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Evidence Guide: FNSSUP408 - Participate in fund review practices

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

 

FNSSUP408 - Participate in fund review practices

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

Conduct data integrity checks

  1. Check data input regularly for completeness and correctness
  2. Review systems and database programs for efficiency and accuracy
  3. Sample member statements and records for correctness
Check data input regularly for completeness and correctness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review systems and database programs for efficiency and accuracy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Sample member statements and records for correctness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Participate in fund review processes according to organisational procedures

  1. Collect data and verify according to organisational procedures and relevant regulations
  2. Reconcile fund records according to organisational procedures
  3. Prepare fund financial statements and check according to organisational procedures
  4. Review and update member records and calculate benefits according to organisational procedures
  5. Prepare review information and provide to appropriate personnel as required according to organisational procedures
Collect data and verify according to organisational procedures and relevant regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile fund records according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare fund financial statements and check according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

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. 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

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. 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.