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21659 Describe reporting, accounting, and auditing requirements of

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21659 Describe reporting, accounting, and auditing requirements of

     21659

     14-May-10

     1 of 7

    GOVERNANCE OF MĀORI

    AUTHORITIES

    Describe reporting, accounting, and

    auditing requirements of a Māori

    authority

    level: 4

credit: 12

final date for comment: August 2007

expiry date: December 2008

sub-field: Whenua

purpose: This unit standard is for people who have an interest in any

    land (Māori or general) and other assets owned by Māori,

    who may ultimately become involved in governance of a

    Māori authority.

     People credited with this unit standard are able to, for a

    Māori authority: describe the reports and returns required;

    describe the types, purpose(s), benefits, limitations, reporting,

    and contents of accounts; describe the purpose,

    requirements, limitations, reporting guidelines, and process

    of preparation of an audit report; interpret a set of accounts;

    and describe reasons for engaging, and the appointment of,

    a professional adviser.

entry information: Open.

accreditation option: Evaluation of documentation and visit by NZQA and industry.

moderation option: A centrally established and directed national moderation

    system has been set up by NZQA.

special notes: 1 Legislation includes but is not limited to

     Te Ture Whenua Māori Act 1993, Māori Incorporations

    Constitution Regulations 1994, Trustee Act 1956, Māori

    Reservations Regulations 1994, Income Tax Act 1994,

    Privacy Act 1993.

     ? New Zealand Qualifications Authority 2010

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    GOVERNANCE OF MĀORI

    AUTHORITIES

    Describe reporting, accounting, and

    auditing requirements of a Māori

    authority

     2 Assessment

     The practical exercise in element 2 may be undertaken

    as a written assignment, project, discussion group or

    simulated exercise.

     Assessment can be undertaken in relation to a strategic

    plan provided to the candidate.

     Assessment will be based on one Māori authority

    agreed to by the candidate and the assessor.

    3 Definition

    Māori Authorities refer to Ahu Whenua Trusts, Putea

    Trusts, Whanau Trusts, Whenua Topu Trusts, Kai Tiaki

    Trusts, Māori incorporations, Māori reservations.

Elements and Performance Criteria

element 1

    Describe the reports and returns required for a Māori authority.

performance criteria

1.1 Internal reports required under a constitution or trust deed for a Māori authority

    are described in terms of their content.

    Range: may include but is not limited to manager’s report, chairman’s

    report, auditors report, financial report, triple bottom line reports,

    farm advisors report.

1.2 External reports and returns required for a Māori authority are described in

    accordance with legislative requirements.

    Range: includes but is not limited to tax returns, annual returns, Māori

    Land Court reports.

     ? New Zealand Qualifications Authority 2010

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    GOVERNANCE OF MĀORI

    AUTHORITIES

    Describe reporting, accounting, and

    auditing requirements of a Māori

    authority

1.3 Reports required for specific purposes for a Māori authority are described in

    terms of their content.

    Range: at least two of capital expenditure, borrowing proposals,

    investment proposals, investment report for beneficial owners.

1.4 Reporting requirements of trustees are described in accordance with the

    policies of a Māori authority.

    Range: includes but is not limited to growth income, enhancement of

    value of assets, protection of assets of business, liquidity and

    solvency.

element 2

Describe the types, purpose(s), benefits, limitations, reporting, and contents of accounts

    for a Māori authority.

performance criteria

2.1 The types, purpose(s), and benefits of accounts are described in relation to a

    Māori authority.

    Range: types abbreviated, consolidated;

    purpose includes but is not limited to true and fair view of the

    entities worth, discharge of responsibility of trusteeship, statement

    of wealth to beneficial owner.

2.2 The limitations of accounts are described in relation to a Māori authority.

    Range: may include but is not limited to problems identified versus

    solutions, historical nature of data, amount of information needed,

    cost of up-to-date information, affect of information on people’s

    attitudes, people’s behaviour and decisions, dollar value and

    statistical data to gain a true and fair view.

