Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to analyse financial reports and budgets as a member of a board of governance of an organisation.
It applies to individuals who need to solve a defined range of unpredictable problems, analyse and evaluate information from a variety of sources and who may provide leadership and guidance to others with some limited responsibility for the output of others.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.
Unit Sector
Regulation, Licensing and Risk – Governance
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1 Review financial reports and budgets |
1.1 Obtain revenue/expenditure/requests/predictions from appropriate person 1.2 Consider and assess future organisational operations, with reference to all available plans 1.3 Consider previous financial statements to provide baseline information 1.4 Review budgets and cash flows using all available information |
2 Monitor revenue and expenditure against budget |
2.1 Discuss and agree on appropriate monitoring and reporting systems, and establish procedures 2.2 Compare income and expenditure to budget and previous periods, and identify and investigate discrepancies 2.3 Identify and examine achievement and variances to the budget, in liaison with appropriate person 2.4 Document recommendations for action on variances 2.5 Request regular reports of operations to indicate fluctuations 2.6 Provide financial statements and accompanying report of operations to appropriate person for discussion |
3 Finalise budget |
3.1 Ensure expenditure commitments are brought into line with final income figures 3.2 Finalise, document and approve final budget in line with operational program 3.3 Present the final budget to appropriate person and stakeholders 3.4 Ensure reporting requirements of relevant corporate authority and funding bodies are met |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.2, 1.3, 2.2, 3.4 |
|
Writing |
2.1, 2.4 |
|
Oral Communication |
1.1, 1.2, 2.1, 2.3, 2.5, 2.6, 3.3 |
|
Numeracy |
1.3, 1.4, 2.2, 2.3, 2.6, 3.1, 3.2 |
|
Navigate the world of work |
2.1, 3.2, 3.4 |
|
Interact with others |
1.1, 2.3, 2.5, 2.6, 3.3 |
|
Get the work done |
1.3, 2.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBGOV403 Analyse financial reports and budgets |
BSBGOV403A Analyse financial reports and budgets |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10