This unit describes the skills and knowledge required to confirm and reconcile financial market trading transactions.

It applies to individuals who use specialised knowledge to carefully review and check detailed information to ensure quality standards are maintained.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Reconcile transaction	1.1 Identify accounts and/or data held in operations systems for reconciliation 1.2 Check that cash or security movements in one account agree with those in other accounts and/or the organisational systems 1.3 Identify any discrepancies within the transaction amounts between accounts according to organisational procedures
2. Follow up discrepancies	2.1 Follow up any discrepancies with the counterparty, correspondent or internal systems according to organisational procedures 2.2 Escalate unreconciled discrepancies to appropriate organisational personnel for review 2.3 Reconcile accounts once discrepancies have been rectified

Evidence of the ability to:

accurately interpret and follow organisational and industry reconciliation procedures

accurately reconcile a range of accounts, following up discrepancies as required using organisational systems.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe a range of account types to be reconciled

outline different types of reconciliation

describe key steps of current organisational and industry reconciliation procedures.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial markets field of work and include access to:

office equipment, technology, software and consumables

organisational records, policies and procedures.

Assessors must satisfy NVR/AQTF assessor requirements.

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Reconcile transaction	1.1 Identify accounts and/or data held in operations systems for reconciliation 1.2 Check that cash or security movements in one account agree with those in other accounts and/or the organisational systems 1.3 Identify any discrepancies within the transaction amounts between accounts according to organisational procedures
2. Follow up discrepancies	2.1 Follow up any discrepancies with the counterparty, correspondent or internal systems according to organisational procedures 2.2 Escalate unreconciled discrepancies to appropriate organisational personnel for review 2.3 Reconcile accounts once discrepancies have been rectified

Evidence of the ability to:

accurately interpret and follow organisational and industry reconciliation procedures

accurately reconcile a range of accounts, following up discrepancies as required using organisational systems.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe a range of account types to be reconciled

outline different types of reconciliation

describe key steps of current organisational and industry reconciliation procedures.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial markets field of work and include access to:

office equipment, technology, software and consumables

organisational records, policies and procedures.

Assessors must satisfy NVR/AQTF assessor requirements.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice	Yes	No	Comments/feedback
Identify accounts and/or data held in operations systems for reconciliation
Check that cash or security movements in one account agree with those in other accounts and/or the organisational systems
Identify any discrepancies within the transaction amounts between accounts according to organisational procedures
Follow up any discrepancies with the counterparty, correspondent or internal systems according to organisational procedures
Escalate unreconciled discrepancies to appropriate organisational personnel for review
Reconcile accounts once discrepancies have been rectified

Assessment Cover Sheet

FNSFMK401 - Reconcile financial transactions

Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFMK401 - Reconcile financial transactions

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: