Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to monitor and act on financial reports. Some aspects of governance activities may be subject to legislation, rules, regulations and codes of practice relevant to different job roles and jurisdictions. |
Application of the Unit
Application of the unit |
This unit applies to individuals who are responsible for monitoring and guiding the financial management of Aboriginal and Torres Strait Islander organisations. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Interpret financial reports |
1.1. Ensure regular financial information is received from management in a form that all board members can understand 1.2. Clarify purpose of financial reports and their key features with board members 1.3. Identify income shortfalls and expenditure overruns |
2. Evaluate financial reports |
2.1. Consider and discuss financial implications of reports with other board members and management 2.2. Compare data with previous reports and decisions 2.3. Compare year to date and end of financial year data with budgeted outcomes 2.4. Seek independent advice where necessary |
3. Recognise board responsibilities for assets |
3.1. Identify statutory responsibilities of board members with respect to assets 3.2. Identify funding body restrictions on the acquisition, use and disposal of assets 3.3. Comply with statutory responsibilities and funding body requirements with respect to assets |
4. Make decisions on finance |
4.1. Analyse recommendations on finances in terms of their impact on the organisation and its vision and objectives 4.2. Prioritise financial decisions against organisational objectives 4.3. Make decisions in accordance with the organisation's policy and legal and funding requirements 4.4. Ensure procedures are in place to document financial decisions |
5. Approve expenditures |
5.1. Check expenditure proposals are within budget and meet statutory and funding body requirements 5.2. Check the organisation's current financial situation 5.3. Approve expenditure only if it is consistent with budget, statutory and funding body requirements, and the organisation's financial situation |
6. Review financial decisions |
6.1. Monitor outcomes and actions from decisions 6.2. Identify and monitor external influences on budgets and finances 6.3. Ensure procedures are in place to document variations to financial agreements |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
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Guidance information for assessment |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
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Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Financial reports may refer to: |
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Independent advisers may include: |
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Statutory responsibilities may relate to: |
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External influences may include: |
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Unit Sector(s)
Unit sector |
Competency field
Competency field |
Regulation, licensing and risk - ATSI governance |
Co-requisite units
Co-requisite units |
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