NZQA Expiring unit standard
24771 version 2
Page 1 of 3
Title
Confirm and reconcile financial transactions in the financial services
industry
Level
4
Credits
2
Purpose
People credited with this unit standard are able to, in the
financial services industry:
– confirm transactions; and
– reconcile transactions.
Classification
Financial Services > Financial Markets
Available grade
Achieved
Explanatory notes
1
This unit standard has been based on the Australian unit of competency
FNSFMKT401B, Reconcile financial transaction available at http://ntis.gov.au. This is
supported and endorsed by the Australian standard setting body Innovation and
Business Services Australia and ETITO (ElectroTechnology Industry Training
Organisation).
2
Assessment against this unit standard may be on job, or off job in a simulated work
environment or a combination of these within the financial services industry context.
3
References
Credit Contracts and Consumer Finance Act 2003;
Electronic Transactions Act 2002;
Fair Trading Act 1986;
Financial Reporting Act 1993;
Financial Transactions Reporting Act 1996;
Income Tax Act 2007;
KiwiSaver Act 2006;
NZ IFRS (New Zealand equivalent to International Financial Reporting Standards)
available from http://www.nzica.com;
Privacy Act 1993;
Securities Act 1978;
Securities Markets Act 1988;
Superannuation Schemes Act 1989;
Trustee Act 1956;
Trustee Amendment Act 1988;
industry codes of practice;
and all subsequent amendments and replacements.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
4
24771 version 2
Page 2 of 3
All activities must comply with any policies, procedures, and requirements of the
organisations involved; the standards of relevant professional bodies including codes
of ethics; and any relevant legislative and/or regulatory requirements.
Outcomes and evidence requirements
Outcome 1
Confirm transactions in the financial services industry.
Evidence requirements
1.1
Transactions are confirmed to ensure details are correct in terms of trading
details and organisational requirements.
Outcome 2
Reconcile transactions in the financial services industry.
Evidence requirements
2.1
Discrepancies are identified within the transaction amounts, between the
customer and the organisation in accordance with organisational procedures.
2.2
Identified trade discrepancies are followed up according to organisational
procedures and industry codes of practice.
2.3
Unreconciled discrepancies are forwarded to appropriate organisational
personnel for reviewing in accordance with organisational procedures.
2.4
Trade details are reconciled once discrepancies have been rectified.
reconciliation may include but is not limited to – broker account
reconciliation, commission reconciliation statements, cash/cheque
transactional reconciliation, direct debit/debit reconciliation, Nostro
reconciliation, Vostro reconciliation;
evidence of three is required.
Range
This unit standard is expiring. Assessment against the standard must take place by
the last date for assessment set out below.
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
20 June 2008
31 December 2017
Review
2
18 June 2014
31 December 2017
Consent and Moderation Requirements (CMR) reference
0003
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24771 version 2
Page 3 of 3
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA,
before they can report credits from assessment against unit standards or deliver courses
of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by
NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and
which are assessing against unit standards must engage with the moderation system that
applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies
to this standard are outlined in the Consent and Moderation Requirements (CMR). The
CMR also includes useful information about special requirements for organisations wishing
to develop education and training programmes, such as minimum qualifications for tutors
and assessors, and special resource requirements.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016