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Evidence Guide: FNSSUP402 - Assist in meeting superannuation compliance requirements

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSSUP402 - Assist in meeting superannuation compliance requirements

What evidence can you provide to prove your understanding of each of the following citeria?

Identify compliance requirements

  1. Identify the roles of compliance regulatory bodies
  2. Identify the legislation and regulations determining compliance
  3. Identify the reporting requirements of relevant legislation
Identify the roles of compliance regulatory bodies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the legislation and regulations determining compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the reporting requirements of relevant legislation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist in compliance audits as required

  1. Provide information for annual review and compliance reports in timely manner
  2. Provide external auditors with required information
  3. Collate information to enable statutory reports to be prepared for submission to ATO, AUSTRAC, APRA and ASIC as required
  4. Store documents and records according to regulatory requirements
Provide information for annual review and compliance reports in timely manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide external auditors with required information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collate information to enable statutory reports to be prepared for submission to ATO, AUSTRAC, APRA and ASIC as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Store documents and records according to regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide support to assist in ensuring compliance requirements are met

  1. Review documentation to ensure that compliance requirements are met
  2. Review member communications to ensure that compliance requirements are met
  3. Clarify implications of compliance and non-compliance, and explain to member
  4. Review organisational procedures and guidelines, ensuring compliance requirements are followed
  5. Report irregularities promptly to appropriate personnel
  6. Conduct work in accordance with legislative requirements
  7. Integrate new compliance requirements into work practices as required
Review documentation to ensure that compliance requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review member communications to ensure that compliance requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify implications of compliance and non-compliance, and explain to member

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review organisational procedures and guidelines, ensuring compliance requirements are followed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report irregularities promptly to appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct work in accordance with legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Integrate new compliance requirements into work practices as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare information for statutory reports

  1. Identify organisational guidelines for preparing information for statutory reports
  2. Identify requirements for taxation returns and statutory reports
  3. Identify compliance requirements for ATO, AUSTRAC, APRA and ASIC
  4. Prepare information in accordance with regulatory guidelines and organisational procedures
  5. Forward information to relevant internal and/or external parties
Identify organisational guidelines for preparing information for statutory reports

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify requirements for taxation returns and statutory reports

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify compliance requirements for ATO, AUSTRAC, APRA and ASIC

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare information in accordance with regulatory guidelines and organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forward information to relevant internal and/or external parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement quality assurance practices

  1. Identify organisational quality assurance practices and make recommendations for improvement where required
  2. Maintain member documentation in accordance with organisational procedures
  3. Implement system and process checks, and identify any irregularities and potential fraudulent activity
  4. Conduct work in accordance with relevant legislation and regulations
  5. Identify best practice standards and incorporate into work practice
  6. Undertake training and professional development to maintain currency and develop skills
Identify organisational quality assurance practices and make recommendations for improvement where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain member documentation in accordance with organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement system and process checks, and identify any irregularities and potential fraudulent activity

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct work in accordance with relevant legislation and regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify best practice standards and incorporate into work practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake training and professional development to maintain currency and develop skills

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify compliance requirements

1.1 Identify the roles of compliance regulatory bodies

1.2 Identify the legislation and regulations determining compliance

1.3 Identify the reporting requirements of relevant legislation

2. Assist in compliance audits as required

2.1 Provide information for annual review and compliance reports in timely manner

2.2 Provide external auditors with required information

2.3 Collate information to enable statutory reports to be prepared for submission to ATO, AUSTRAC, APRA and ASIC as required