     ? New Zealand Qualifications Authority 2010

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    GOVERNANCE OF MĀORI

    AUTHORITIES

    Describe reporting, accounting, and

    auditing requirements of a Māori

    authority

2.3 Reporting guidelines are described in accordance with general accepted

    accounted procedures, and in relation to a Māori authority.

    Range: includes but is not limited to statement of accounting principles,

    time period, revenue and expense, basis of provisions and

    deferments, depreciation.

2.4 Contents of a set of accounts are described in accordance with general

    accepted accounted procedures, and in relation to a Māori authority.

    Range: includes but is not limited to audit report, board directory, board

    report, statement of financial performance, movement of owners’

    funds, statement of financial position, statement of cash flow,

    assets and depreciation schedule, notes to financial report, key

    ratios.

element 3

Describe the purpose, requirements, limitations, reporting guidelines, and process of

    preparation of an audit report for a Māori authority.

performance criteria

3.1 The purpose and requirements of an audit report are described in accordance

    with general accepted accounted procedures.

    Range: requirements financial position, true and fair view, exceptional

    items, targeted accounts, minutes, preparation, sign-off, people

    involved.

3.2 The limitations of an audit report are described for a Māori authority

    Range: includes but is not limited to soundness of business,

    management status of business, accuracy of statements, success

    of control systems, tagged accounts.

     ? New Zealand Qualifications Authority 2010

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    GOVERNANCE OF MĀORI

    AUTHORITIES

    Describe reporting, accounting, and

    auditing requirements of a Māori

    authority

element 4

    Interpret a set of accounts for a Māori authority.

performance criteria

4.1 A set of accounts is described in terms of the relationship between items.

    Range: includes but is not limited to budgets, other target figures, past

    history and experience, inter-industry comparisons, district or

    national averages.

4.2 A set of accounts is described in terms of its accounting standards.

    Range: includes but is not limited to historical nature, cost valuation,

    prudence, any omission of assets.

4.3 Financial ratios or key performance indicators are described in terms of their

    significance for a Māori authority.

    Range: includes but is not limited to profitability, liquidity, debt gearing,

    efficiency, growth, enhancement of assets, return of investments,

    return on fixed assets, return on all assets.

4.4 A Māori authority is described in terms of the factors which determine solvency.

    Range: ability to pay its debts, assets versus liabilities.

     ? New Zealand Qualifications Authority 2010

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    GOVERNANCE OF MĀORI

    AUTHORITIES

    Describe reporting, accounting, and

    auditing requirements of a Māori

    authority

element 5

Describe reasons for engaging, and the appointment of, a professional adviser.

performance criteria

5.1 Reasons for engaging a professional adviser are described in relation to

    specified situations.

    Range: includes but is not limited to advice, interpretation, preparation of

    documents, filing of documents, reports, feasibility studies, critical

    risk assessment of success.

5.2 Procedures for selection of a professional adviser are described.

    Range: includes but is not limited to terms of reference, track record,

    credibility, credit check, referees.

Comments on this unit standard

Please contact the NZQA Māori Qualifications Services mqs@nzqa.govt.nz if you wish to

    suggest changes to the content of this unit standard.

Please Note

    Providers must be accredited by the Qualifications Authority or a delegated inter-

    institutional body before they can register credits from assessment against unit standards

    or deliver courses of study leading to that assessment.

Industry Training Organisations must be accredited by the Qualifications Authority before

    they can register credits from assessment against unit standards.

Accredited providers and Industry Training Organisations assessing against unit standards

    must engage with the moderation system that applies to those standards.

     ? New Zealand Qualifications Authority 2010

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    GOVERNANCE OF MĀORI

    AUTHORITIES

    Describe reporting, accounting, and

    auditing requirements of a Māori

    authority

Accreditation requirements and an outline of the moderation system that applies to this

    standard are outlined in the Accreditation and Moderation Action Plan (AMAP). The

    AMAP also includes useful information about special requirements for providers wishing to

    develop education and training programmes, such as minimum qualifications for tutors and

    assessors, and special resource requirements.

This unit standard is covered by AMAP 0166 which can be accessed at

    http://www.nzqa.govt.nz/site/framework/search.html.

     ? New Zealand Qualifications Authority 2010

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