Modification History
Not Applicable
Unit Descriptor
Descriptor |
This unit deals with the skills and knowledge required for the effective administration, daily financial management and accountabilities within a specific area of work, project or department of an organisation |
Application of the Unit
Application |
This unit may apply across a range of organisation contexts |
Licensing/Regulatory Information
Not Applicable
Pre-Requisites
Not Applicable
Employability Skills Information
Employability Skills |
This unit contains Employability Skills |
Elements and Performance Criteria Pre-Content
Elements define the essential outcomes of a unit of competency. |
The Performance Criteria specify the level of performance required to demonstrate achievement of the Element. Terms in italics are elaborated in the Range Statement. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Plan approach to financial management of specific work area |
1.1 Access financial requirements , organisation requirements , mandatory reporting formats and requirements 1.2 Clarify financial requirements with relevant personnel to ensure mandatory and organisation outcomes are achievable 1.3 Negotiate with relevant personnel any changes to be made to proposed approaches and plans |
2. Prepare and document budgets for specific work |
2.1 Define expenditure and revenue items relevant to objectives 2.2 Link budget elements to goals, objectives and strategic directions of the organisation 2.3 Conduct discussions and negotiations with stakeholders where required in a respectful manner that promotes goodwill and ongoing cooperation 2.4 Provide support to team members to ensure performance of required roles associated with management of budgets and finances 2.5 Identify performance indicators and include in budget documents 2.6 Break down annual budgets into reporting periods in line with organisation's operating approach 2.7 Present data in formats that are easily understood and appropriate to budget reporting |
3. Analyse project, program or operational plans |
3.1 Conduct discussions and negotiations with stakeholders to identify elements to be addressed in the planning documents 3.2 Identify project work or work programs required to achieve identified project and/or operational objectives 3.3 Identify budget requirements to achieve identified objectives 3.4 Identify and analyse financial issues related to achievement of identified objectives 3.5 Identify objectives, process timelines, resources and mandatory reports |
4. Monitor and control finances |
4.1 Develop processes for monitoring actual expenditure and income for project, program or work area 4.2 Implement reporting of expenditure , income, assets, stock, consumables and equipment for project, program or work area 4.3 Monitor expenditure on a cyclical basis to identify cost variations and expenditure overruns 4.4 Develop contingency plans for endorsement if required 4.5 Prepare processes, reports and documents to support mandatory audit processes where required |
5. Review and evaluate financial management processes for project, program or work area |
5.1 Collect, collate and analyse data on the effectiveness of financial management processes and review with the appropriate person 5.2 Identify potential improvements and make recommendations to relevant authority 5.3 Implement and monitor endorsed improvements in line with the organisation's goals, objectives and mandatory reporting requirements |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This describes the essential skills and knowledge and their level required for this unit. |
Essential knowledge : The candidate must be able to demonstrate essential knowledge required to effectively do the task outlined in elements and performance criteria of this unit, manage the task and manage contingencies in the context of the identified work role These include knowledge of:
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Essential skills : It is critical that the candidate demonstrate the ability to:
In addition, the candidate must be able to effectively do the task outlined in elements and performance criteria of this unit, manage the task and manage contingencies in the context of the identified work role These include the ability to:
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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, the Range Statement and the Assessment Guidelines for this Training Package. |
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Critical aspects for assessment and evidence required to demonstrate this unit of competency : |
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Access and equity considerations : |
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Context of and specific resources for assessment : |
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Method of assessment : |
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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. Add any 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. |
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Financial requirements , organisation requirements may include : |
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Relevant personnel may include : |
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Support may include : |
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Required roles may include : |
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Reporting may include : |
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Contingency plans may include : |
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Data on the effectiveness of financial management processes may include records (digital , electronic and /or paper -based ) related to : |
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Unit Sector(s)
Not Applicable