Assessor Resource

FNSSUP408
Participate in fund review practices

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to conduct quality checks and fund reviews. It encompasses conducting data integrity checks, participating in fund review processes according to organisational procedures and communicating review findings to a range of parties.

It applies to individuals who use specialised knowledge and systematic approaches to ensure integrity of data and information and meet organisational quality assurance requirements.

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.

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


Evidence Required

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. Conduct data integrity checks

1.1 Check data input regularly for completeness and correctness

1.2 Review systems and database programs for efficiency and accuracy

1.3 Sample member statements and records for correctness

2. Participate in fund review processes according to organisational procedures

2.1 Collect data and verify according to organisational procedures and relevant regulations

2.2 Reconcile fund records according to organisational procedures

2.3 Prepare fund financial statements and check according to organisational procedures

2.4 Review and update member records and calculate benefits according to organisational procedures

2.5 Prepare review information and provide to appropriate personnel as required according to organisational procedures

Evidence of the ability to:

conduct data integrity checks

prepare information or reports for a range of purposes as required

participate in fund review processes according to organisational procedures.

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 the key features of organisational policy, objectives and guidelines

explain the purpose, process and documentation requirements for annual review

define the categories listed in the chart of accounts

outline reporting alternatives for defined benefit funds and accumulation funds

describe capital gains taxation requirements

identify and describe the key features and auditing requirements of superannuation legislation identify and describe information requirements for financial statements from members, employers, trustees, fund administrators, trade unions, investors and taxpayers

describe the key obligations of privacy legislation in undertaking this work.

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

common office equipment, technology, software and consumables

organisational financial records

organisational policy and procedures.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission 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)

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. Conduct data integrity checks

1.1 Check data input regularly for completeness and correctness

1.2 Review systems and database programs for efficiency and accuracy

1.3 Sample member statements and records for correctness

2. Participate in fund review processes according to organisational procedures

2.1 Collect data and verify according to organisational procedures and relevant regulations

2.2 Reconcile fund records according to organisational procedures

2.3 Prepare fund financial statements and check according to organisational procedures

2.4 Review and update member records and calculate benefits according to organisational procedures

2.5 Prepare review information and provide to appropriate personnel as required according to organisational procedures

Evidence of the ability to:

conduct data integrity checks

prepare information or reports for a range of purposes as required

participate in fund review processes according to organisational procedures.

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 the key features of organisational policy, objectives and guidelines

explain the purpose, process and documentation requirements for annual review

define the categories listed in the chart of accounts

outline reporting alternatives for defined benefit funds and accumulation funds

describe capital gains taxation requirements

identify and describe the key features and auditing requirements of superannuation legislation identify and describe information requirements for financial statements from members, employers, trustees, fund administrators, trade unions, investors and taxpayers

describe the key obligations of privacy legislation in undertaking this work.

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

common office equipment, technology, software and consumables

organisational financial records

organisational policy 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
Check data input regularly for completeness and correctness 
Review systems and database programs for efficiency and accuracy 
Sample member statements and records for correctness 
Collect data and verify according to organisational procedures and relevant regulations 
Reconcile fund records according to organisational procedures 
Prepare fund financial statements and check according to organisational procedures 
Review and update member records and calculate benefits according to organisational procedures 
Prepare review information and provide to appropriate personnel as required according to organisational procedures 

Forms

Assessment Cover Sheet

FNSSUP408 - Participate in fund review practices
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

FNSSUP408 - Participate in fund review practices

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: