Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 2.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Review organisational financial management processes

1.1 Document respective financial management responsibilities of the board or committee, and management

1.2 Explain legal responsibilities of individual board members and the board as a whole to the committee or board

1.3 Determine financial information required by the board or committee from management

1.4 Identify the statutory requirements of the board or the committee

1.5 Seek advice on suitable financial management systems that will enable reporting against the organisation's overall financial health.

2. Apply financial management processes and systems

2.1 Access appropriate policies and procedures to open and/or operate necessary bank accounts

2.2 Identify approved signatories for the bank accounts

2.3 Access finance procedures and reporting requirements specified by organisational stakeholders or funding bodies, and check that requirements for finance documentation are met

2.4 Review timelines to ensure financial statements are completed within the timeframe required by relevant corporate authorities, organisational stakeholders and/or funding bodies

2.5 Review documentation for authority and delegation between the board or committee and management for the management of finances

2.6 Ensure statutory requirements with regard to financial management are followed

2.7 Review policies and procedures to ensure they provide checks and balances to prevent, identify and deal with fraud

2.8 Review organisational procedures and documentation for receiving and expending funds

2.9 Review process for financial reporting against organisational budget and ensure established procedures and maintained by management

3. Meet financial reporting requirements

3.1 Ensure financial information is made available to members as specified in the constitution

3.2 Facilitate the clear presentation of financial information at meetings

3.3 Identify the type and content of financial information that can be made publicly available

4. Monitor organisational expenditure

4.1 Review and evaluate organisational budget and financial statements to ensure they meet requirements

4.2 Compare income and expenditure to budget and previous periods and identify and investigate discrepancies

4.3 Discuss achievement and variances to the budget in committee or board meetings

4.4 Discuss the danger of being insolvent with board or committee members to ensure they understand their legal obligation not to trade while insolvent

4.5 Document recommendations for action or variances

Skill 

Performance 

Criteria 

Description 

Reading

1.2, 1.3, 2.1, 2.3-2.7, 3.3, 4.1, 4.2

• Evaluates and integrates facts to construct meaning from a range of organisational documents

Numeracy

1.4, 2.8, 3.1-3.3, 4.1-4.3

• Works in a group to assess organisational financial issues

Writing

1.1, 4.4

• Uses clear, specific and industry-related terminology to update finance-related policy and procedures

Oral Communication

1.4, 2.8, 3.2, 4.3

• Uses active listening and questioning skills to confirm understanding for requirements
• Refers to or presents information relating to organisational finances

Navigate the world of work

1.1, 1.2, 2.1-2.8, 3.1, 3.3, 4.1-4.4

• Understands the nature and purpose of own role and associated responsibilities and recognises and follows implicit and explicit organisational policies and procedures

Interact with others

1.4, 2.8, 3.1,3.2, 4.3

• Recognises importance of taking audience, purpose and contextual factors into account when making decisions about what to communicate with whom, why and how

Get the work done

1.1, 1.2, 2.1-2.8, 4.1-4.3

• Takes responsibility for planning and organising own workload, identifying ways of sequencing and combining elements for greater efficiency and considering how to respond to input of others
• Actively contributes to group decision-making when required

Suitable financial management systems must include:

the use of financial ratios as a heuristic for financial health

resilience

solvency

Suitable financial reports must include:

balance sheet

cash flow

profit and loss statement

written report

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBGOV504 Monitor organisational finances

Not applicable

New unit

No equivalent unit

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 2.0.