requirements may be documented in:
policy manuals
agreements
system specifications
contracts
operations guides.
Performance may be determined by:
relevant legislation
trustee requirements
company policy
audit requirements.
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 performance requirements and implement systems and procedures to meet those requirements
monitor compliance with required performance and report and advise on any required changes.
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:
identify performance requirements and implement systems and procedures to meet those requirements
monitor compliance with required performance and report and advise on any required changes.
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 |
|---|---|---|---|
| AUT37 | FNSSUP507 | Review compliance with regulatory and contractual requirements | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D720 | FNS50711 | Diploma of Superannuation | Qualification |