2.4 Store documents and records according to regulatory requirements

3. Provide support to assist in ensuring compliance requirements are met

3.1 Review documentation to ensure that compliance requirements are met

3.2 Review member communications to ensure that compliance requirements are met

3.3 Clarify implications of compliance and non-compliance, and explain to member

3.4 Review organisational procedures and guidelines, ensuring compliance requirements are followed

3.5 Report irregularities promptly to appropriate personnel

3.6 Conduct work in accordance with legislative requirements

3.7 Integrate new compliance requirements into work practices as required

4. Prepare information for statutory reports

4.1 Identify organisational guidelines for preparing information for statutory reports

4.2 Identify requirements for taxation returns and statutory reports

4.3 Identify compliance requirements for ATO, AUSTRAC, APRA and ASIC

4.4 Prepare information in accordance with regulatory guidelines and organisational procedures

4.5 Forward information to relevant internal and/or external parties

5. Implement quality assurance practices

5.1 Identify organisational quality assurance practices and make recommendations for improvement where required

5.2 Maintain member documentation in accordance with organisational procedures

5.3 Implement system and process checks, and identify any irregularities and potential fraudulent activity

5.4 Conduct work in accordance with relevant legislation and regulations

5.5 Identify best practice standards and incorporate into work practice

5.6 Undertake training and professional development to maintain currency and develop skills

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify compliance requirements

1.1 Identify the roles of compliance regulatory bodies

1.2 Identify the legislation and regulations determining compliance

1.3 Identify the reporting requirements of relevant legislation

2. Assist in compliance audits as required

2.1 Provide information for annual review and compliance reports in timely manner

2.2 Provide external auditors with required information

2.3 Collate information to enable statutory reports to be prepared for submission to ATO, AUSTRAC, APRA and ASIC as required

2.4 Store documents and records according to regulatory requirements

3. Provide support to assist in ensuring compliance requirements are met

3.1 Review documentation to ensure that compliance requirements are met

3.2 Review member communications to ensure that compliance requirements are met

3.3 Clarify implications of compliance and non-compliance, and explain to member

3.4 Review organisational procedures and guidelines, ensuring compliance requirements are followed

3.5 Report irregularities promptly to appropriate personnel

3.6 Conduct work in accordance with legislative requirements

3.7 Integrate new compliance requirements into work practices as required

4. Prepare information for statutory reports

4.1 Identify organisational guidelines for preparing information for statutory reports

4.2 Identify requirements for taxation returns and statutory reports

4.3 Identify compliance requirements for ATO, AUSTRAC, APRA and ASIC

4.4 Prepare information in accordance with regulatory guidelines and organisational procedures

4.5 Forward information to relevant internal and/or external parties

5. Implement quality assurance practices

5.1 Identify organisational quality assurance practices and make recommendations for improvement where required

5.2 Maintain member documentation in accordance with organisational procedures

5.3 Implement system and process checks, and identify any irregularities and potential fraudulent activity

5.4 Conduct work in accordance with relevant legislation and regulations

5.5 Identify best practice standards and incorporate into work practice

5.6 Undertake training and professional development to maintain currency and develop skills

Evidence of the ability to:

provide support to ensure compliance requirements

prepare documentation according to compliance requirements

prepare member communications according to compliance requirements and information for statutory returns

implement quality assurance practices including integration of new compliance requirements and processing checks.

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:

identify key compliance requirements of legislation and regulations relating to:

superannuation industry

taxation

privacy

Australian Prudential Regulation Authority (APRA) Prudential Standards

corporations

other relevant legislation

describe the roles of compliance regulatory bodies

describe the key features, compliance and reporting requirements for the Australian Taxation Office (ATO), APRA, Australian Transaction Reports and Analysis Centre (AUSTRAC) and Australian Securities and Investments Commission (ASIC), including timeframe requirements for compliance reports and the lodgement of statutory reports

explain the key compliance responsibilities for fund administrators and consequences of non-compliance

outline the key features and obligations of trusts

explain the legal implications of trust deeds and contracts

explain the relationship between duties, rights, powers, liabilities and remedies

outline the key role, rights and responsibilities of trustees in compliance

outline circumstances in which advice should be sought

explain the relationship between the actuary or auditor and trustee under superannuation legislation

explain the requirements and procedures for preparing statutory reports and taxation returns

outline the procedures for obtaining information on financial transactions, lost member records, contributions and benefits

outline the consequences of incorrect processing of contributions or benefits and other member information

discuss fraud deterrence practices.