Unit of competency details

Unit descriptor 

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.

Application of the unit 

This unit may apply to financial reporting job roles across the financial services sector.

Prerequisite units 

Employability skills 

This unit contains employability skills.

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

ELEMENT 

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

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

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

• 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
• 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 statutory reporting requirements and procedures
• well-developed 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 

• financial report formats and quality indicators
• industry codes of practice
• organisation policy and procedures
• relevant acts and regulations
• relevant legal systems and procedures impacting on the financial services industry

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 

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.

Unit sector 

Organisational skills

Competency field 

Co-requisite units