Unit of competency Outline

Date retreived
22/07/2026 11:24 PM AWST

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Prepare financial reports to meet statutory requirements

Prepare financial reports to meet statutory requirements

Unit of competency
National Code
FNSORG505
State Code
AUS46
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081101 - Banking And Finance
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to identify statutory reporting requirements, and plan, develop and submit 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 FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Identify statutory requirements for reports
  • 1.1 Review information on statutory rules regularly and comprehensively to ensure all reporting requirements are planned for and met
  • 1.2 Review sources of data regularly for changes
  • 1.3 Use existing reports as guideline for content and format where available
2. Plan for provision of reports
  • 2.1 Establish timelines to meet report deadlines and data requirements, and explicitly communicate them to internal users
  • 2.2 Establish realistic lead times that ensure adequate time is available for contingencies
3. Analyse and consolidate reports
  • 3.1 Review reports to ensure accuracy with internal accounting records and completeness of data, and review and cross-reference reports against detailed statutory requirements
  • 3.2 Justify report results in required format where necessary
  • 3.3 Prepare comprehensive, accurate reports to deadlines with detailed and clear audit trail to enable comprehensive financial monitoring
4. Submit reports for authorisation
  • 4.1 Ensure all reports comply fully with auditor requirements
  • 4.2 Obtain all required sign-offs, approvals and authorisations from responsible parties
5. Distribute reports
  • 5.1 Distribute authorised reports to all parties in timely manner
  • 5.2 Obtain confirmation of receipt of reports to complete organisational record of compliance
No information
No information
Replaces
State Code National Code Title Type
D4266 FNSORG505A Prepare financial reports to meet statutory requirements Unit of competency
Replaced By
State Code National Code Title Type
OBR55 FNSORG515 Prepare financial reports to meet statutory requirements Unit of competency