Unit of competency Outline

Date retreived
22/07/2026 6:19 AM AWST

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Prepare financial reports to meet statutory requirements

Prepare financial reports to meet statutory requirements

Unit of competency
National Code
FNSORG515
State Code
OBR55
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
01/07/2020
View on TGA
State Implementation and Classification
Approved Date
02/10/2020
Field of Education
081101 - Banking And Finance
Original Release Date
02/10/2020
Nominal Hours
50
Description
This unit describes the skills and knowledge required to identify statutory reporting requirements, and plan, develop and submit financial reports for authorisation before distribution.It applies to individuals who use a range of organisational techniques to manage their work and that of others.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Identify statutory requirements of reports
  • 1.1 Review current and relevant information on statutory reporting requirements
  • 1.2 Identify updates or changes to statutory requirements for financial reporting and assess their impact on developing reports
2. Plan for delivery of reports
  • 2.1 Establish timelines to meet report deadlines and data requirements, and communicate them to contributors for input
  • 2.2 Establish lead times that ensure adequate time is available for contingencies
  • 2.3 Finalise timelines with applicable organisational personnel
3. Develop reports
  • 3.1 Collate financial information and prepare required documents according to established timelines
  • 3.2 Review and cross-reference documents against detailed statutory requirements and applicable internal accounting records
  • 3.3 Support report results in required formats where necessary
  • 3.4 Review all reports for compliance and auditor requirements
  • 3.5 Document audit trail of work performed and justifications for comprehensive financial monitoring
4. Submit reports for authorisation
  • 4.1 Communicate outcome of review to required personnel
  • 4.2 Obtain all required sign-offs, approvals and authorisations from responsible parties
5. Distribute reports
  • 5.1 Provide authorised reports to appropriate parties according to established timelines
  • 5.2 Obtain confirmation of receipt of reports and complete organisational record of compliance
No information
No information
Replaces
State Code National Code Title Type
AUS46 FNSORG505 Prepare financial reports to meet statutory requirements Unit of competency